Rental Property Investor · Western NC · Member since 2019 · 41 posts · 41 votes
Hi everyone,
Looking to connect with investors that are familiar with the NY or NJ markets near New York, New York. While it isn't my cup of tea, it is my wife's dream and would love to get more familiar with the opportunities for short term rentals in the area. With the current laws and regulations in the area, is there potential for moderately cash flow positive properties given the current market? If you are looking to connect with someone familiar with the mid to western NC markets I would be happy to help.
You don’t need to tell me, the Yanks are coming in by the Tesla full ;)
With the steep decline in property value up there, now might be the rare time to come across something mildly profitable. I don’t like the idea either, but this would be a great educational experience for my wife to really grab the wheel on one.
Unfortunately that is absolutely not the case in NJ. Nowhere are property values dropping. Not even in NY. The only thing dropping are occupied buildings in NYC. And that doesn't mean their property values are following suit. Follow Dave's advice and stick to NC.
You don’t need to tell me, the Yanks are coming in by the Tesla full ;)
With the steep decline in property value up there, now might be the rare time to come across something mildly profitable. I don’t like the idea either, but this would be a great educational experience for my wife to really grab the wheel on one.
I actually began investing roughly 7-8 months ago as soon as I turned 23 years old I knew Real Estate would be the way. Long story short, I met a mentor who is now helping me structure my deals and in these past 6 months, I have managed to acquire 6 properties.... most of which are on target to reaching our cash flow limit of at LEAST $800 per property. Would love to connect with you and see if we could do something!
You don’t need to tell me, the Yanks are coming in by the Tesla full ;)
With the steep decline in property value up there, now might be the rare time to come across something mildly profitable. I don’t like the idea either, but this would be a great educational experience for my wife to really grab the wheel on one.
Unfortunately that is absolutely not the case in NJ. Nowhere are property values dropping. Not even in NY. The only thing dropping are occupied buildings in NYC. And that doesn't mean their property values are following suit. Follow Dave's advice and stick to NC.
I’ve heard rumors that out of country investors are scooping these up left and right while inner city residents flee. Any truth to this?
Where exactly are you talking about? NYC or NJ? There are always out of country investors in both areas but they're not "scooping" anything up. They usually overpay because they have the money and they don't care. If you stick around these forums for any length of time, you will see two to 5 post a week from newbie investors around the NYC/NJ area asking for help. There is no shortage of competition to drive up property values. Nothing supports property values dropping in the area at the moment. Obviously who knows what could happen in the future.
@David Marasow yeah I'm aware of all of that but you can find plenty of cities without rent control, the 5 year CO is 3 units and up and plenty of people still find ways to invest here.
Talk about not following the herd mentality I give your wife that ... Is there a mass exodus from NYC yes I’m one of them bought a new construction 1.5 hours away are the prices reflecting the mass exodus sadly no or maybe not yet..I had a similar idea as your wife figured let me buy a condo in UWS use it for Airbnb and on days I work late have somewhere to crash near by but I’m just seeing modest discounts on prices in certain areas nothing to get excited about... The news are accurate, homelessness crime are high but the home prices are not being affected dramatically.. You can get some significant discount on rent and if you’re looking for commercial there are deals to be made but not residential.. Will see what happens in 2021 maybe Rich Dad will be right but I’m not convinced..
Between NYS governor and NYC Mayor, they would have the whole state rent controlled.
Gov Cuomo is warming up for the 2024 Pres election.
Mid 2019 he latest anti landlord reforms went into affect with list of policies letting tenants shaft landlords. With covid, he has given tenants not paying rent till Jan1 2021. And may add to that.
All while a movement in NYC is to 'forgive' tenants back rent.
Suburbs of NYC, RE prices are up 10% from last year. SF Foreclosures needing a lot of work use to sell for 40%-60% ARV are now going for 80%ARV
@Tom Matousek I'm very active in the area and dont mind share info with you on the area. However, I will tell if you think you are coming here and buying anything at a steep discount you are sadly mistaken. NJ property outside of the city is going a premium and has all always.
I would say average purchase for a extremely distressed fixture would be 500k starting. Just some food for thought
@Tom Matousek the numbers in NC will probably be better than what you'll see up here in 9.99 out of 10 cases, other considerations for investing in this area are the laws governing rentals (NJ is bad but NYC might be the worst in the country) Age of property (our buildings and homes are traditionally a lot older than yours which could equal more cost for you as the owner) cost of labor and materials (yup, were more expensive here too) Acquisition cost (which could easily be 4x what you'd pay for a comparable building in your neck of the woods. If none of those things bother you then you may want to consider investing here