NYC Metro Markets - Suggestions
Any suggestions on good markets for a first investment? Looking for a single family or multifamily that is 1-2 hours outside of NYC. Anyone have any experience with the Bronx?
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200-300k purchase is not very realistic, unless it's a total gut job and you have to evict occupants. Cap rates are on average 4 - 6%. Many investors bank on appreciation in this Bronx market after the explosion of Brooklyn. I've seen others also jumping into mixed use properties. For example we have a 2 family currently on the market at 699k since Thursday that has received, so far 6 offers, a few at full ask in a location where the same 2 families were being sold for 400k just a few years ago. Investors are willing to pay that here because they see R-6 zoning and know they may have a development play down the line.