Real estate strategies for New York area

Brooklyn, NY · Member since 2019 · 6 posts · 0 votes

I’m currently educating myself right now through bigger pockets and I appreciate this viable source of information to real estate. But I’d like to get started instead of doing millions of millions of reading and listening in. Is there any investors currently residing in New York ? I’d love to hear some strategies you’ve managed to put together

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
Originally posted by @Alfonso Simmons:
I’m currently educating myself right now through bigger pockets and I appreciate this viable source of information to real estate. But I’d like to get started instead of doing millions of millions of reading and listening in. Is there any investors currently residing in New York ? I’d love to hear some strategies you’ve managed to put together

Hey Alfonso,
The strategy you utilize will depend heavily on your qualifications as an investor.
I recommend you speak with a lender to find out what your buying power is.
Depending on the area in NY you're interested, your best strategies will likely be the house-hacking strategy and/or the BRRRR strategy.
Best of luck to you on your journey!
Abel
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Trevor Ewen
Rental Property Investor · Weehawken, NJ · Member since 2014 · 1k+ posts · 704 votes
6y
@Alfonso Simmons
I live here. I make money here. I get it out of the state as fast as possible.
If you've seen me on NY related threads, you know I am a bear on New York City investing. Right now, I see all the headwinds you could have in a property market. Rising inventory, high taxes, increased (and often misguided) tenant protection laws, and demographic trends that point in a bad direction for future growth. Rent-value ratios in the city are already too low to make predictable cashflow over time.
The vibrance and cultural commodity of NYC is unparalleled (after all, I still want to live here), but it translates poorly into investment returns. Part of that is the old adage that "something everyone knows is not worth knowing". Since everyone knows New York is cool and vibrant, it's entirely priced into every transaction.
When you go out-of-state, you have to take a more passive approach. However, there are great ways to engage in that realm.
Also, if there's nothing tying you down, moving to another region has never been better. Debt is cheap at the moment and there are private investors in the Northeast looking for better places to put their money. I like my career and have a high opportunity cost to leave. If that is not the case for you, then heading to a new place to start real estate investing is a very smart idea.
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