Buying First Property as a College Grad living in NYC.

Columbus, OH · Member since 2021 · 46 posts · 67 votes

5y

Hi @Patrick Murtagh! Investing in Real Estate is an amazing tool to generate wealth, however NYC is certainly tough. I'm not entirely familiar with the NY market but I imagine you'd have to venture out pretty far from the city in order to house hack something that would appreciate enough to be a solid investment.

You can generate passive income much more quickly by going out of state (the midwest in particular). Property costs are significantly lower and cities like Columbus, OH are actually growing much faster than big metros like NYC and DC.

Out-of-state investing can seem scary especially when it's your first property but all you need is a trustworthy team of a REALTOR/Broker, Contractor, Lender, and Property Manager and you're golden.

Good luck!!

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Brandon GoldsmithBusiness Member

Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes

5y

Depends on if you are fine living outside the city where you might be able to get a property. You could always invest not by house hacking ( but house hacking is the easiest way to start) and put down a higher amount in an area by you. You can also invest out of state and try to secure a multi-family property that way. Best of luck! @Patrick Murtagh

[email protected]614-963-3340

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Remington LymanBusiness Member

Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes

5y

Originally posted by @Patrick Murtagh:

Hey all! First time posting here and just starting to get interested in Real Estate.

A big question I've been kicking around in my head as I think about to begin investing in real estate is how to handle living in NYC? I am currently a 22-year old grad student living on Long Island and plan on moving into an apartment in May 2022 when I begin my full-time job. I have always wanted to live in NYC and my job is located there, so I don't see those plans changing. I would imagine that the NY metro area is an extremely difficult place to begin investing in real estate, so I was wondering what options I should consider for my first property.

Should I be looking at investing remotely in markets around the country?

Is the best option to change plans and try house-hacking somewhere that is a commute away from NYC?

Any tips, stories, or suggestions are welcome. Thanks!

If you can afford to house hack then I would say do that! If not then I would check out real estate investing in Columbus, Ohio

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Patrick Murtagh

OP

New to Real Estate · New York, NY · Member since 2021 · 3 posts · 7 votes

5y

Thanks for the responses!

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Mackenzie James King

Real Estate Agent · New York City · Member since 2021 · 7 posts · 5 votes

5y

I would suggest if you're open to it, New Jersey, just over the water. If you're going to be commuting into the city then look for places just off the PATH train. You're looking at a 30 min commute. But if you're stuck on living in New York then the Bronx offers a lot in terms housing with avg price of a 1 bedroom just under 400k with a possibility of some land as well. From there the express 4 train can get you to midtown in under 30mins. To compare Manhattans is 1.3M / Brooklyn is 800K / Queens is 650K / Staten Island is 530K.

Feel free to reach out at any time as you begin your search.

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Nicholas L.Pro Member

Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes

5y

@Patrick Murtagh welcome - these are great questions. I think commuting is something that is very personal, and so only you can decide if living closer and paying more is worth it. You can always look into house hacking in New Jersey and Connecticut, AND look for a great rental in the City. Find an agent, and go look at some properties! If you don't buy one... nothing happens and you haven't spent anything but your time.

As for long distance investing... sure, you can rent a primary where you live and work and invest long distance, and most people on BP are going to tell you it's possible, which of course it is. But, you should really read / listen up on some of the challenges people have faced. There are unbelievably valuable posts and podcasts up around BP about this. For example, check out Spencer Cornelia's posts / podcasts about investing in Ohio from Las Vegas. Tons of fantastic detail. And there are lots of posts about members who have bought turnkey rentals... some are very happy, some are not so happy.

Finally... there's also nothing wrong with renting while you SAVE, SAVE, SAVE. Having cash is going to put you in a stronger position once you decide what to do. Renting is a great deal in the short term - when your lease is up, you move out. No realtors, no closing costs, no banks, no appraisals, no fees. You just move. Good luck.

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Patrick DruryBusiness Member

Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes

5y

@Patrick Murtagh

If you live in New York investing out of state would probably be a good idea for you to get the most for your money. The Midwest is a great place to look more specifically, Columbus OH. It's a go-to for lots of out-of-state investors. It has lots of job opportunities and population growth. The cash flow is good as well as the appreciation.

[email protected]614-412-4565

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Bogdan Constantin Stefanide

Realtor · Norwalk, CT · Member since 2016 · 203 posts · 69 votes

5y

@Patrick Murtagh

The Connecticut Gold Coast has lower entry points into RE than the NY Metro, and there's the MTA line that takes you into NYC.

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Buying First Property as a College Grad living in NYC.

Buying First Property as a College Grad living in NYC.

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