Hey everyone my name is Mike, I'm 25, and I am trying to break into the real estate market here on Long Island where I live. With prices being so high for real estate on long island I believe there is a strong rental market to be tapped in to. On the contrary, it will also be very expensive to purchase a property. Does anyone here have experience finding deals and becoming a successful real estate investor on Long Island? And if so what do you recommend I do to start my investment portfolio? Thank you very much for your response and help in advance it is greatly appreciated!!!
@Michael Locicero Long Island will be very hard to invest in because of the prices, like you said. With that being a high budget area, house hacking is one of the few ways to enter the market there, but you also cant expect to find many deals or even deals that will support the mortgage insurance premiums.
There are deals, but you’ll have to make them happen. Properties in many areas might not cash flow until rent rates catch up to market prices.
So, you’ll have to look daily and find opportunities.
Not all towns have seen major market value increases.
However, properties in poor condition areas need work, but it’s hard to get rent increases in those towns. So, it’s a tough balance in those areas.
Overall, you have to try for off market opportunities and just be on the hunt.
Thank you @Christopher Phillips i appreciate the response. It seems as if I should look out of state to start as Long Island and pretty much all of NY is not currently an investors market for the most part. If you ever come across a property that seems suitable as an investment you know where to find me. Thanks again for your help!
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