Newbie excited to BRRRR Out-of-State and/or NYC Tri-State area
1 Reply
Jose Buzzi
Rental Property Investor from New York City, NY
posted about 1 year ago
Hey BP fam!
I’m so happy to be here and learn!
This is my first post and I'm interested in buying my 1st property. Looking to buy a SFH or small multi-family (1 - 4 units). I have $60k in cash to BRRRR.
Below is a target list of area/cities I’m familiar with:
Newark, NJ
Rutherford, NJ
Paterson, NJ
Mount Vernon, NY
Staten Island, NY
Stamford, CT
Eerie, PA
Philadelphia, PA
Atlantic City, NJ
East New York, Brooklyn, NY
Jamaica, Queens, NY
Bronx, NY
Westchester, NY
Yonkers, NY
I am most certainly not opposed to venturing outside of this list but would prefer an area I can drive to and manage. A 3 hour drive from my current Brooklyn apartment would be manageable. I should mention that I do have a partner in Fort Lauderdale, FL who can manage property for me. So any areas nearby Fort Lauderdale I am not opposed to.
I would love to hear your opinions and suggestions. Perhaps other areas I should look into or other investment strategies I should consider or major concerns I should seriously consider.
Thank you in advance.
-Jose B.
Abel Curiel
Real Estate Agent from Queens, NY
replied about 1 year ago
Originally posted by @Jose Buzzi :Hey BP fam!
I’m so happy to be here and learn!
This is my first post and I'm interested in buying my 1st property. Looking to buy a SFH or small multi-family (1 - 4 units). I have $60k in cash to BRRRR.
Below is a target list of area/cities I’m familiar with:
Newark, NJ
Rutherford, NJ
Paterson, NJ
Mount Vernon, NY
Staten Island, NY
Stamford, CT
Eerie, PA
Philadelphia, PA
Atlantic City, NJ
East New York, Brooklyn, NY
Jamaica, Queens, NY
Bronx, NY
Westchester, NY
Yonkers, NY
I am most certainly not opposed to venturing outside of this list but would prefer an area I can drive to and manage. A 3 hour drive from my current Brooklyn apartment would be manageable. I should mention that I do have a partner in Fort Lauderdale, FL who can manage property for me. So any areas nearby Fort Lauderdale I am not opposed to.
I would love to hear your opinions and suggestions. Perhaps other areas I should look into or other investment strategies I should consider or major concerns I should seriously consider.
Thank you in advance.
-Jose B.
Hey Jose,
Welcome to the BP forums! Best place to be to connect with the community and get your questions answered.
I highly recommend narrowing your list down to 2-3 locations then eventually cut it down to 1. This doesn't mean you shouldn't consider other areas but the focus should be the first deal. While choosing an area, getting pre-approved for financing or at the very least, speaking with a lender about your overall financial situation will help you determine the best price point. Once you narrow things down, find a dedicated Realtor, lender and attorney (if needed) and you can aggressively target your first property.
Best of luck to you on your journey!
Abel