All Forum Posts by: Cheri I.

Hi Cheri, my name his David and I am local dentist, currently living in manhattan and am dying to do a deal with some one in Queens. I am a local Queens boy and know the market well. 

Brooklyn is basically at Manhattan prices now so everything will have to eventually squeeze into Queens for the next 5-10 years. Astoria and LIC are the best neighborhoods to be in right now. 

Please keep me in the loop on how things are going for you and if you ever want to talk or meet. I am looking for something very similar to you so lets see if we can help each other out with this process. 

Keep in touch 

DJ

Welcome to BP @Cheri I.! Jersey City usually has rent control on anything that has 5 or more units. 

@Cheri I.

Welcome to the BP community (fellow New Yorker), you came to the right place, there's lots of great information here, you're off to a good start.

Good luck!

Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county. 

I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry. 

Real estate invest is very local especial for individual investors. it takes long time to study an area/neighborhood. I wasn't trying to convince you coming to jersey city. the reason i brought up Jersey city is because I have been investing for three years, i am have better understanding in this market. When it comes to choose partner, i always ask what they can bring to the table: money, experience, deals, or anything important for you. I am currently working with my partner who has zero experience in real estate but she can help me to build reputation, which is valuable for my business at this stage. I am guessing what is meaningful for you now is deals and experience. I would go with who has both but also give you a reasonable split (capital gain split).  

Last, numbers vary a lot. it really depends on the neighborhood. in Jersey city/other cities in Hudson county, there are two family priced at $400k - $500k but generate $4k rent per month ( after all the expenses, 1k - 1.5k cash ). But you might have to pay double the month in Astoria. you might argue with appreciation in Queens is more than jersey. But i am more focused on cash flow. So it is really depends on your investment objectives. why i am suggesting small scale is to give yourself more buffer to learn, and pick the right deal and right partner. 

Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county. 

I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry. 

Are you looking just to rent out the apartments or are you looking to flip for a profit?

@Cheri I. at $1,800,000 you should be able to get a 6 family in Astoria! Where are you running into problems?

@Cheri I. I was a commercial broker, and yes I would love to help or at least give some guidance and point you to the right people to speak with. Also with my experience I can tell you if what your looking for is achievable.