Should I buy in NYC or Florida?

[Priscilla Chin]

Hi everyone, 

I am located in NYC and am looking to purchase my first property for long term rental investment here. I am still new to this and there is a lot to learn! Would appreciate any tips, insights, or areas of suggested research. I am looking at multifamilies in NYC versus single family homes in Jacksonville, FL (yes there is a significant price difference), and I cannot decide between the two.

Factors I am considering.. 

NYC:

- NYC will probably appreciate at a higher rate and shorter amount of time compared to Jacksonville homes.

- I will be able to find tenants sooner in NYC compared to Jacksonville. Depending on the area in Jacksonville, I see many listings that are 60+ days old.

- Lower down because I can do FHA loan

- Probably don't need a property manager because I live here

- With the potential rent income vs monthly mortgage price, I am probably breaking even if lucky

- Pro tenant

Jacksonville:

- Total cost of home is lower, even though I will have a higher down payment because I am buying it as an investment property

- With the potential rent income vs monthly mortgage price, I might make a couple hundred a month... which can eventually be used as a down for another property?

- Need to consider cost of property manager

- Home insurance I heard is higher in FL

- More landlord friendly I heard

Any and all thoughts, critiques, suggestions, or whatever factors I haven't considered would be much appreciated. I've never bought a home before and am new to this!

[Bob Stevens]

Quote from @Priscilla Chin:

Hi everyone, 

I am located in NYC and am looking to purchase my first property for long term rental investment here. I am still new to this and there is a lot to learn! Would appreciate any tips, insights, or areas of suggested research. I am looking at multifamilies in NYC versus single family homes in Jacksonville, FL (yes there is a significant price difference), and I cannot decide between the two.

Factors I am considering.. 

NYC:

- NYC will probably appreciate at a higher rate and shorter amount of time compared to Jacksonville homes.

- I will be able to find tenants sooner in NYC compared to Jacksonville. Depending on the area in Jacksonville, I see many listings that are 60+ days old.

- Lower down because I can do FHA loan

- With the potential rent income vs monthly mortgage price, I am probably breaking even if lucky

- Pro tenant

Jacksonville:

- Total cost of home is lower, even though I will have a higher down payment because I am buying it as an investment property

- With the potential rent income vs monthly mortgage price, I might make a couple hundred a month... which can eventually be used as a down for another property?

- Home insurance I heard is higher in FL

- More landlord friendly I heard

Any and all thoughts, critiques, suggestions, or whatever factors I haven't considered would be much appreciated. I've never bought a home before and am new to this!

 Both are terrible choices NYC, super expensive and high taxes, and TERRIBLE landlord laws. Also, NYC is dead. 120 hotels house illegals! Buildings are empty.  Do you have 1 mill or more to make maybe 3% net? Fl is crashing and this is only the beginning. I LIVE in FL and am from NY. I do all my biz out of state.