What would you guys do? (Investing in NY)

[Jean Gousse]

Trying to get my 1st property in Queens NY. I’m trying to figure out if the property would produce cash flow.

Using the 2% rule, I got 0.69%

The 50% rule, I got negative cash flow

ROI, I got 4.06%

I know those numbers are extremely low, and also know the New York REM should treated differently, but the house is in a great area and those number should be significantly higher after the 1st year or 2. I’d like to know you guys opinion.

Thank you

[Joe Villeneuve]

REI job is to make money, not collect trophies ("...but the house is in a great ...").

"Should be..., "could be...", "in the future...", etc... "...will fix the current situation...", are all rationalizations for a bad deal.  Either it is now, or it isn't now, a good deal.

Why and how should the NY REM be treated different?  Are you saying that profits/cash flow are somehow not as important in NY?