New to RE, NYC based looking to start in NY and/or Florida

[Elias Kaplan]

Hi everyone,

I'm trying to get a sense of where I should start my RE investing career. I'm interested in New York due to my proximity, and Florida since I have family and a few friends that live in the Miami and Fort Lauderdale area. I'm looking to invest in multi-family rentals that require minimal rehab since I work full time. I'm planning on using a property manager to care for the day-to-day operations and I am also trying to target a 10% cash on cash return. I have a decent amount saved up and will definitely have enough reserves in case anything come up.

I am leaning towards starting in Florida since they have friendlier laws for landlords but need to do more reading into what that entails and if its worth sacrificing my ability to visit the property whenever I want.

What areas in Florida and NY do you think I should focus my research in? Any advice on how to invest in out of state properties is also appreciated. Finally, I would love to connect with anyone in NYC who invests in out of state.

Thanks for the help and I am very excited to be a part of this community!

[Pamela Syvertson]

Orlando, specifically Lake Nona is an excellent area to look into.  Disney just recently announced they're moving over 2,000 high-level employees from CA to this area.  Our rentals are currently renting as quickly as they are marketed.  Most sight unseen due to higher-level executives being given the opportunity to work from home.  Speak to a real estate firm, not simply a Realtor who specializes in sales.  I see this all the time; Hello, I've purchased an investment how much can I rent it for?  What kind of question is that?  That is backward; speak to a PM before you pull the trigger on investment property, not after.