Finding a Market when living in NYC

[AMY NEWTON]

Hello all,

I am new to the real estate investing world and am in the process of educating myself on how to invest in rental income properties that I can hold for the long term.

My biggest concern is finding a market to research for the first purchase. I live in Brooklyn. I do not plan to stay here more than 3 years and have some contacts in NW Florida as well as upstate NY that could potentially help with management.

Most of the info I come across recommends purchasing the first home in your own neighborhood. I cannot do that here in NYC.

What would you recommend a newbie like me to do in seeking out a market for investment purposes?

[Eva Marin]

Hi Amy

i am a newbie too from the Bronx ( i know prices in NYC make the investment very hard), we have to get more creative :)

but my 2 cents here are learn and educate yourself as much as you can, so when the right deal shows you feel kind of sure and ready for it.

Start looking at some houses in brooklyn or in other boroughs even knowing that you are not buying but you start playing with the numbers (asking price, how much downpayment, rent market in the area, expenses (insurance, utilities, + + ). Apply the 70% rule (ARV*70% - Repair cost)= asking price).

Very important start putting your team together (lawyers, accountants, mortgage brokers, home inspectors) and so.

I am in the bronx, i want to buy a duplex or triplex in the bronx area (that's my focus market) within 4 to 6 months. Now, i am just focusing in learning and doing all of the above.

Take care, hope this helps a little :)

Eva