New York - Waste of Time?

[Michele Foran]

I see a lot of posts from other states but can't seem to find much from investors in New York doing well.

It's and expensive area.  Is it impossible to invest here?

[Account Closed]

Michele,

According to Ggogle, the median home price in New York is $573k, and the median home price in San Jose is $780k. I guess my area is more expensive than yours, and I invest right here in my home town. It takes time and efforts to break "the code" to enter this market. Once you're in, the vault is full of money. That's the reward. If it were easy, we're all sitting on the beach and sipping maitai.  :0)

Based on my experience, expensive markets are very lucrative in terms of financial wealth building. There's a catch though. The level of entry is much higher. We tend to take the easy path and look for "cheap" markets. This reminds me of the saying from Master Oogway "One often meets his destiny on the road he takes to avoid it." I've learned that everything in life has a price. If we only choose to do easy things, our lives will be hard. OTOH, if we're willing to do hard things, our lives will be easy.

With that said, whether it's a waste of time or not is for one to determine. There's a 1%er and the 99%er. Simple math suggests it's very easy to join the 99%er, but much much harder to join the 1%er. Just want to throw in my 2 cents.  

Best of luck.