Looking to invest in New York

[Riquelmi De La Rosaq]

My family and I recently relocated to New York City a few months ago because of my job. Renting a closet for the same price that I would rent a Mcmansion in Miami isn't very fun so I'm interested in investing in a multifamily (2-4 units, owner occupied). So far I see that your money doesn't go very far here. Are there any BP members that are experienced in this extremely weird real estate market? I have been looking on Realtor/Zillow but everything I look at is either undercontract or cash only. I'm looking for something in the 200k-300k area. This would be extremely possible in most parts of America but New York seems to think their properties are made out of gold. Any help would be greatly appreciated.

[Peter Stellato]

I can't say I'm experience in the NYC market as I haven't bought any property but I have lived here for 10 years so I can comment from the lens of a fellow BP member and aspiring investor.  You're probably better off looking past the city entirely and look elsewhere.  Prices are simply too high unless you can get a group of people to invest together or if you have very deep pockets yourself.  You may be better off looking in the suburbs of the tri-state area but you will find taxes to be prohibitively high everywhere within commuting distance.  If you really must stay within the city limits, consider the Bronx or Staten Island?  I don't know much about these areas but they are more affordable than Manhattan, Queens and Brooklyn.  I've been very intrigued by the Bronx myself but do not know much about it.  Perhaps others on here can chime in.