Hi guys I'm from NYC (Bronx). I know the NYC market is very expensive for newbies like myself and I feel like I may have to look outside of the city to get started. Eventually I want to get a duplex in NYC to live/ rent out. As far as investing I will have some capital to invest soon and I feel like I should start either wholesaling or flipping in an area where the housing is cheaper for example looking at Buffalo. Id like to know where other NYC investors are investing at. Any ideas or feedback would be appreciated.
Rental Property Investor · Ramapo, NY · Member since 2016 · 243 posts · 108 votes
9y
@Jaysen Medhurst@Ben Vargas Venture 20 minutes north of Pittsfield and you have a very nice area for cash flow, North Adams, MA. I have some property there and a friend of mine has a website with a little more information, www.robinfirst.com. It's a bit of a drive but worth it ;-)
Developer · Little Ferry, NJ · Member since 2016 · 426 posts · 226 votes
9y
@Ben Vargas Hey Ben, NYC is not the place to be if you're just starting... I don't even think its the place to be if you're seasoned haha. The prices there are crazy and lots of the market is solely based on appreciating the value of real estate not even cash flow or income from flipping. I think North/Central Jersey would be a good place for you to get rocking and rolling. If you are looking to start flipping look for something more central Jersey, that will be a good place to start with good price points for newbies. I was in your shoes not too long ago and I have managed to get out of the newbie phase.
If you have any questions about REI or anything in general, I am mainly a builder/flipper, so I will better assist you with questions pertaining to that, but I can also answer any questions about rentals and buy and holds to the best of my knowledge and help you out. Connect with me and PM me, I would love to learn about your ambitions and how you planned to start RE investing.
Rental Property Investor · Rochester, NY · Member since 2016 · 303 posts · 154 votes
9y
Hi Ben Vargas like you I also feel NYC has become more expensive now then a year ago. Queens and Brooklyn have been on fire especially areas that were less desirable.
Anyhow I invest in Rochester NY. It's about 6 hour drive or an hour flight from where you are. Prices are good and the cash flow is great. Like every town, there are some sketchy areas so be careful. Let me know if you need any additional help. Good luck!
Investor · Brooklyn, NY · Member since 2016 · 56 posts · 40 votes
9y
I invest in central NJ, best combination of cash-flow and price. Having invested there for some time I would not invest in NYC unless I develop building or have a really great deal. For the amount of money you can get a single family house here you can get over 15 in other places. Best
New York City, NY · Member since 2015 · 38 posts · 14 votes
9y
Hi Ben,
I'm considering investing in Ossining or house-hacking there. Still doing research on the area before going for it but so far it seems to have pretty reasonable prices and still within reach from NYC.
Investor · Bronx, NY · Member since 2015 · 52 posts · 22 votes
9y
I'm just starting out as well and if I could I would definitely invest in NYC, they have cheaper taxes then Jersey with more rental income. Appreciation is an extra. But with smaller chips to play with and less than an hour drive Jersey gets the job done.