Is investing in multi-family rental property in NYC a good idea?

[Ashfaq Sheikh]

I am a new investor looking to buy a multi-family income property in Queens or Brooklyn, NYC. Is it a good idea right now? Please guide. Thanks.

[Basit Siddiqi]

@Ashfaq Sheikh

Queens and Brooklyn are such big areas. You should zone it further into a specific neighborhood.
I.E. Investing in Long Island City will be different than investing in Jamaica Queens.

You should also provide a strategy with what you plan to do.

I plan to buy properties in the $500,000 to $1,000,000 range that need significant rehab, rehab them up and then rent it out.

Your question is very broad and likely not to generate much direct answers.