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Updated about 2 years ago on . Most recent reply

User Stats

80
Posts
45
Votes
Maurice W. Evans
  • Property Manager
  • Queens, NYC
45
Votes |
80
Posts

What advice would you give for new Multifamily Investor

Maurice W. Evans
  • Property Manager
  • Queens, NYC
Posted

Looking to relocate to New York. 


Probably Brooklyn/Bronx (maybe Queens?)


Beginning of the year.

Want to do a multi-family hack where we stay in part for a year or two.

Super competitive area... any pro tips?

Most Popular Reply

User Stats

198
Posts
90
Votes
Ecaterina Katerina Morosan
  • Real Estate Agent
  • Miami, FL
90
Votes |
198
Posts
Ecaterina Katerina Morosan
  • Real Estate Agent
  • Miami, FL
Replied

It is not easy to break even in NYC. Most likely you will have to pay at least something out of pocket monthly, but much lower than average rent. But also depends on how much downpayment you put down, how many units, potential etc. NYC is an appreciation market, not a cash flow market. You most likely will break even in the first 3-5 years, and that's the goal. 

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