Looking to get my first deal in long Island, NY and New Jersey

[Joshua Reed]

Hello everyone I am a new to this looking for my first rental property I am looking to get involved in New Jersey, and long Island. And Westchester, and upstate New York. Is any one is has any info about this I woupd much appreciate it.

[Ceasar Rosas]

Hi all,

The NYC market is a highly competitive market. You have to determine what your investing goals are to know how to proceed. The 1st thing you must know is how will you finance the deal. Are you paying cash? Have you been approved for a loan? Have you sat with a couple of mortgage bankers? 

Also in this NYC market you have to look for properties that you can solve problems on if you're looking to get a discount, extensive renovations, problematic tenants, DOB violations, etc... and for those type of properties you will need cash or access to it. A lot of people from BP in this market get stuck on analysis and don't understand that they're not going to see 10% cap rates. For example I know the NYC market and Stroudsburg, Pa market. If I want 10% cap I'll go to Pa, or Upstate NY. If I'm looking for stability, a solid, safe appreciating asset I look at NYC. Listen to the last BP Podcast 192. Closest podcast pertaining to our type of market.