New from New York

[Greg P.]

Hello community at large. Just introducing myself here. I work and live in Manhattan. Found this website while looking at some investment ideas. I am currently in contract to sell a studio in New York. The one I lived in 15 years ago with my wife. We moved out as we started to have kids and have been renting it on and of as our Co-op rules would allow since then.

We were looking to buy a multifamily that is across the street from our current apartment, but right now we have been beat out by a cash buyer.

So the studio sale is still on and we wouldn't have been able to rent for like the next 7 years anyway, good time to get out of that place. But now we are a bit stuck going into a 1031 exchange and deadlines coming up quick on something else to buy.

The multifamily would have been great as it is across the street. We are a bit scared of doing a multifamily someplace else (other boroughs) and there are very few affordable (for us) left in manhattan.

We are considering most options, vacation homes, condos in manhattan, smaller multi families in outer boroughs or even New Jersey. So i wanted to see what the community thought or maybe there are things we have not considered. I should say the wife is not too keen on anything that we cannot keep an eye on, but she can be persuaded with spread sheets (sometimes).

Thank you all very much,

Greg Peeler

[Darren Sager]

Welcome to BP @Greg P. ! Thanks for taking the time to introduce yourself. I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it.And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "NYC" or "Brooklen" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area. Use the Find Members area to network with other members who are local to you or are in an area you're wanting to invest in. Podcasts come out weekly and are great way to learn on the move. I find there's always a gold nuggets of information in each one and I go back to listen to a number of them multiple times.

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Again welcome to Bigger Pockets!