Beginner Investor from Forest Hills, Queens NY

[Regina Martinez]

Hello, 

My name is Regina and my goal this year is to buy a multi-family property with my friend/ partner as a buy and hold/ rental opportunity. We are both in our 30s and work in digital media advertising in NYC and really want another means of income so we don't have to continue with our crazy 40+ hr weeks. We're both very financially responsible so we've been able to save up a decent amount as a down payment- we are leaning towards a FHA loan since we rather retain as much money as we can. At the moment we are also both renters in NYC, so this will be our first home purchase.

We are mainly searching for properties in Queens and the Bronx since this is where we live at the moment.  Our max budget is hoovering $500-600K since we really would like to find a property that is essentially move in ready and in a decent area. I've already started listening to some of the BiggerPockets podcasts and reading the blogs which are truly motivational- it has given me the confidence to make this goal a reality!  

However, the real estate market in NYC is very intimidating given the costs but I do feel we have a great opportunity to get in on areas that are still considered low but will be up and coming.  This is our main strategy- to buy in areas that are good but may take off in the next 5-10 yrs thus really providing us with equity in the long run.

I would love to network with any current investors in Queens, Bronx and Brooklyn to hopefully learn what they have mastered to make this a successful business.  Does anyone have any feedback on which cities they've found success so far?

Thanks in advance!

Regina