New Investor out of NYC

[Solongo Otgon]

Hi everyone-

I am a new investor starting out and looking to invest in multi units in Bronx, Brooklyn and Staten Island. I know NYC market is tough to get into but I am considering live auctions and foreclosures to start. Looking to network with agents and other investors who are also looking into NYC. I am going to my first live auction this week and hopefully that will give a good indication of the true sharks swimming in NYC markets. I am also open to the tri state area markets but I don't know too much about them yet. I am more interested in generating cash flow in B and C neighborhoods so I am looking into buy and hold strategy as of now. Hope to be part of this community for a long time!

Sol

[Solongo Otgon]

Thanks everyone :)

Just got back from the Brooklyn foreclosure auctions and it was pretty much how i expected it to go. Out of almost 20 properties only 8 were called in for bids and 6 got offers and the other two did not meet bank reserves. Decent turnout but it was obvious very few were there to bid and get something and lot of spectators; including me. It does seem counterintuitive to wait for properties to go on auction and some of them don't even make it for one or other reason. But it was a good experience to see how the bids go and how far the bids were going. One 2 family had a starting bid of 250 k and bid went up to 505k and the property is located in bushwick. The property was valued at 700k as of this year.

The numbers are definitely up there.

I plan on scoping out jersey city, syracuse and philly areas for potential cash deals on 4 units or more. I might check out the bronx auctions as there seems to be more inventory than brooklyn but again looking for deals through foreclosure and auctions is not a guaranteed thing and can waste time.