New Member From New York City

[James LaPosta]

Hello All,

I have been a big fan of BP since I discovered it last September. I finally took the dive to create an account and to start taking real estate investing seriously. I am currently living in Manhattan with a full time job. After listening to a ton of BP podcasts and doing a lot of research, I am hoping to start my real estate career by using an FHA loan to buy a multifamily property in Union City, NJ or other areas that are reasonably priced with an easy commute to Manhattan. Any other suggestions? I am tired of paying a ridiculous amount of rent every month and ideally would like to use the Multifamily to be able to live for free. I then hope to explore what investment opportunities there are around New Haven, CT.

I would really appreciate hearing from anyone who has experience investing in those areas or who have done something similar before. I am also on the lookout for any local investor meetups in NYC or NJ. I am hoping to learn as much as possible and there is no better way than by talking to people who have already done some deals. 

Thank you!

James

[John Errico]

Hey @James LaPosta welcome! I invest in both Union City, NJ and New Haven (though mostly Union City). I also live in Union City so it makes investing and managing stuff a little easier. We have 5 small multi-family homes (2-3 families) here, and are on track to close on another shortly

Hudson County is, I think, one of the more attractive places to invest in the greater NYC area. Union City, North Bergen, West New York, and Jersey City all have good opportunities, though stuff has becoming increasingly competitive, at least for the more desirable areas of all of those cities. New Haven is a very different investment location than Hudson County (in my opinion)--obviously much less driven by the proximity to NYC, and (in most areas) less of an expectation of rapid appreciation than here.

There are a couple meetup groups in the area--there's one in Hudson County that I host with another BP member that you're welcome to attend. If you'd like to PM me I can give you the details.

Best of luck!