New Investor and Attorney in Brooklyn

[Donnell Suares]

Hello,

I am an attorney in New York. I have been involved in corporate finance, litigation and real estate for over 15 years. I am a new real estate investor in the New York area.  I am focused on purchasing multifamily (2 or 3 family homes) in Brooklyn and the Bronx.

I am also considering investing in single family homes in North Carolina.

Donnell Suares

[Gregory Walter]

Donnell, 

I'm from NY and almost bought a multifamily building in Queens years ago.  I thank my lucky stars I never did because I wound up in investing in Charlotte and doing much better than I would have anywhere in NY metro.  The deals down here are just significantly better than those in NY.  I will speak to prospects in NC by giving you information based on my experience in Charlotte, the largest city in NC by population.  In my opinion these are some of the major benefits to buying in Charlotte, NC over NYC metro:

1) NC is an landlord friendly state.  Evictions typically take SIGNIFICANTLY less time than in NY.  Tenants know this and it positively affects the ability to collect and enforcement of lease provisions.

2) Charlotte rent to buy ratios are typically much better than those I've seen in NYC metro.  Properties are generally much cheaper relative to the rent they pull in, than in NY.

3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.

4) Lower variable costs - labor is A LOT cheaper here.  

5) Less stringent code enforcement.

6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.   

7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.

In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home.  There is a renter culture due to so many people moving her from somewhere else that its possible to get tenants that enjoy renting rather than renting just because they can't afford to buy.  I also think the price have a lot of room to appreciate due to the relative affordability of housing relative to household income in Charlotte.  Charlotte is one of the fastest growing cities in the country and I don't see anywhere else where you can great cash flow and the opportunity for growth like here. 

If you'd like to talk about it further feel free to message me.  I'd be happy to help.