Software Engineer Newbie from Jamaica, Queens / NYC

[Fayezin I.]

Hello Everybody!

I am a software engineer working in wall street and living in Queens. I am looking to start investing in real estate, especially multi-family houses for cashflow and appreciation. 

Like most BP members, I read "Rich Dad, Poor Dad" which got me excited about REI and joined this forum. I have my fiance the thank as she has been pushing me to read books and allow myself to grow intellectually which made me take the first step to read the book. Since then I've kept reading books and spoken to real estate agents for market info and small banks for financing.

I own a 2 bed condo apartment in Queens which has appreciated about 25% in 6 years. This made me realize that this area is growing pretty fast. Given that I know this area pretty well, I am always in the lookout for real estate deals in my area. 

Incidentally, I had a recent water leak in my kitchen while no one was home for days. This incident flooded my apartment and I am in the process of replacing my hardwood floors, getting the walls repaired and repainted due to water damage. I was forced to deal with general contractors and saw their quotes vary anywhere from 30k to 15k for the repairs. Insurance covers the damage but not at these high rates!

Long story short, I found subcontractors from craigslist who can get the job done if I buy materials myself and hire them for their services. I am well on my way to complete the repairs within 6k in total. This unexpected crash course with general contractors made me realize that hiring sub-contractors and buying materials myself is the way to go for REI repairs.

I am saving some money so I can start REI in NYC for cashflow and appreciation. It seems like NYC deals are all about cash purchases (hard money or private money or own money). My strategy will at a very high level would be to focus on residential multi-family homes near good schools (rated 6 or more). Another observation that I've made is that properties are in high demand near places of worship like church, masjids, etc.

It would be interesting to know what strategy REI investors use to invest in Queens and NYC as a whole due to the high demand and inflated prices.

Take care!