Newbie question on NY real estate investing

[David Maswary]

Hello. I'm really hoping to get feedback from all of you and to say I'm excited to be here is an understatement.  I currently live abroad and I'm looking to return to the US and NY specifically, and start a real estate business. 

My family is trying to warn me off, telling me real estate in NY is impossible and only for the truly deepest-pocketed investors. 

I'm not sure I agree.

My question is multifold:

1 - I am a conservative investor at heart. In my equity investing I'ma Warren Buffet disciple. I don't really want to find exotic investments or try an elaborate financial manoeuvres. I'm looking to find anywhere in the state of NY, hopefully without having to go upstate,  but willing to do if necessary. Is the state of NY a black hole for investors? I always assumed that people scared off by NY are referring to Manhattan, which I understand. I can't imagine that the whole state has no opportunities. Am I incorrect in my assessment?

2 - If the answer to #1 is eff off, NY is for Jeff Bezos and 5 other people, ok. If I'm right and there are pockets of excellence like anywhere else,  are there any areas where there are good investments for income-properties? I'm a newbie and then some but my truest interest at this stage is to acquire properties that deliver monthly cash flow and then reinvest the cash flow into more property.

Is that possible in the state of NY? If so, where are the best areas? Do I have to be heavily front-loaded cash-wise? If NY is inaccessible is there anywhere within 1 hour driving to Manhattan that is an overlooked market? Sorry for the raw generality in these questions but I'm looking to jump in, get my feet wet, and start learning everything possible and doing my due diligence en route to my first investment as quickly as possible.

Thanks

If anyone has any suggestions on what I should be reading or researching please let me know. 

[Jodie Steen]

Why New York? Just curious. I’m househacking in Brooklyn, but looking to invest elsewhere. In my humble opinion New York is an appreciation play, not a cash flow play. In our (not blue chip) neighborhood the houses go for $2 mil now and then need a gut reno. Yes, you must have very deep pockets and a lot of time to burn with the DOB. not sure about upstate. I would start by looking at the fundamentals of any area and let that drive the process. But I’m still a newbie too! Good luck to you.