Real Estate in New York City

[Michael Clarke]

I am a recent college graduate with a degree in Economics (concentration in finance). I am working an entry level position at a large nonprofit organization. My salary is about 40k.

I want to get into Real Estate investing but properties in New York City are extremely expensive and saving up the capital to even make a down payment seems impossible.

I was wondering if anyone could suggest any strategies on how to start my real estate investing journey. Should I move out of the city or consider investing in properties outside of New York ? HELP !

[Trevor Ewen]

@Michael Clarke

Congratulations on your graduation and move to the city. It's a good place for networking and growing your career.

That being said, it's a terrible place for real estate investment. Numbers are very out-of-control. Retail buyers run the 1-4 unit market. Strangely optimistic numbers abound beyond that. Our state legislature is currently in the process of making it even harder to own and operate income-producing property in the city.

My recommendation is to consider investing elsewhere. There are good strategies to do that remote (as I do). Or, if you have the mobility, I would consider a move to a friendlier market. There are many great places in the sun belt, midwest, and west where there is more opportunity and still ways to maintain a good career.