Your thoughts on Staten Island

[Ling Chen]

NYC investors,

For those of you who live or invest  in Staten Island, do you happen to have any thoughts on what areas are still good to invest at this moment?

What do you think of Mariner's Park? Is it a good area to invest?

Thanks

Ling

[Matt B.]

@Ling Chen, I live and have investments in Staten Island. It is very hard to cash flow in SI. your best bet would be a sweat equity play and even that is tough. most of the properties ive seen under 300K will not work with conventional financing, i.e. difficult to get bank approval or will be in not so great areas. not so great ares generally = not so great tenants. a two family in a good area can easily hit $500K. in a war zone needing work you can probably get a two family for around $350K. Just so you know, Mariners Harbor isnt in a great area of town. I personally wouldnt buy a property there.