Have you been successful in the NYC real estate market?

[Theresa Amouzou]

Hey Guys!

Currently saving all I can in order to get started. I live in New York and this is where I would like to invest - however we all know NYC is expensive but I'm pretty sure it is possible to be successful in NYC. 

My question is-  is anyone an investor in NYC? Have you had success, failures, mistakes, lessons? I would just like to collect as much info as I can! 

[Llewelyn A.]

@Theresa Amouzou

I only invest in NYC and specifically Brooklyn.

I have been purchasing properties since 1997 and currently have 9 properties in my portfolio, most of them 3 and 4 family buildings.

I know things are expensive. But imagine what the prices were back in 1997 and what they are now.

As a real example, I bought a 2 family in Windsor Terrace, Brooklyn, for $140k and only $21k down and closing costs of $6k back then.

That same property can sell for $1.1 Million

I know it's incredibly difficult to buy NYC properties for the average person.

However, with the right partners, anything is possible.

I tend to write a lot about my Strategies here in BP. So if you are interested, just read my past posts.