Are the boroughs worth investing right now or go further?

Question

Hi, I'm a new investor living in NYC and looking to invest in SFRs to either BRRRR or buy and hold in the boroughs, however looking at the prices they look utterly daunting, don't provide good cash flow and are apartment buildings a majority of the time. Since that's the case, I was looking to invest upstate, how far is a reasonable commute for workers who live there to the city? Also, I'm looking for a beginner-friendly agent in the area or upstate that I can work with.

Al Diaz · Answer

You may find some deals in the boroughs once the foreclosure moratoriums are lifted and proceedings actually happening, but that is like 18 months away. Going upstate is an option, but you are competing against all the folks who are escaping from the city. I was outbid several times last year/early this year on properties in the Hudson Valley.

Victoria Fridma · Answer

Hi Joseph, I would consider looking into 4 family house in any borough and managing the property myself, versus buying upstate and letting strangers manage my property. I have heard horror stories about rogue managers. Good luck!

Mackenzie James King · Answer

The Bronx has tons of value. If near the express 4 train you can be into downtown in 40mins. The avg 1 bedroom home is just under 400K / 2 bedroom just under 500k and a lot of times you find they come with a basement and outdoor space. Outdoor space is becoming more and more valuable to folks since the virus so I only see the Bronx appreciating as more and more folks venture away from Manhattan.

Hope this helps and I'd be happy to further discuss. Reach out at any time. Cheers.

Are the boroughs worth investing right now or go further?

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