New York City Investment Success Story?

[Christian Ekeogu]

I know that New York City is an outrageously expensive city for REI but was curious if anyone in the forum has done successful deals in the city?

I currently rent in NYC and want to start my investing in other markets because of the high cost of investment here but I hope to one day be able to have an NYC property in my portfolio and would love to hear from someone that has/had one and how the experience was.

Thanks

C

[Joe Barclay]

Quote from @Joe Barclay:

hey @Christian Ekeogu

my story goes as follows... and let me preface saying that i have no success yet. I became interested in property in Bedstuy, BK around 2010 however I was extremely picky. My first property had to be on certain blocks, 20x100 lot (wouldn't even consider an 18x100 lot). I saw properties for around $550K with some work needed but I was convinced I could get something cheaper and better. Eventually went to contract (fully executed) for $375K on a smaller (16x100) property in my target area. Got screwed out the deal by an all cash buyer (I'm not liquid.. looking to do a 203K). House now on the market for $1.2M (http://www.primehomesny.com/property/decatur-st-brooklyn-ny-11233/). Fast forward to now I'm priced out of bedstuy. So now i'm looking in cypress hills and ENY. Again I have a fully executed contract. We'll see how this goes.

To sum it all up... don't be too picky, but do due diligence and if your target areas are not working out expand. If this deal works out i'm looking to purchase some property in Buffalo and Rochester and my next investments.

Joe

 replying to myself 10 years later.... several brownstones in brooklyn successfully fix and fliped and/or buy and hold. couple successful flips in jersey. several partnerships in Philly. 100% or partnered on 6 properties acquired in the past 30 days. maybe doing okay