Starting out and Investing nearby NYC--bad neighborhoods?

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To be very honest, with $30K to work with, there's very little you'll be able to do anywhere in NYC short of finding a duplex (triplex is probably out of the question) in a gentrifying area (eg; Bushwick, Ridgewood, etc.) and using an FHA loan to get into it with 3.5% down, but that would also require that you're going to owner occupy one of the units.I won't comment about areas outside of NYC as that's not my area of expertise/not where I would personally purchase rental properties.As for NYC, there really is no "hood" anymore. There are still a few areas of town that wouldn't make sense from an investment perspective (Brownsville BK as an example) but everywhere people were scared of 10 years ago (Bushwick, Bed-Stuy, etc.) are all either gentrified or rapidly gentrifying. By way of example, 5 years ago in Bushwick gut-renovated duplexes could be had for 450-500k and triplexes for 600-700k. At the moment, duplexes go for anywhere between 900k-1.2m and triplexes, on the rare occasion they are listed/sold, go for anywhere from 1m-1.5m+. There are other neighborhoods that are a comparative deal - I have my sights personally on Ridgewood as the next area of expansion once rents in Bushwick hit a peak and tenants need somewhere marginally less expensive to go.We've done very well in the NYC market, and I highly recommend it for a number of reasons I'm happy to go into...that said, the barrier of entry for anything but an owner-occupied FHA loan is very high.Happy to talk to you more about our experiences in NYC and help out where I can.

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@Tanya Potter I think what your after is possible. Check out this search on Realtor.com: 150 multifamily properties priced less than 300k. Your going to end up in the Bronx, Staten Island, etc. and the properties will have issues but I think its possible with enough determination. http://www.realtor.com/realestateandhomes-search/N...

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@Tanya PotterThere are still some good deals to be had in East Flatbush. And regarding bad hoods, as long as you stay away from the large projects in Brownsville (East NY) anything is game to take on as far as I am concerned. You need to release yourself from that kind of thinking if you are to be successful and diligent in finding anything in the NYC area. Good luck. If you need any more advice regarding the Lower Brookly area feel free to PM me. Thanks!@Cal

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@Tanya Potter I have the say the market in NYC is very hot right now. You probably need to be very creative and determine at this point. You need to know the areas you want to invest back and forth and be ready for to make quick decisions. My suggestions are look into less competitive market, go out there and talk to neighbors. Look for less attractive houses and prepare to do repairs on your own. Find ways to generate cashflow like utilizing the basement, attic, parking space or explore Airbnb route. Find a partner so to have a bigger down payment to increase buying power. Getting a personal loan or private loan from friends/family, etc. RE is a very practical and personal business. You have to go out there and learn. Good luck.

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NYC is tough not only for the sheer cost levels, but the taxes will eat you up. try looking at a wonderful city two hours south in Philadelphia- low low taxes and tons of gentrifying neighborhoods (i.e. Port Richmond, point breeze) . 30k could potentially buy you a 2/1 in one of these up and coming neighborhoods.

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@Matthew Saskin- Do you think FHA loans are possible in Ridgewood? I've read a lot of conflicting information about which neighborhoods FHA is still possible in. Do you think it's possible to househack using an FHA on a duplex or triplex, with enough rental income to cover the mortage costs?

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@Tanya Potter... i do get a list of Pre- Foreclosures for all five boroughs, but haven't figure out what i want to do with it just yet.

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@Mark Brogan thanks for reaching out! How would you say is the best, most efficient way to scope out a town you aren't familiar with? I agree with you, going 2 -3 hours outside of NYC is my best bet. What's a good way to educate yourself on an unfamiliar neighborhood? Drive through? What else?

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@Charmaine M. thanks for reaching out! I agree with you about the bad areas eventually disappearing. Have you had any luck finding a good way to find pre-/foreclosures, probates, etc?i feel like that might be the only way to invest within the city limits if you're not loaded up on cash

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@Tanya Potter...welcome!!!Looking outside if the city is must if you want cash flowing properties. Bad areas...hmmm i personally think they are not going to be around much longer as the Real Estate in NYC is constantly changing eg: Brooklyn, LIC etc.The trick is finding that first property..it is going to take some doing, but being consistent and tenacious will pay off.Best of luck!!