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Updated about 4 years ago on . Most recent reply

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where should i invest in real estate?

Francisca Walden
Posted

Hi, please i am new to real estate investing and bigger pockets, I have watched a lot of the podcasts and read many books on rentals and i'm really interested in buying rental properties (could be single family or multifamily). My problem is i live in new york which is a very expensive market and i have not been to other states so i don't really know which markets would be good to start in for a new investor like myself. I can't house hack because I go to school in New York and depending on what medical school i get into, i might have to live here for a while. Could someone please help me with selecting a market or point me into a good direction? 

Thank You.

FW.

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Alexander Szikla
  • Real Estate Agent
  • New York City
624
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790
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Alexander Szikla
  • Real Estate Agent
  • New York City
Replied

Definitely house hack via FHA in NYC right now if you can! If you can get a 4 unit plus basement, that would be ideal and create major cash flow and equity creation.

Personally, I am very bullish on New York and NYC itself. Sure it suffered due to COVID, but you want to buy when there is distress. I think all the folks who moved away are already getting bored and already coming back. Plus, the vaccine is getting rolled out which will curb the spread tremendously. Now is the time to buy.

Cap rates came all the way down to 3% (or below!) during the "boom" times but COVID has loosened everything up and now 5% can be had in Manhattan, 6%-7% in Brooklyn and even 8% in the Bronx. The kicker here is that rates are much lower than the 7%. Today nationwide rates hit a low of 2.7% - so there has really never been a better time "spread" wise.

Long term, I think NYC will come back as it always has time and time again. I am also a great believer in investing when there is distress and deploying capital when you can.

If you are looking for yield in the short run, Manhattan may not be for you. However, it is certainly the most attractive it has been in years from a cash flow perspective. If you are seeking out asset accumulation and equity appreciation over the long term then there are certainly fortunes to be made. And there is still plenty of cash flow opportunities in the outer boroughs if you buy right!

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