Hi Aruna,
I agree with you. NYC is pro tenant.
I also think remote investing can be tricky.
Establishing trust takes time in building a long relationship. You can really start to trust, after major negative issues happen. This is when the true colors come our.
I think the first thing you need to do is look at where the market is today. In most places the marker is correcting and headed down.
You do nit want to invest in an asset that is going to fall in value.
Contrary to what many will tell you. Buy and hold investing in a falling market is death.
The smarter thing to do is to find someone who has flipped more than 50 homes. Look at their ROI on the last 10 they did and then lend to that individual based on a solid track record. They must be old enough to have been in the last great recession of 2006 forward. Experience from the last great recession is paramount.
Lending can bring in 12% interest and higher in most cases. Our flippers pay 12% and 3.75 points as an example.
As you Lend to people with experience you will learn through them. Because you are invested into them and have skin in the game, you will get educated by the good and bad things they do. Then after you have lent to them, made money, and got educated, you will then over time be able to start taking down you own deals.
Remember trust is earned over time. Invest in only people who have done 50 flips or more. Get educated while you make money. Learn from the pros first. Then start to step out on your own..
Best Regards