Hi everyone,
I am located in NYC and am looking to purchase my first property for long term rental investment here. I am still new to this and there is a lot to learn! Would appreciate any tips, insights, or areas of suggested research. I am looking at multifamilies in NYC versus single family homes in Jacksonville, FL (yes there is a significant price difference), and I cannot decide between the two.
Factors I am considering..
NYC:
- NYC will probably appreciate at a higher rate and shorter amount of time compared to Jacksonville homes.
- I will be able to find tenants sooner in NYC compared to Jacksonville. Depending on the area in Jacksonville, I see many listings that are 60+ days old.
- Lower down because I can do FHA loan
- Probably don't need a property manager because I live here
- With the potential rent income vs monthly mortgage price, I am probably breaking even if lucky
- Pro tenant
Jacksonville:
- Total cost of home is lower, even though I will have a higher down payment because I am buying it as an investment property
- With the potential rent income vs monthly mortgage price, I might make a couple hundred a month... which can eventually be used as a down for another property?
- Need to consider cost of property manager
- Home insurance I heard is higher in FL
- More landlord friendly I heard
Any and all thoughts, critiques, suggestions, or whatever factors I haven't considered would be much appreciated. I've never bought a home before and am new to this!
