If you do not have enough saved up to do that I recommend getting a 2nd or 3rd job to build up your war chest.

In fact, the only places in NYC that major contractions in property during the last recession were the real war zone areas like Brownsville in Brooklyn and Southside Jamaica.

these are called low value assets and low balance loans.. its a widely known fact in the standard mortgage industry that these are the highest risk.it cost as much to foreclose on a 40k loan as a 400k loan.. there Is no money.. and those properties tend to be in less desirable areas or flat out war zones or worst area of a city..

So if a municipality tries to condemn or declare your property as a nuisance, there are numerous steps they must take before they do so.

I’ve been beat out myself in bidding wars with “best and final” - where in the end they tend to take cash anyways.Lao loves him some multi-family.

Want to make sure it's not a war zone or anything!

If anyone would like to work on this with me to try to find potential 'good deals' in non 'war zone' areas or if anyone [@Ned Carey] could provide a few leads from this overflow list, I'm all ears and willing to do legwork to check out the properties, etc.

I would love to hear some war stories, as any positive feedback, lessons i can gain from others would be truly valuable to my upcoming journey. 

Nothing is cheap anymore, inventories are very low and anywhere in the valley below $350-400k are almost guaranteed gone within hours or going through bidding war, especially in the neighborhood like where this property is.

I've been through buildings with great opportunity but the block looks like a war zone and you'll never attract good tenants.