@Elizabeth I guess we weren't part of that memo....lol!!!

Even certain parts of Queens is now starting to experience the same.

Hi, I'm an investor currently looking into multi-family properties in Brooklyn or Queens.

Cash flow is very hard to find in NYC -- maybe deep out in Queens or the Bronx, but the trade-off is that the areas are not as likely to appreciate as quickly.

All of the contributors suggestions are good, but I also agree with Yasmine and Elizabeth . . .

Thanks Elizabeth but my question relates to occupied purchases.Originally posted by @Elizabeth Colegrove:Every reo (I am assuming your mean bank owned) I have bought (so 2) the unit has been vacant.

@michael sorgen welcome  to BP from another newbie from Queens!  

Ive moved around the country quite a bit since i was very young and now ive settled in Queens NYC for what i could see being the longhaul.  

The property is in queens New York it is asking $940000Which is a good price in this neighborhood if you could finance it  Avg appraised would be $1100000  for a semidetached two fam brick with fully finished basement and 2car parking1 family home s are asking $750-$850000   And if the life estate lasts for 20 years (110 years old) then that is a Pv of about $300000 rent in the neighborhood is $2200-$2500 for a two bedroom. 

I live in Queens and I do all my investing in Nevada and Indiana.