New York City remains one of the US’s most popular major cities; this comes as little surprise, as its iconic landmarks and thriving sports and pop culture scenes are flanked by a variety of alluring residential districts. That said, NYC’s real estate market is renowned for its investment opportunities, and local investors of all experience levels continue to keep it in on their radar.
If you happen to be a new investor interested in the NYC area, here are a few quick tips for getting started.
Know the market
A no-brainer in any real estate market is to know the landscape, and this especially pertains to NYC. A very competitive and in-demand market, the city has fluctuated a lot in recent years due to changing trends — though it has generally remained a mainstay in the national real estate community. However, this also means its residential prices have increased since 2010, a finding that can hold major implications as far as how you formulate goals. Regardless, read up on current market metrics to keep yourself in the loop and ahead of potential competition.
Seek out turnkey properties
Turnkey properties are essentially opportunities allowing investors to “purchase property, turn around, and rent it immediately.” This method can be a great starting point for new NYC investors, but naturally it can seem too good to be true — especially in such a fast-paced market. However, turnkey properties do exist within NYC; they can just be notoriously hard to find. Much like the aforementioned tip, this process will require a fair amount of research and market analysis to produce success.
Purchase property directly
Direct purchasing is an investing method that gels with NYC’s unique market opportunities — though in many cases it is “easier said than done.” The city remains in high demand, making potential purchases hard to come by (not to mention expensive). For these reasons, I would recommend other investing options prior to this one, but if you are able to gain property in this manner, you will have more than secured your place in this highly competitive market.