I am not new to RE investment but I am new to the US RE market.
I live in NYC and have been looking for a studio to buy (around $380K).
But I have been reading and learned that NYC market is at its peak
and buying now isnt exactly a wise thing to do.
I have around $120K in cash to play with.
Here are my options
Buy a studio (co-op) in NYC to live in and get some tax benefits.
Buy elsewhere (Baltimore, Orlando, etc…) in a lower price
range and I could even buy 2 properties if I structure it well.
I prefer to invest somewhere near NYC (few hours by car) maybe
I more like this option.
Your advices here!!!
My ideal strategy buy and hold with break even or very little negative cashflow after tax.
I have some prospects in the NY market however as stated before the market up that way is way to high…! I agree with your suggestion…take your cash and buy out of state…! I wouldnt do baltimore though…! I definately consider where I’m at…down in Atlanta GA…! The market is hot…and the prices are still low…!
Although NY is heavily taxed many people are still buying.
Around my neck of UPSATE NY we buy houses and offer seller assisted financing to get new people in the market. Many people can afford houses but cannot come up with the down payment. We make 10-20K per house. Were only a few hours from NYC as well.
Thanks for all your help.
After I posted my message, I read a lot on this forum and saw similar posts.
“what to do with 100K, 80K, etc…”.
I learned a fair bit and will keep reading.
My next step is to find an area I am comfortable with (definitely not NYC)
which is still under value, good population growth, potential for capital gain.
U.S. is a BIG country to invest in RE. I am sure I will find something.
(well, dont we want everything :)…