Frank Sinatra said it best in the song “New York, New York:” If I can make it there, I’ll make it anywhere. But what does it mean to “make it” in New York? For many, it means making a living on your own terms. To achieve this, many choose to invest in New York real estate.
I know a lot of people who left their corporate jobs to become full-time real estate investors. I was one of them, about 20 years ago. Setting out to become your own boss isn’t easy, but it can be incredibly worth it. You get to run your business the way you want and be responsible for your own success.
What’s more New York than that?
If you are thinking about making a career change, consider investing in New York real estate. I’ll tell you why it can be a good investment strategy, what you need to know to get started, cover the basics, and tell you the best way to get your foot in the door.
Why Real Estate in New York Is a Good Investment Strategy
New York is pretty much synonymous with investing, but it’s usually in the stock market. Investing in New York real estate is different. With real estate investing, you’re finding leads and turning them into profits. It’s a business where you can search for houses that are distressed and need to be sold fast, and then turn them around to sell or rent out. You’ll find that for the smart investor, there aren’t any bad markets. Sure, good economic times are better for investing, but it can be a good idea to invest in real estate even when the economy is in flux.
What You Need To Know To Get Started
If you’re just starting out as a real estate investor, you shouldn’t expect to dive in and be an instant expert. If it was that easy, everyone would be doing it. You have to have a plan for how you want to run your business. You should start by identifying your goals. Then, you’ll want to make sure you find the right source of education to gain everything you need to know about the industry. There are a lot of people who want to sell you on their expertise. But relying solely on one guru’s knowledge isn’t the best decision. Instead, seek knowledge from a variety of sources, similar to what you’re doing now by reading this guide.
New York Real Estate Basics
With most real estate investments, the goal is to buy low and be able to sell high. New York is no different. To understand how investing in New York real estate works, you also need to know the basics of real estate investing. You need to know the laws in the area, any taxes that you’ll have to pay, types of insurance you’ll need, and how to calculate cap rates. Knowing the basics is how you earn the most.
Buying in Brooklyn
If Brooklyn were a city it’d be one of the largest in the country. The real estate market is extremely varied, with a lot of growth areas looking to catch up to the rest of the borough. For a number of reasons, including higher property values, a lot of new renters and new buyers, and the ripple effect of developing neighborhoods, this is one of the best markets in the city.
Crushing It in Queens
Queens was always a great alternative to the insanely high prices of Manhattan and a good reminder that a neighborhood doesn’t have to be considered “good” to be a success for your business. It just has to be an area where you can buy houses and sell them at a profit. And there are a lot of neighborhoods in Queens that fit that bill.
Living It Up in Long Island
A lot of people think of Long Island as a vacation spot, but its 7 million residents disagree. This is a vibrant and diverse stretch of land, with a real estate market that is constantly churning. This is a great place to establish a small business and do good work.
The Best Way To Start Real Estate Investing in New York
When I started investing in New York real estate, I had very few resources to guide me. Things are different now that I’m an investor in an independently owned and operated HomeVestors® franchise.
Now, I have access to HomeVestors’ lead generation machine—the We Buy Ugly Houses® nationally recognized marketing campaign. This campaign gets me quality leads—the most important part of the business. And, I also have access to proprietary tools like ValueChek®, which helps me calculate potential profit, and a hard money lender portal, where I can instantly choose the best rates.
These resources are important when it comes to investing in New York real estate—even to a seasoned vet like myself. For someone starting out in this business, having the proper resources from the beginning is invaluable. Add training and mentorship to the mix and you’re ready to invest. HomeVestors® can help you “make it” in New York.
Want the best way to make real estate investing in New York a key part of your asset growth? Request information about becoming a franchisee today.
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