The Best Types of NYC Real Estate Investments

So, you have decided to invest in New York City real estate for the first time.?

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But like any other newcomer to the Big Apple, you are probably wondering, "Where and how should I get started?"

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The real estate market here offers massive potential for both first-time and veteran investors. With the demand for rental housing still going strong as homebuyers are priced out by rising mortgage costs, there is no better time to add NYC assets to your portfolio.

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With the many options you have on the table, it's important to weigh the advantages and disadvantages of each one. Here's a list of the best real estate investments to choose from and make your foray into the NYC market worth your while:

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1. Purchase an apartment

NYC apartments are the most expensive in the country, but they generate impressive returns over time since there is always a high demand for rental property. In addition to that, property prices are constantly rising so you will get enjoy massive appreciation — that is if you can manage the high price tag.?

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According to?City Realty, the median price for condos is $1,907,672 while coops can average around $734,034. The range is even higher if you are looking around for investment deals in Manhattan. Still, you can easily find properties that can fit your budget and investment goals with the help of a local real estate professional.

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2. Get into a real estate investment trust

If you want to diversify your real estate portfolio, a REIT would be a good option. This gives you access to a good mix of residential and commercial properties that are otherwise too expensive for you to purchase and manage on your own.?

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A REIT would also be ideal if you are looking for a long-term investment option that generates a steady flow of income. Since it functions as a stock corporation, you get to enjoy a fair share of the dividend yield of the REIT.

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As with any other option, however, getting into a REIT has a few drawbacks. For one, REITs are particularly sensitive to interest rate adjustments and price trends in the local and national real estate markets. There are a lot of risks involved, so take time in learning if entering a REIT would be the best way to go.

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3. Look for turnkey properties

Want to manage investment properties with little to no effort? Investing in turnkey properties would be your best bet since these are already in good condition and with the amenities that renters want. These properties may already come with occupied units so you don't have to worry about attracting more tenants once they are turned over to you.

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The disadvantage of this option is the price of the properties you will be adding to your portfolio. Since they are already fully furnished, turnkey assets require a higher initial investment. Nonetheless, if you want a truly passive real estate investment, turnkey properties would be worth your while.?

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Which investment option do you think is right for you??

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Whatever you choose, you need to make sure it’s backed up with information on the ground.??

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Getting expert help from an experienced NYC realtor allows you to navigate the market and find the most profitable deals in the best neighborhoods!

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If you are ready to dive in, let’s connect! Call me at?917-627-5677?or send an email to?[email protected]?and I could send you a list of properties waiting to be yours.?

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Talk soon,?

Eli