New York City is filled with opportunities for investors. However, that opportunity comes with competition.
You’ll need to make sure that you beat out other investors by understanding how and what kinds of propertyyou should be purchasing.
Turnkey Properties
You might not have the time to visit New York City and renovate an apartment that you’re considering purchasing. In this situation, you should think about purchasing turnkey properties.
Turnkey properties are properties that have recently been renovated, allowing you to instantly put up properties on the market after you’ve purchased them. These are great for people who want to work with a property management company, ensuring that you don’t even need to visit New York City to be successful in property investment. Consider purchasing turnkey properties in New York City if you want to be a successful investor.
REIT
REIT, standing for real estate investment trust, is a type of investment fund you can make money off of. This fund works with investors from all around the world, purchasing commercial and residential properties all around New York City.
When putting your money into a REIT, you’ll be able to gain access to prestigious properties around New York City like Times Square. You also have the benefit of not having to purchase property all by yourself, allowing you to make partial investments into property. Make sure you think about putting your money into a REIT if you want to be more hands-off with your investments.
Direct Purchases
As you make more money, you might be thinking about taking your investment skills full-time. To do this, you should think about purchasing property directly.
Direct property purchases are riskier, making you have to do a lot of the hard work that property management companies usually take care of. However, this can feel a lot more rewarding doing tasks that will make you money in the long run.
You’ll be making more money since you don’t have to give any management fees to the management companies looking over your property. You’ll just want to make sure you’re living in New York City if you’re looking to make direct purchases, as you need to be constantly visiting and repairing properties you’re supposed to be looking after. Learn more to find out if direct property purchases should be the route for you to take.