When hopping off the train at Rockaway Parkway Station the other day, I ran into my old pal Len. Len had moved out of Canarsie years ago for a job in Manhattan, and he’d done quite well for himself. He was back, he said, to do the usual rounds of visiting family and also to explore the idea of investing in Brooklyn real estate. He’d been hearing that his old borough was the place to buy, renovate, and sell houses, but never felt ready to take the plunge. Since I was on my way to one of my recently finished rehabs, I invited him to tag along to talk about local investing opportunities.
Where to Invest in Brooklyn Real Estate
Home prices in four out of the five New York City boroughs are continuing to climb and, perhaps not surprisingly, Brooklyn has seen the biggest jump in price and population of them all in the last ten years. It’s no wonder because several Brooklyn neighborhoods hit the mark on all the things that are important to homebuyers: good school districts, the pride of homeownership, stable residents, decent public transportation, and low crime rates. But certain neighborhoods here are hotter than others because of their tipping point, or the time it takes for the benefit of owning a home to exceed the benefit of renting. Let me tell you where the home prices are rising fast enough that the tipping point is less than four years because that’s where you’ll want to focus your real estate investment business.
Sheepshead Bay blends an eclectic mix of people, restaurants, and shops to make it one of the most ethnically engaging neighborhoods in the borough. Made up of mostly single-family residences, duplexes, and triplexes, it has decent to very good schools and ranks in the top ten of safest Brooklyn neighborhoods to kick your feet up in. Parked down by the southern shore, it does, unfortunately, make for a long haul into the city–over an hour–but the proximity to the ocean, baseball fields, and hiking make it worth it for many families. And with a tipping point of 3.4 years, it’s reasonable to expect that more families will be eager to move in.
Just southeast of Prospect Park, Northeast Flatbush calls itself home to one of the most socially and economically diverse populations in all of Brooklyn. Schools are above average, crime rates are low, and trains abound to take you in and out of Manhattan. With an abundance of single-family homes, both attached and detached, and a tipping point of less than two years, this neighborhood is poised to draw more folks out of nearby high-priced rentals and into a home they can call their own.
One of the safest neighborhoods in Brooklyn, Bay Ridge feels more like a small town and less like a part of the Big Apple. It’s parks, tree-lined streets, restaurants, along with the charming combination of Colonials, Tudors, and apartment buildings make it appealing to both Millennials and families. The thirty-minute bus ride into Manhattan doesn’t hurt either. Bay Ridge also has great schools and a 2.7-year tipping point. Odds are that buying in this southwest Brooklyn neighborhood will make a winning investment.
A predominantly working and middle-class neighborhood located to the southeast, Canarsie has seen its share of economic ups-and-downs. The schools are decent and crime is down, but the tipping point is really where it shines. At less than two years, Canarsie makes a good place for homeowners to buy. Near multiple parks, including the 100-acre “Seaview” Park and the Jamaica Bay fishing spot, it boasts a quiet, suburban atmosphere in which residents can forget they live in New York. As a real estate investor, you want to keep this neighborhood on your radar.
Each of these four Brooklyn neighborhoods check the right boxes for being some of the best to invest in. But in order to make a great real estate investment here, you’ll first need to find a good deal.
Finding Leads in the Best Brooklyn Neighborhoods
Len was as impressed with my rehab as he was with how his old ‘hood had changed. But what impressed him the most, he said, was how I found the house in the first place. You see, as a HomeVestors® franchisee, I don’t run around in circles trying to awkwardly approach distressed homeowners facing foreclosure in hopes that it will lead to an investment opportunity. In fact, the rehab I showed Len—and all my other real estate investments—came about because the homeowner called me first. They needed to sell and fast, so it made sense for them to reach out to the “We Buy Ugly Houses®” team, for help.
With HomeVestors® it really is just that simple to get started investing in the best Brooklyn neighborhoods and grow your business. Just like Len did, you can get in touch to learn more.
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