We are still in a pandemic, so most people would assume that the US real estate market is taking a hit. But home sales in the country are actually picking up again, with increasing home sales across every region nationwide.

In fact, the industry is expected to grow 8.7% in 2020 alone. So it is no surprise that many budding entrepreneurs are starting real estate businesses across the country. And the best part is there are several paths out there to potential profit — especially in the Big Apple.

The New York City (NYC) real estate market as a whole gives off a vibe that it is full of overpriced properties and it is very competitive. And let’s face it, NYC is one of the most expensive places in the world to live, but its real estate market has ample investment opportunities. And we’re here to cover five ways to invest in NYC real estate, even if you do not reside in the city.

1. Invest through a turnkey property
Investing in real estate through a turnkey property is a great way to invest in top-performing markets, such as in NYC. This allows you to buy a property, turn it around, and rent it out immediately. This may sound too good to be true, but there are companies that specialize in this type of real estate that can help you manage this kind of investment.

A turnkey property is a unique opportunity for anyone who wants to invest in real estate in New York, especially if they live in another city. Through this type of investment, you can save a lot of time and effort, by working with a property management company. This is ideal for individuals looking to gain experience in the industry, but who lack the time to manage the property themselves.

2. Go for REIT
A real-estate investment-trust (REIT) allows local and global investors to invest in New York City’s real estate. Unlike various other real estate investments, it can be traded on the stock market. Investing through REITs allows you to enjoy the benefits of real estate ownerships without the hassle of handling landlord responsibilities such as tenant management, rent collection, and maintenance as the professional property manager will be handling all these variables. Investing in REITs can play a huge part in an income-generating portfolio as a result. It’s important to note that an REIT is, however, susceptible to rising interest rates.

3. Buy a rental property
For those who have the time and skill for some DIY renovations and have the patience to manage tenants directly, buying a rental property might be the right kind of investment. Owning rental properties is a great way to invest in real estate while building wealth and generating income. While this is an investment that will require substantial capital, not every rental property in New York will be beyond your budget.

4. Use online real estate platforms
Online real estate platforms are a relatively new way to invest in real estate, and it’s growing rapidly. They are ideal for anyone who wants to join others in investing in a bigger commercial or residential deal. The investment is done via online real estate platforms, also known as real estate crowdfunding. This requires investing capital, but a lot less compared to buying a rental property. The real estate platforms act as intermediaries between investors and real estate developers and makes sure the investments they list are legitimate and meet a certain standard. It is best to invest with platforms that have been in the industry for a long time, to make sure they are reliable and legitimate.

5. Invest in home construction
The real estate market has been growing over the last decade due to limited housing inventory. For this reason, many predict that the construction of new homes will continue to boom over the next few decades and beyond. Therefore, it’s easy to see that another great way to invest in NYC real estate is through home construction. So keep your ear to the ground and try to find out where the next developments are going to be going up.