NEW YORK (TheStreet) — International investors are pouring streams of wealth into US real estate, bringing the New York real estate market to a feverish frenzy.

With the record-low interest rates compounded by the dollar’s record-high gain against foreign currency. international and institutional investors are cashing in both long term and short term, seeing returns as high as 30% a few months after purchase.

For the rest of the market, however, sales have yet to reach the same heights as the luxury market, as national home sales continue to flatten.

In order to give the market a shot in the arm, Fannie Mae and Freddie Mac announced their plan in December to back mortgages with down payments as low as 3%, a move done to lure more first-time buyers market.

With the FED keeping interest rates low for at least a few months longer. how do private investors without nine-figure backing play and win in the lucrative New York market?

Real estate investor, commentator and founder of leading real estate publication The Real Deal Amir Korangy keeps close tabs on the real estate industry, correctly forecasting trends while providing investment tips during the recession.

Known as one of the 100 most influential people in real estate. his outlet now influences the New York real estate scene, drawing both industry praise and chilling threats from local real estate tycoons unhappy about reporting.

Before launching the magazine, the Brooklyn real estate boom that saw the borough’s prices push buyers back to Manhattan. Korangy started his investment career by purchasing a $105,000 property with a modest down payment.

Two years later, the value had shot up to $385,000, giving him the next egg to invest and flip multiple properties, amassing a diversified portfolio of New York real estate and launch his magazine.

TheStreet sat down with Korangy to get his tips to spot neighborhoods on the rise, when and where to invest, why the 3% might not be such a good thing, and how to score in the real estate market without large amounts of cash.

TheStreet: Where should people invest?

Amir Korangy: You always want to buy in areas that you know. It’s very much like in literature where they say, Write about what you know. Real estate is the same thing: buy in the areas that you know.

A lot of people like to say you go to where to where the deals are. The fact is the more successful REITs, Empire State Realty Trust (ESRT ). SL Green (SLG ). New York REIT (NYRT ). they focus on New York City. They have billions of dollars to invest anywhere but they choose to be in concentrated areas.

Urban areas are only getting more populated, the percentage of people moving from rural areas into the urban areas is just going to increase more and more so there’s this halo effect that’s going to happen.