I am interested in investing in single/multi-family rental properties in Lower Westchester County (NY). Anyone have an experience/ advice they can share in towns like Pleasantville, Portchester, Tarrytown or White Plains? I am vaguely familiar with these towns though hoping to learn more. Any areas to avoid?
Real Estate Agent · Westchester County, NY · Member since 2017 · 73 posts · 48 votes
4y
Hey Matt!
It’s tough to find strong cashflow in this market but the housing values/appreciation potential is obviously strong. Fixing up property here provides a ton of value as price per square foot is so high on the back end. I’ve helped investors buy small multi family and commercial in Westchester and CT and depending on what your investment goals are this area can be great!
Real Estate Broker · Bronx, NY · Member since 2011 · 597 posts · 341 votes
4y
@Matt Trotta
Prices and taxes are high in Westchester. I flip in the Bronx and Westchester and go elsewhere for cashflow. If cashflow is what you are looking for, value-add, forced appreciation is the way to go. I would say you want to shoot for a minimum of 3 units to cash-flow. The best way to find deals is straight through sellers, but do not overlook the MLS. I am in contract in the Bronx, for a single family flip that was listed over 30 days, which in this market is unheard of. I searched all properties that need work that were still on the market over 30 days. Reached out to every single listing agent for status, about 20. 1 got back to me, with a property listed at 450k and I got it in contract for 350k. You have to think out of the box in these NYC, Westchester, Long Island, markets and move quick. Good luck!!