Which of these area is best for newbie to invest in?

11 Replies

Hello, I have been doing research and narrowing down the areas I am interested in investing in that is also not to far where I live which is currently NYC. Just curious what the more experienced people here think about these areas I have chosen and can give some advice. Thank you.

The following in no particular order:

1) Philly, PA

2) Bridgeport, CT

3) Upstate, NY ( Looking at Poughkeepsie area/Orange County )

Do you have someone who is "boots-on-the ground" in any of these areas?  Even if they aren't involved in real estate, having someone you trust who could drive by a property to take a look at something is a great advantage.  Which of those area do you prefer to spend time in?

I think given the expense of the New York City area, the areas you mention are likely to be much easier to start off in.  I also think you will likely get some good feedback from BP members who know the areas in a little more detail.

Originally posted by @Eric DeVito :

Hello, I have been doing research and narrowing down the areas I am interested in investing in that is also not to far where I live which is currently NYC. Just curious what the more experienced people here think about these areas I have chosen and can give some advice. Thank you.

The following in no particular order:

1) Philly, PA

2) Bridgeport, CT

3) Upstate, NY ( Looking at Poughkeepsie area/Orange County )

 Hello Eric. I can't comment on the first two but I lived in Poughkeepsie in 2012. I would look into the Arlington area or anywhere on the southern side of PK. There are a lot of distressed areas but definitely some great investment potential. Also try looking across the river in the Kingston area. My uncle works in NYC but lives there. Very nice homes.

My cousin is moving out of Orange cty because they went up on the taxes to $10000 a year.  The people who I know moved or invested in Philly made more than the ones that I know who went to Philly. It has and is still going through a lot of transformation.  Population has grown.  They have ample transportation, colleges, and jobs.  When it comes to appreciation I believe upstate NY and Philly will surpass Bridgeport CT percentage wise. 

thank you for the advice/tip. I will continue to look into it. Philly does seem interesting.

@Eric DeVito  

Philly is good for special populations. A buddy just built 50 beds of student housing 2-4 times more rent.

Paul

@Eric DeVito  I'm just getting into RE in the Philly area (hope to have two multifamilies before the end of the year). Let me know if there's anything I can help with should you choose to consider Philly more closely.

@Eric DeVito ,

The City of Bridgeport, Ct., has very high RE taxes.

The State of Ct., has the 2nd highest tax on Gasoline, and a Personal Income Tax.

For the last 15+ years, more people have been moving out of the State of Ct., then have been moving in.

Raymond

Thank you for the heads up Raymond.

I looked extensively at upstate ny. Specifically ulster county in places like kingston. I think the very high taxes and limp economy make that a really tough pace for real estate investment.

I'm having some good success here in Philly. I'd be happy to talk more about different neighborhoods etc if you decide to start looking around here!

Thanks for the conversation. I'm a new investor also living in Brooklyn and have been looking into upstate NY but hadn't considered Philly. After reading these posts will explore the area.

Kathy

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