Investing in Hudson Valley (Orange County + Surrounding) NY

[Anthony Ciani]

Hey BP!  First forum post here.  I'm new to the investment world and trying to learn and grow as much as possible on the road to my first deal.  I live in Middletown, New York, and am interested in multi family buy and hold units in my area.  I grew up in Pine Bush, went to school in New Paltz, and now live just outside Middletown near Slate Hill.

I'd like to start my investing locally because I'm knowledgeable about the area and can be more involved in the process if it's close to home.  I've been reading various books about investing and have been looking around online at properties to familiarize myself with what's happening in the area.  My goal is to make my first purchase sometime in 2017.

I was hoping to get some feedback from anyone who might have knowledge/experience in the area, as far as what neighborhoods would be good to look into and which ones I might better avoid.  As far as I'm concerned, the closer the better, but I also understand that I shouldn't get tunnel vision.  I'm very familiar with Orange and most of Ulster & Sullivan counties, and a little across the river.

I have worked in construction most of my life so any type of repair work that needs doing is no problem, however I currently have a full time job in the city so my free time is limited.  I only say this if anyone has opinions one way or another on fixer uppers vs. "turn-key"

Any help/advice/input is greatly appreciated, like I said I'm trying to learn as much as I can to be able to make informed decisions along my investment journey.  Although I don't think I have a whole lot to offer right now, I would be glad to help other investors in any way possible, so feel free to ask if you need something.

Cheers!

[Freddy Evangelista]

@Jon W. The reason why Port Jervis has so many multi-family houses for sale is because the city is reverting them ALL back to single family houses. They are trying to cut down on the numbers of rentals and increase owner-occupied housing.  I was about to purchase a multi-family unit out there until I found out about this from the building inspector himself (he happened to be right outside the unit as I was going in to take a look at it).  The sellers are not disclosing this and trying to offload them on buyers that aren't aware of this.  Big shame because I was really interested in this particular unit, but after finding out I would need to spend close to 100K in order to make it a single it was just not worth it, especially since the town is not currently supporting the price at what I would have to sell it for in order to make a good return.  

@Anthony Ciani I would focus more on Middletown.  There's a lot of good opportunities out there.  Newburgh is not so bad if you know where to look.  Is all about what you want to do.  

Start by asking yourself this; Do you want to hold them as rental properties or do you want to flip them? 

Once you answer this question it will be much easier for you to decide what areas to look at.