My partner and I have a short term goal (1-3 years) of moving up to Hudson, New York and doing a bit of house hacking. We are both designers that love nature so Hudson seems like the perfect middle ground.
Does anyone have any experience with Hudson, NY? Either buying, flipping, house hacking, etc? I know the market is a bit over saturated right now but I would love to hear your experiences and make a few connections.
@Jillian R. Wiedenmayer I work in Hudson and live just across the river in Catskill. Hudson has a lot going on. Many buildings are still being renovated and lots of money are being put into them. Hotels/restaurants keep popping up as well. Purchase prices are high, but so are rents. The city has been floating the idea of rent control in order for the “locals” to be able to stay in the area. There aren’t many high paying jobs around, so I’m unsure of how the tenants are affording these high rents.
If you’re thinking of AirBnB for one unit, that could be profitable as well. However, the city is also trying to crack down on that since it’s taking housing from long term tenants.
If you have any other questions, feel free to reach out!
Interesting, thanks @Chris Szepessy . That's super helpful. I'll definitely look into the town meeting minutes on rentals before I make any moves and adjust my strategy accordingly.
@Jillian R. Wiedenmayer - I bought my first investment property in Hudson(16 years ago,) I still own it. The town has come a long way since then, and it's still moving in a positive direction. I think you could do well with a 1-3 year investment horizon- buy and rehab a house, live in it awhile, then rent it out to a New Yorker as their weekend home. That strategy would likely yield better results than renting to local residents.
I'd also suggest prioritizing location(essentially unchangeable) vs. prioritizing curb appeal(certainly changeable.) Considering that you're both designers, an ugly house(with good bones!) in a great neighborhood would play more to your strengths than would a fabulous house in a so-so neighborhood.
Great tip! That definitely helps narrow down our options. Thanks @Michael Gansberg