Live in Westchester, NY looking for cash-flow. Where to start?!

Live in Westchester, NY looking for cash-flow. Where to start?!

West Harrison, NY · Member since 2017 · 18 posts · 2 votes
Hey BP community! I am fairly new to REI and am looking to purchase a 2-4 unit property solely for cash-flow, while staying at my current residence to live. I am currently living in Westchester, New York about 40 min drive from NYC. I've read "The Book on Rental Property Investing" and just finished up "Rich Dad Poor Dad" upon a few other books upon a ton of forum and online research. I have a solid amount of capital on hand, along with a steady fairly well-paying job. I feel as if I am ready to start building my empire and am highly motivated to do so. My only problem is.. where do I start??! Pretty much my entire county is full of super high priced homes with super high taxes and the ones that seem like the numbers could work are in terrible neighborhoods that I wouldn't even want to buy in! I looked into turn-key properties in Indianapolis, Kansas City and some others but I feel like they aren't the smartest/reliable investment.. Then I spoke with someone who told me to look upstate at Albany/Rochchester NY areas for good multifamily cash-flowing properties.. I am willing to invest out of area (even out of state) I just don't have the knowledge or experience to do so safely!! Does anyone either live in Westchester/NYC area that has successful cash-flowing properties either in or out of area? Or anyone has invested in Albany/Rochchester? Any advice or information would be greatly appreciated.. I feel like the more time that goes on the longer I could have had already been cash-flowing on something.. just gotta find my niche. Looking forward to hearing from you guys!!
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Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
9y

Hey @Nicholas Giordano, I think @Jaysen Medhurst nailed it when he mentioned that CT is a bit more landlord friendly when compared to MA and NY...as liberal as CT can be it does have that much going for it! 

I do want to say that your situation is not uncommon. In the past 5-7 months or so, @Rick Santasiere and I have had more than a few NY (Flushing, Poughkeepsie, etc)  folks reach out to us to discuss purchasing units in CT - a few that are now close to closing. We represent buyers on the acquisition, and also have in house property management that I lead. 

In terms of advice, I would recommend getting in touch with a few different agents in a few different areas and seeing what comes in. Of course, there is no one better than yourself when running numbers on deals, but it always helps to have other folks looking for you as well. And yes, you are correct, even though the market is a bit hot right now you could be cash-flowing, instead of sitting on a pile of cash!

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  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    9y

    Hi @Nicholas Giordano, I'm around the corner from you and understand the situation. I have a friend who has done well with properties in Albany. Ossining and Terrytown are worth a look. Danbury, CT and some areas around Bridgeport and Hartford can be attractive. I've also been looking at the Berkshires, in and around Pittsfield, MA.

    An advantage of CT that the laws are (a bit) more landlord friendly than NY and MA.

    The key is to have "boots on the ground" if you don't know the area. 

  • Rental Property Investor · NY MA CT VT MT, MO · Member since 2015 · 200 posts · 116 votes
    9y

    Hey, @Nicholas Giordano, welcome to REI! I am up in Lakeville Ct, and am buying some multi families in Pittsfield. Have been researching it for a couple of years and the cash flow is strong. I also think Albany could be great, especially for BRRR's or flips. I'd be happy to meet w you and show you what I'm seeing. PM me if you want to chat.

    But hurry!  I was taking my time on 3 great deals (on the market for 3-6 months), and every one of them got offers I had to compete with same day I offered!  Kicking myself!!

  • West Harrison, NY · Member since 2017 · 18 posts · 2 votes
    9y

    @Jaysen Medhurst Thanks for the reply Jaysen. I will definitely look into those markets. I have done my research in Ossining and it is attractive, but every time I find a deal its gone by the time I inquire about it. Pittsfield looks attractive, I would just have to work on getting those boots on the ground in that area because of my unfamiliarity with the area. Thanks again !

  • West Harrison, NY · Member since 2017 · 18 posts · 2 votes
    9y

    @Alan Brown Thank you Alan ! I messaged you, would love to hear more about the multi families you are seeing in Pittsfield... 

  • Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    Hey @Nicholas Giordano, I think @Jaysen Medhurst nailed it when he mentioned that CT is a bit more landlord friendly when compared to MA and NY...as liberal as CT can be it does have that much going for it! 

    I do want to say that your situation is not uncommon. In the past 5-7 months or so, @Rick Santasiere and I have had more than a few NY (Flushing, Poughkeepsie, etc)  folks reach out to us to discuss purchasing units in CT - a few that are now close to closing. We represent buyers on the acquisition, and also have in house property management that I lead. 

    In terms of advice, I would recommend getting in touch with a few different agents in a few different areas and seeing what comes in. Of course, there is no one better than yourself when running numbers on deals, but it always helps to have other folks looking for you as well. And yes, you are correct, even though the market is a bit hot right now you could be cash-flowing, instead of sitting on a pile of cash!

  • West Harrison, NY · Member since 2017 · 18 posts · 2 votes
    9y
    Filipe Pereira very helpful response Filipe, thank you!!! I sent you a message. Would love to talk more about what you have going on in CT!!
  • Rental Property Investor · Rochester, NY · Member since 2016 · 303 posts · 154 votes
    9y
    Hi Nicholas Giordano welcome. Great question. If you don't mind the ride, I suggest Rochester is a great stable market to look into. Prices are very affordable and the ROI can very amazing. PM me and I can answer any questions you may have. Love to help. Good luck!
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