Advice on preferred areas (NY/FL) for multi-family rentals

Multi-Family and Apartment Investing
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Advice on preferred areas (NY/FL) for multi-family rentals

Montgomery Dennis Yurchison
Ballston Spa, NY · Member since 2020 · 5 posts · 5 votes

I am currently in contract to sell my rental property in NYC and live in Saratoga County, New York and Palm Beach County, Florida.  I am considering a 1031 exchange and therefore considering purchasing multi-family rental property(s) that are local to me in New York (Albany, Troy, Watervliet, Cohoes or Saratoga areas) or Florida (Palm Beach, Fort Lauderdale, etc.) and  I am looking for advice or reference material that will assist me in making an informed decision on pursuing multi-family rental investment property in these areas.

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Robert Tippins
Member since 2019 · 12 posts · 5 votes
5y

My wife and I have a two family in the Pine Hills Neighborhood, one street east of S. Manning. We are moving to Tennessee so will be selling if you’re at all interested. 

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  • Justin Goodin
    Investor · Indianapolis, IN · Member since 2018 · 1k+ posts · 756 votes
    5y

    @Montgomery Dennis Yurchison Can you be more specific? What size multifamily assets are you looking to buy? What are your goals in the next 3-5 years? 

    0Reply
  • Ken Naim
    Investor · Lake Worth, FL · Member since 2016 · 233 posts · 140 votes
    5y

    @Montgomery Dennis Yurchison o have a great commercial real estate in palm beach county for you if needed.

    0Reply
  • Montgomery Dennis Yurchison
    OP
    Ballston Spa, NY · Member since 2020 · 5 posts · 5 votes
    5y

    I am new at this! I am primarily looking at residential multi-families (2 - 4 units) but I am open to considering multi-families up to 8 units. I am not interested in commercial rental properties for businesses. My objective to to develop a portfolio of multi-family units that will supplement me in retirement (within 3 - 5 years) so Cash over Cash return is key for me. I will carry debt so as to create a rental investment portfolio with as many units as possible> I wish to decrease my risk exposure due to unit vacancies. I am looking within stable blue collar neighborhoods where the rents can be reasonable. I am open to considering BRRRR but prefer that that the rehab is primarily cosmetic, versus structural. I am undecided if I want to have, or how much to have of, seasonal Airbnb units.

    2Reply
  • Peter Nikic
    Investor · New York & TN · Member since 2019 · 325 posts · 219 votes
    5y

    I'm thinking you might be better off in FL as opposed to NY. Since you have the option, I'd go for Palm Beach (look at Port St Lucie or pretty much anywhere near Palm Beach. Troy and surroundings are better than NYC, but still NY. I'm afraid the state willcontinue to get worse for business and taxes, while FL is getting better. 

    1Reply
  • Jeffrey Donis
    Investor · Durham, NC · Member since 2020 · 1k+ posts · 691 votes
    5y

    Hey! I would try to connect with other multifamily investors in your area and pick their brain on the area! BP is a great networking resource so you can definitely find people in your area on this platform. They should be able to point you in the right direction. 

    2Reply
  • Robert Tippins
    Member since 2019 · 12 posts · 5 votes
    5y

    My wife and I have a two family in the Pine Hills Neighborhood, one street east of S. Manning. We are moving to Tennessee so will be selling if you’re at all interested. 

    2Reply
  • Alex Olson
    Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
    5y
    Originally posted by @Montgomery Dennis Yurchison:

    I am new at this! I am primarily looking at residential multi-families (2 - 4 units) but I am open to considering multi-families up to 8 units. I am not interested in commercial rental properties for businesses. My objective to to develop a portfolio of multi-family units that will supplement me in retirement (within 3 - 5 years) so Cash over Cash return is key for me. I will carry debt so as to create a rental investment portfolio with as many units as possible> I wish to decrease my risk exposure due to unit vacancies. I am looking within stable blue collar neighborhoods where the rents can be reasonable. I am open to considering BRRRR but prefer that that the rehab is primarily cosmetic, versus structural. I am undecided if I want to have, or how much to have of, seasonal Airbnb units.

     Have you looked out of state? Midwest may be good for you. Try reading David Greene's book on out of state investing. It will get you started. Hope that helps!

    1Reply
  • Matthew Schwenzfeier
    Investor · Watervliet, NY · Member since 2018 · 1 post · 0 votes
    5y

    Hi Montgomery, I live in the area and invest in Watervliet and Cohoes. Feel free to message me with any questions about the area. I’ll answer anything I can or connect you with someone who knows better. 

    0Reply
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    5y
    Originally posted by @Montgomery Dennis Yurchison:

    I am currently in contract to sell my rental property in NYC and live in Saratoga County, New York and Palm Beach County, Florida.  I am considering a 1031 exchange and therefore considering purchasing multi-family rental property(s) that are local to me in New York (Albany, Troy, Watervliet, Cohoes or Saratoga areas) or Florida (Palm Beach, Fort Lauderdale, etc.) and  I am looking for advice or reference material that will assist me in making an informed decision on pursuing multi-family rental investment property in these areas.

    Good morning Montgomery,

    Congratulations on the contract! Depending on the location, NYC can be a tricky market these days so its great to see things are moving along for you.

    For Capital Region, NY I'd recommend connecting with @Nate Monson!

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    2Reply
  • Nate Monson
    Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes
    5y

    Thanks @Abel Curiel. @Montgomery Dennis Yurchison I would be more than happy to chat about the Capitol Region rental market in NY. I will send you a message.

    1Reply
  • Montgomery Dennis Yurchison
    OP
    Ballston Spa, NY · Member since 2020 · 5 posts · 5 votes
    5y

    Thank you all for your advice, recommendations and information.  Most of it has been focused on my search in New York State but I am also very interested in the Florida Gold Coast (Ft Lauderdale, Boyton Beach, Lake Worth, Palm Beach, Port St Lucie, etc.).  Florida is a bigger challenge for me because I am not as familiar with the neighborhoods or rental opportunities in Florida as I am with New York.  I do own a private residence in Palm Beach county and plan on changing my primary residence to Florida within the next year so to me it makes sense to seriously put Florida in play.  Any recommendations or assistance in my quest to finding and funding investment rental properties in Florida is very much appreciated.

    1Reply
  • Kevin Kohler
    Real Estate Broker | Investor | Property Manager · Plantation, FL · Member since 2015 · 228 posts · 68 votes
    5y

    @Montgomery Dennis Yurchison i can speak on South FL. Opportunities look different throughout the different metro areas, whether that be West Palm Beach, Fort Lauderdale, or Miami. The small multi-family has more inventory - however - good inventory goes quickly. As a 1031, this is imperative for you anyways because the clock is ticking with getting those funds reassigned.

    1Reply
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