Long island, NY · Member since 2023 · 6 posts · 4 votes
Hi,
Im a first time investor in NY. I live in Long Island, and looking for my first investment property not too far away from my primary home.(ideally within 2 hr drive). I want to have positive cash flow of $300-500 per month. i have looked at Connecticut (Hamden, Hartford, New London areas), and Pennsylvania(Scranton, Allentown, and Wikes Barre areas). What other areas should i consider to look at? I would be really appreicated for any advice.
Real Estate Agent · Allentown, PA · Member since 2016 · 197 posts · 181 votes
2y
Hello Jiwon, welcome to the forums. I have quite a few successful clients that are in the NJ/NYC area and invest in the Allentown market. I'm also an out of state investor myself, with experience in Georgia, Louisiana, New Jersey, and North Carolina.
Allentown is a high-demand market. It has had strong appreciation, excellent job growth and we maintain a large pool of tenants. It's also extremely competitive, with limited on-market opportunities. I chose this location to personally live and work in. I've also spent some time around the NEPA / Wilkes Barre & Scranton areas. Overall those have lower purchase prices that can look attractive. However, it costs the same amount for a hot water heater there as it does in the Lehigh Valley... so assuming maintenance costs are fixed, you will need significantly more units to achieve the same passive income goal.
Please let me know if you have any more specific questions and I'd be happy to provide you with the data!