Second Investment Home Purchase Strategy options for GA or tri-state NY, NJ, CT.

New York, New York
General Real Estate Investing
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Second Investment Home Purchase Strategy options for GA or tri-state NY, NJ, CT.

Timmy Chen
Member since 2024 · 4 posts · 4 votes

Hello BP Community!

Wanted to ask the BP community for feedback at my current state and goal. Currently I have a NYC investment property still under mortgage but have roughly 25% equity and roughly around $450k in stock investments. I am torn between out-of-state GA and in-state TRI-State STR BRRR or if its provides a pretty penny cash flow then LTR. My question is what is the best way to efficiently strategize expanding my Property Portfolio this knowing the property value difference between GA and tri-state area?

Any advice, suggestion or feedback would be greatly appreciated.

-All the Best,

Tim 





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AJ WongBusiness Member
Real Estate Broker · Oregon & California Coast · Member since 2022 · 834 posts · 696 votes
2y

The BP Tools are definitely very helpful, also some great downloadable excel templates online. Check in with @Joseph Chiofalo for investor friendly lender in those areas. He's been my go to mortgage lender for 20+ years. Cheers. 

541-800-0455
Sesemi | STR Brokers powered by Fathom Realty 518 Reviews
WebsiteView Page
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  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    2y
    Quote from @Timmy Chen:

    Hello BP Community!

    Wanted to ask the BP community for feedback at my current state and goal. Currently I have a NYC investment property still under mortgage but have roughly 25% equity and roughly around $450k in stock investments. I am torn between out-of-state GA and in-state TRI-State STR BRRR or if its provides a pretty penny cash flow then LTR. My question is what is the best way to efficiently strategize expanding my Property Portfolio this knowing the property value difference between GA and tri-state area?

    Any advice, suggestion or feedback would be greatly appreciated.

    -All the Best,

    Tim 






     Hello Timmy and welcome to the BiggerPockets forums!

    The best way to compare these 2 vastly different markets is by using the BiggerPockets calculators under the tools tab. 

    Here, you can compare returns on in-state And out-of-state LTRs & STRs.

    The calculators will show long-term growth projected on each property. I'd recommend speaking with local investor-friendly agents who can weigh in on YOY property value growth and rental increases for all projections.

    Lastly, if you are going down the STR route, choose a property/area that will still allow cash flow if the property was used as an LTR. Local STR laws can change within a relatively short time period, and you want to have a backup plan for if/when those changes take place.

    All the best!

    Abel

    REbuild Team - eXp Realty5239 Reviews
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    0Reply
  • Timmy Chen
    OP
    Member since 2024 · 4 posts · 4 votes
    2y
    Quote from @Abel Curiel:
    Quote from @Timmy Chen:

    Hello BP Community!

    Wanted to ask the BP community for feedback at my current state and goal. Currently I have a NYC investment property still under mortgage but have roughly 25% equity and roughly around $450k in stock investments. I am torn between out-of-state GA and in-state TRI-State STR BRRR or if its provides a pretty penny cash flow then LTR. My question is what is the best way to efficiently strategize expanding my Property Portfolio this knowing the property value difference between GA and tri-state area?

    Any advice, suggestion or feedback would be greatly appreciated.

    -All the Best,

    Tim 






     Hello Timmy and welcome to the BiggerPockets forums!

    The best way to compare these 2 vastly different markets is by using the BiggerPockets calculators under the tools tab. 

    Here, you can compare returns on in-state And out-of-state LTRs & STRs.

    The calculators will show long-term growth projected on each property. I'd recommend speaking with local investor-friendly agents who can weigh in on YOY property value growth and rental increases for all projections.

    Lastly, if you are going down the STR route, choose a property/area that will still allow cash flow if the property was used as an LTR. Local STR laws can change within a relatively short time period, and you want to have a backup plan for if/when those changes take place.

    All the best!

    Abel

    Thanks so much for that, will tinker with the calc tool LTR/SFH

    1Reply
  • AJ WongBusiness Member
    Real Estate Broker · Oregon & California Coast · Member since 2022 · 834 posts · 696 votes
    2y

    The BP Tools are definitely very helpful, also some great downloadable excel templates online. Check in with @Joseph Chiofalo for investor friendly lender in those areas. He's been my go to mortgage lender for 20+ years. Cheers. 

    541-800-0455
    Sesemi | STR Brokers powered by Fathom Realty 518 Reviews
    WebsiteView Page
    1Reply
  • Joseph Chiofalo
    Banker · Henderson, NV · Member since 2023 · 317 posts · 74 votes
    2y

    Hi Timmy, 

    There are many programs available to help investors access financing for STR properties.

    Some products allow up to 85% loan to value. 

    Do you have a property in mind? 

    0Reply
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