Location Advice for HouseHacking

Member since 2020 · 2 posts · 2 votes

Hello!

I am embarking on my real estate investment journey and currently reside in California, but I’m planning to relocate. As someone originally from New Jersey, I am interested in returning to the East Coast and investing closer to home. Upstate New York and Florida have both caught my attention, but I’m uncertain which market aligns better with my long-term goal of building a portfolio of multifamily properties, specifically quadruplexes. My initial plan is to live in one unit of the first property and rent out the remaining three. Given my objectives as a young investor, which of these regions—Upstate New York or Florida—would you recommend as a more viable starting point for multifamily investments, considering factors like market trends, economic growth, and property appreciation? Thank you!

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Shawn McenteerBusiness Member

Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes

Hi @Rocco Garavuso if small multi family is the goal I associate upstate NY with that. When I think FL I think SFR market. Mind you the land lording laws are not as friendly in NY state but I think you'll have a better shot at finding what you are looking for in NY. But rather than take my advice you may want to speak to @Ray Hage out of Florida, I know he finds properties of all types and runs a successful REI business out of the sunshine state.

973-975-3895

House Hacking New Jersey561 Reviews

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John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
Redfin zillow etc can help example https://www.redfin.com/state/New-York/housing-market
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Shawn McenteerBusiness Member
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
2y
Hi @Rocco Garavuso if small multi family is the goal I associate upstate NY with that. When I think FL I think SFR market. Mind you the land lording laws are not as friendly in NY state but I think you'll have a better shot at finding what you are looking for in NY. But rather than take my advice you may want to speak to @Ray Hage out of Florida, I know he finds properties of all types and runs a successful REI business out of the sunshine state.
973-975-3895
House Hacking New Jersey561 Reviews
Website View Page
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Jordan Ray
Developer · Palm City, FL · Member since 2018 · 326 posts · 99 votes
2y
Welcome to BP @Rocco Garavuso! I am in S. Florida, happy to be a connection down here.
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Todd AndersonPro Member
Real Estate Agent · Cape Coral, FL · Member since 2023 · 392 posts · 175 votes
2y
Rocco,
Welcome to the Real Estate world. BP is a great first step to find your direction.
Your plan on getting started is right on point. I would recommend the House hacking strategy to any one who can. Multi family is the best way to do that. Your exact thought of a quad is precisely what I recommend in your position. I have talked with 3 Investors this year that have done that same thing. I happened to be at an inspection yesterday for an investor that will be closing on his first quad in Jacksonville in 3 weeks.
As for where, I think the choice between those two markets is easy. Most investors are looking for an area that Landlord laws are favorable, and the economy is growing and the population is growing. For the investors that I work with Florida checked all the boxes. I also recommend, If they are not looking for another full time job, to consider New Construction. That way the investor should have few repairs or surprises in the first 5-10 years because you are owning the property for the best years of the building's life. There are great markets throughout Florida that are still affordable and growing.
Please connect if you are looking for more detail.
Best of luck.
[email protected]651-492-5652
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John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
Househacking with a family is rough because of privacy issues.. but you can try a duplex etc
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Ray Hage
Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 756 votes
2y
Quote from @Rocco Garavuso:

Hello!

I am embarking on my real estate investment journey and currently reside in California, but I’m planning to relocate. As someone originally from New Jersey, I am interested in returning to the East Coast and investing closer to home. Upstate New York and Florida have both caught my attention, but I’m uncertain which market aligns better with my long-term goal of building a portfolio of multifamily properties, specifically quadruplexes. My initial plan is to live in one unit of the first property and rent out the remaining three. Given my objectives as a young investor, which of these regions—Upstate New York or Florida—would you recommend as a more viable starting point for multifamily investments, considering factors like market trends, economic growth, and property appreciation? Thank you!

Hey @Rocco Garavuso. I am an investor and realtor here in Fort Lauderdale and can advise on the region in general as well. One thing I will tell, south Florida is expected to keep growing. Many companies are moving their HQs here due to tax benefits, good work force. I will be honest with you. It will be tough to find a turnkey cashflowing property but you can certainly keep low expenses if you are interested in quad and live in one of the units. I can also advise on house-hacking as well. I currently do it!

@Shawn Mcenteer thanks for the shoutout!
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Denis PonderPro Member
New to Real Estate · Yuma, AZ · Member since 2023 · 280 posts · 246 votes
2y
Quote from @Rocco Garavuso:

Hello!

I am embarking on my real estate investment journey and currently reside in California, but I’m planning to relocate. As someone originally from New Jersey, I am interested in returning to the East Coast and investing closer to home. Upstate New York and Florida have both caught my attention, but I’m uncertain which market aligns better with my long-term goal of building a portfolio of multifamily properties, specifically quadruplexes. My initial plan is to live in one unit of the first property and rent out the remaining three. Given my objectives as a young investor, which of these regions—Upstate New York or Florida—would you recommend as a more viable starting point for multifamily investments, considering factors like market trends, economic growth, and property appreciation? Thank you!
Make sure you are also considering which area is more landlord friendly!
I assume your W2/income/job situation will be relatively the same in each location? For me, I'm going to choose where I want to live based on factors other than the real estate market. I can buy real estate anywhere I want. But, I want to live in a place that brings me some level of intrinsic value. What are the other benefits?
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