Hudson Valley / Connecticut areas to invest

12 Replies

Hi All,

I have been researching and analyzing the different areas within 1 hr of me to begin investing and was wondering if anyone had any thoughts about the Hudson Valley and Connecticut Border?

Our plan is to buy and hold good cash flowing properties and use my wife's skillset as an architect/designer to flip other properties.  We have been looking throughout the Hudson Valley: primarily Dutchess and Orange Counties, NY.  Anyone have any insights as to where are good places for flips and buy/hold?

Poughkeepsie, Newburgh, Danbury, Beacon?

Thanks in Advance,

Tim

Tim, welcome aboard.  I live up in Highland and have been looking in the same areas for a couple of years.  I have yet to find a deal good enough to pull the trigger on.  My biggest concern is that NY State is loosing population at a rapid pace due to a harsh business climate and the worst tax burden in the country.  Very soon, if not already, the housing inventory is going to be much greater than people looking or housing, rent or purchase.

Also, I wouldn't touch newburgh with a 10 ft pole.  I grew up in the town and the city is an absolute war zone.  The school district is a mess as well.

I'd love to hear from anyone with a different outlook than mine.  Maybe I'm just jaded from it having here.

I agree with @Frank Gucciardo  opinion of Newburgh. Beacon can be a tough one too, unless you find a place walking distance to the train station (but all the other investors have figured that out too and those prices are high)  

My general opinion is to go where the schools are good/best.  IIWU, I'd go to GreatSchools.com and look at the map of school district ratings. Weigh that against what/where you can afford and then look closely at those towns.

@ Frank Thanks for the insight on Newburgh, I've definitely gotten that feeling driving around ad looking at properties.  There are some beautiful well maintained homes near the river, and I was hoping that there might be hope.  

Yep, the taxes are awful, but I also think the proximity to New York City will always bring people to the area.  There are a lot of people commuting from Beacon and Fishkill into the city currently, and I would bet on it being a good 30 year horizon for continually rising home prices within 2 hours of the city.

@ Bob, I have to check out greatschools.com, I've been shooting in dark thus far.

Thanks,

Tim

does anyone invest in Poughkeepsie ?  

hi. I know this is late. We just bought a 2 family in the city of newburgh. If you have any questions you can ask...although maybe you found a house by now!  We were looking at houses for a while, mostly in Orange county. Prices tend to be high especially for nice multis. Don't be scared of the city of newburgh. It may be on the upswing. Taxes are high so that is something to consider. Our goal was to find a well priced house, and it ended up being in a nice area in the city, near the water. So we went for it. Good luck. 

i looked at New burgh in the 89s they said it was on the upswing then - it wasnt = you must know your neighborhood really well and for all this area in NY up to around Kingston - the tax burden is huge - if you are renting you need to cover that if you are flipping it is part of the cost to carry and then you have to find a buyer.  other places may be more expensive psf but when people see the tax and school system they look elsewhere/ just caveat emptor

i looked at New burgh in the 89s they said it was on the upswing then - it wasnt = you must know your neighborhood really well and for all this area in NY up to around Kingston - the tax burden is huge - if you are renting you need to cover that if you are flipping it is part of the cost to carry and then you have to find a buyer.  other places may be more expensive psf but when people see the tax and school system they look elsewhere/ just caveat emptor

would love to hear more on Poughkeepsie however.

I see these posts about buying in Newburgh. I've been looking in Dutchess/Poughkeepsie for buy and holds for my son and I. A broker recommended that I check out Newburgh, especially by the water. I'm a little leery though ... being the murder capital of NY I hear and # 9 in the Country. But finding cash flowing properties on the MLS is near impossible. I also thought about Middletown but I heard that there's a local ordinance requiring owners to live in 1 - 4 family properties. I wonder if that's true. I also hear that Beacon is bid way up. I am toying with the idea of doing my own marketing to find properties other than on the MLS. Any thoughts?

@Jared Altman My partner and I are marketing deals up and down the Hudson Valley so I have rapidly familiarized myself with the idiosyncracies of many of the towns and counties from Westchester up to Saratoga.  

Newburgh is tough, we don't really even go there because we don't have any buyers that want stuff there.  The waterfront is nice, but only a few blocks away there are entire streets that are abandoned.  A model that several investors are employing there is buying the old Victorian homes and turning them into group housing for parolees.  The check is guaranteed and there are always parole officers in and out.  

Poughkeepsie can be the same way, but not as dangerous.  If you stay in the 12603 side of Poughkeepsie you have great schools.

Beacon is definitely bid up, and it's hard to shake any deals loose.  It is, however, a rapidly growing area with a lot of big time commercial development and New York money moving in to live.

We are seeing a lot of buy/hold investors in Orange County, especially around Monroe, and people are starting to move money up to Sullivan County ahead of the Casinos.

Feel free to pm me to discuss the Hudson Valley--It's a great place to live.

As a real estate agent and investor I see profit in all of Hudson valley and al though in my neighborhood I've noticed a new group of investors coming in to start buying since properties are still affordable. If anyone is looking to get serious in buying you can call me and I'll help you find some good investments 

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Are there any deals in the Hudson Valley area or are taxes and crime rate still scaring people away? 

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