Hi all

Does anyone have experience of multifamily buy and hold in the hudson valley area. Say from Beacon/Newburgh up to Saugerties. Would welcome thoughts on capital appreciation, cashflow and prospects for growth in the area

Family has been investing in that specific area for years.  Beacon/newburgh is an intersting case.  Newburgh has typically been a tough place for B&H for multiple reasons.  (tough tenants, tough judges)  Beacon is definitely a hotspot but everyone knows it now so you are going to have to really watch the market to snag a good deal there.  Let me know if you have any specific questions and I'm more than happy to help :)

Agree with Chris.  Beacon popping or popped. Newburgh sketchy, you have to know the area well. Poughkeepsie wants to pop (as does Kingston), but alas, it has no pop. The colleges there make is fairly safe, but it's definately no a flip market.  buy and hold multi-family, but tough neighborhoods.  Saugerties had a pop about six years ago.  It still seems good, but burdened by a lot of ranch, dull, 1950's, not so pretty S.F.'s  Rhinebeck/Woodstock/New Paltz/Stone Ridge/ too expensive, inflated from weekenders - nyc.  I'm looking for a flip now, if you want to discuss.

@Christian Lincoln  I have been looking for a fix and flip in Poughkeepsie for a while now with no real luck. I put in a few offers but nothing solid has come back. I have access to plenty of capital but can't seem to find a good deal. Do you think this is due to heavy competition? Or do people in the area just not buy enough homes to make a fix and flip work? 

Stephen,

Are you getting out bid? I assume not. What has been the outcome of your bids? Any feedback? Poughkeepsie doesn't have grounds for not acceptting fair or even slightly low offers; it's a tough town, though the quality of the housing stock is quite good, there's a lack of jobs, there's a lack of people, there's a lack of morale, there's a lack of money. To me, this is not a flip town. I wouldn't flip there, it's a buy and hold, long-term rental town. Espec. around colleges. There's no upside.  Beacon is different. The city people have arrived. Prices have been rising. I just don't see that happening in Poughkeepsie.  

@Christian Lincoln  

I had an offer in on a property for $40,000 (1608 Violet Ave Hyde Park) but found some structural issues upon a second inspection and had to pull the offer out.   I'm not really a big fan of Hyde Park anyways. Seems like everyone is moving out of that area. The next two I have put offers in on have been outbid. 

I don't have my own personal money to invest, I work for investors that pay me a salary and a % of the profits.  That would be a great situation if I could find deals to make a profit on. They look for a 20-30% return on their money. 

I have not done any marketing to find homes, right now I just use MLS which is part of the problem. A lot of foreclosures don't go low enough for me to make a good profit on. I have looked at beacon but it seems that everyone knows its hot so again a lot of competition to deal with. I know il have competition no matter where I am but some investors don't look for as big of a margin as I do.

Best,

Steve

Have any of you looked at Albany or Troy?  It's a bit further up the river, but still within 3 hours of New York City.  I know a number of people who really like investing in Troy because of the low price points.

I spent a lot of time looking at Albany a number of years ago.  It has a lot going for it, namely, the state capital, which is never going anywhere, as well as SUNY, which is similarly permanent.  It's also a healthcare hub for the surrounding areas.  I don't think that it is ever going to "pop" as some people say, but it is a good buy and hold area because of the stability of the main employers, which you will be able to predict.  A well-located property should stay occupied there.

@Jonathan Twombly - thanks for the advice. I am curious though, what made you decide to stay away from Albany after all your research? Also curious given that you live in Brookyn do you use a property manager?

Hi, very interested in the above discussion. Looking to buy a multifamily fixer-upper in the area, live in it, and eventually rent-it out 100% or sell it, if property values go up after two plus years. Looking at Ossining, Peekskill, Haverstraw, or elsewhere, if I can find a better deal. Any advice on finding properties?

@Stephen Talaber We should connect...Im running into deals left and right!