Looking to purchase Multiunit LTRs

Member since 2026 · 2 posts · 2 votes

Hello, my name is Todd and I'm new to all of this. While I'm hoping to close on a 3 unit LTR in Hudson Valley, I'm having no luck finding a potential property manager. I'd have no problem expanding my search geographically for a multi unit LTR if I can find a good manager. Any ideas how I can go about finding one? Hudson Valley is my first choice, but I suppose I could buy anywhere. Thanks!

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Stacy RaskinBusiness Member
Lender · Member since 2022 · 1k+ posts · 497 votes
3w
For property management, always good to get recommendations from other investors you know and trust. If that's not possible, researching the area you are considering online can be helpful. Also checking out online groups such as Facebook Groups about the area you are considering can be helpful- you can search on Facebook by typing in the geographic area and if there's any matches, they should come up.
There is a tab under Classifieds on this website for "Real Estate Events & Meetups" and meetup.com can sometimes have real estate investment groups depending on the area. It's most helpful to talk to investors already investing in the area that you are considering either in person, by phone or online to hear about their property management experience and their experience overall in investing in that specific area.
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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
3w
Quote from @Todd Berland:

Hello, my name is Todd and I'm new to all of this. While I'm hoping to close on a 3 unit LTR in Hudson Valley, I'm having no luck finding a potential property manager. I'd have no problem expanding my search geographically for a multi unit LTR if I can find a good manager. Any ideas how I can go about finding one? Hudson Valley is my first choice, but I suppose I could buy anywhere. Thanks!

Hello Todd!

If you're looking in the Hudson Valley, you'll find the most small multi-family inventory in/around Middletown, Poughkeepsie, and Newburgh.

I'd recommend focusing on properties with DOM higher than the median as well as opening up the search to areas further south in Westchester, where you'll find more options with 3+ units. Price points will likely be higher, but so will rental income.

RE: property management in NY, @Lydia Winn is a great contact to have who might have nearby referrals.

All the best!

Abel
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Dan HandfordPro Member
Investor · Lexington, SC · Member since 2018 · 779 posts · 501 votes
3w
Todd, I would be cautious about choosing a market primarily because a property manager is available. First establish that the market and property meet your investment criteria, then treat management as part of due diligence. Interview at least three firms and ask for their current unit count, staff-to-door ratio, leasing times, renewal rates, delinquency process, maintenance markup, inspection schedule, owner reporting, and references from clients with similar small multifamily assets. Also verify who would actually manage your property after the sales call. What management responsibility are you least comfortable handling yourself if the local firm underperforms?
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Igor Ganapolsky
Coral Springs, FL · Member since 2018 · 464 posts · 89 votes
3w
Todd, since you mentioned you're open to expanding geographically — one angle worth considering is Broward County, FL tax deed auctions. Properties there sell at 60-70% of assessed value, which completely changes the cash flow math on multi-family.

For example, a 3-unit building assessed at $400K that you pick up at auction for $240-280K creates $950+/mo in cash flow per unit with conventional financing, vs the $250-300/mo you'd get buying at retail in most markets. The deep acquisition discount IS the cash flow strategy — you're creating equity at purchase rather than betting on appreciation.

The PM situation in South Florida is actually pretty robust — there are established property management firms that handle 3-10 unit portfolios for individual investors. The investor network here is active and most PM companies have good reputations you can verify through BP reviews or local REIA groups.

I analyze tax deed properties in Broward County and put together deal packets with the auction math (opening bid, assessed value, estimated repair, projected rent/flip). If you're curious what the numbers look like for a 3-unit in this market, happy to share a sample — no pressure either way.

Good luck with the Hudson Valley search too — Dan's advice above about vetting PM firms thoroughly is solid.
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Arman AhmedPro Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 913 votes
3w
Quote from @Todd Berland:
Hello, my name is Todd and I'm new to all of this. While I'm hoping to close on a 3 unit LTR in Hudson Valley, I'm having no luck finding a potential property manager. I'd have no problem expanding my search geographically for a multi unit LTR if I can find a good manager. Any ideas how I can go about finding one? Hudson Valley is my first choice, but I suppose I could buy anywhere. Thanks!
Hey Todd, finding the right property manager is definitely key, especially for a first multiunit. I’d also expand the search to the Midwest, like Ohio, where there are plenty of small multifamily opportunities and good local teams already in place. I work with investors looking for undervalued off-market deals and can help connect you with property managers and other local contacts.
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Ashish AcharyaBusiness Member
CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
3w
Todd, for a first 3-unit LTR, I’d focus less on expanding geographically right away and more on whether you can build a repeatable management and underwriting system around the first property.

If Hudson Valley is already difficult to find deals in, I'd still make sure any new market gives you enough margin after management, vacancy, repairs, CapEx, taxes, insurance, and travel. A property can look better on paper in a cheaper market but become much less attractive once you add a full-service manager and the extra friction of owning farther away.

For the management side, I’d want someone who can handle leasing, rent collection, maintenance coordination, inspections, renewals, and emergency calls, and who is comfortable giving you clean property-level reporting every month. I’d also ask how they handle vendor markups, after-hours calls, tenant screening, and how quickly they communicate when something goes wrong.

From the tax side, once the property is placed in service, depreciation starts, and with a 3-unit building I’d also evaluate whether cost segregation makes sense. The key is still whether the accelerated losses are actually usable in your situation.

I’d get the first multi-unit operating smoothly before stretching into several markets. Once the systems are working, expanding geographically becomes a lot easier.

Happy to connect and share some of our resources that might be helpful!
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