All Forum Posts by: Brandon Gannon
Brandon Gannon has started 0 posts and replied 1 times.
Post: Opinions on a multifamily in Newburgh/Poughkeepsie living in NYC
- Poughkeepsie, NY
- Posts 2
- Votes 1
If you have the time, money and inclination it is definitely possible! I'm actually doing the opposite...Living in Poughkeepsie, working in Queens for a few reasons.
1) Cost of living - Rent in NYC is shocking by any standards. Even with the mass exodus, rents are not dropping as one would think. I would not have the cash to upgrade the units I have in Poughkeepsie if I lived in NYC because...math. My wife and I take home over 160K and living in NYC, it would put a good dent into our free cash.
2) Ease of Access: It takes me 3 hours to get to Poughkeepsie on Friday!! 2 hours every other day barring any accidents, traffic stops or other issues. If your not going to use a manager that might be a problem. Train is available always but also takes 2.5 hours and good luck getting around anywhere but Manhattan on Public transport.
My plan is to buy a few more in the Hudson Valley and then eventually migrate down towards NYC to buy a larger multi family. I think a property manager should definitely be considered given my experience thus far. AND, it will give you the real chance of enjoying the greatest city in the world.
Good luck and reach out if your in Poughkeepsie!