All Forum Posts by: Lyndon Major

If you end up in NBG let me know. I have properties and good management there. 

@Lyndon Major Depending on your budget and if you are willing to try areas like Staten Island, the Bronx, or some parts of Queens and Brooklyn, you should be able to find a duplex to househack. The renter won't cover your whole mortgage, but it would be substantial help. But if by "the city" you mean Manhattan only, that probably won't work.

My wife and I were renting an apartment in Brooklyn the year we bought our first investment property. We started looking in Peekskill, NY but eventually settled on Scranton, PA. We considered Newburgh but ultimately decided against it. 

We commuted for about six weekends in a row for our rehab, got our first tenants and self-managed for a few months before handing it over to a property management company. It became just too much. 

Poughkeepsie is 90 miles from NYC, versus 120 for Scranton, but I feel there is less traffic to fight through when you go west from NYC (Scranton) vs north (Hudson Valley) so it just about balances out. There is a reason the Allentown/Bethlehem area is also popular with NYC investors - it's just due west along I-78.

@Lyndon Major the whole tristate area is Very tenant friendly. Don’t you think that just because you looked outside the city, suddenly you are in a landlord friendly area. NYS is very tenant friendly, as is CT and NJ. Simple google search of pre Covid eviction process, tenant rights and tenant landlord laws in these states should give you at least the general idea. Not trying to discourage you, but you need to understand risks and have plan how to mitigate them. Generally, better to be able to attract the best tenants with high credit scores and income, anything else is too risky IMO. Wouldn’t go in C/D area in tristate.

Check out metro north new have line towns and N95 corridor between CT and NY. Pre Covid, one of the busiest commuter path and usually in great demand. Stamford has been traditionallyCT town attracting young professional renter commuters to NYC. Fairfield and Norwalk also nice. Greenwich/Westport - mansion/yacht owners town. Bridgeport/new Haven crime/ghetto problems. Would also check out Stratford and Milford although they are further out. Also check out NYS part of that corridor. I don’t know about NJ, never lived there.

I would suggest hiring a property manager until you build a team, network, or get a few more properties...driving 1-2 hours to change a lock, pick up rent, check on things isn't worth it. Trust me, I learned the hard way. Lol 

A good property manager can get labor done for a fraction of the price you can...for example, unclogging a shower drain - $200 if you call a plumber / $50 for 2 hours of labor by your property manager. Not to mention gas, car miles, scheduling headaches etc. Properties in the areas you mentioned tend be pretty management intensive. Worth every penny in my opinion, the savings on small tasks, plus the savings in time to focus on finding another deal can make up the cost of a manager.

@Lyndon Major

@Jeremy Gonzalez is doing exactly what you describe, perhaps he can lend some insight

To be honest, thats not too bad. But possibly what your paying for in the vity you mine as well get a house in Monticello or Monroe, possibly even Goshen and cut your expenses and travel time, on top of being able to gain more space. Now if I was you I would look at properties in Middletown and the towns surrounding it such as Sullivan, Scotchtown, etc. and place like Monticello, New Windsor, Hyde Park, Florida NY, Beacon, and Port Jervis, Peekskill, and most definitely Ossining @Lyndon Major

@Lyndon Major good luck with your endeavors. Before you pull the trigger on your investments, make sure you understand local landlord tenant laws. Also, why don’t you also look into CT/NJ markets, you might have easier commute there.

Another thing you could consider, depending on your budget, Is if you could afford the kind of property in the city that you use for primary dwelling and airbnb part of it. Under certain conditions, Airbnb is legal in nyc and travel should soon pick up as vaccines are rolling out. In that case, if you rent out under 30 days you could avoid any tenant rights altogether.

*This is not a legal advice. I am not a lawyer I have no right to give anyone a legal advice. 

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!

Welcome.

Newburgh can be hit and miss. Parts are good, part not such much (murder capital of NYS if I recall).

I think Pok is high in price ... it has been fished for a while.  Need to keep a sharp eye out.

If you don't live there, there is a Pol stop on Metro North; nothing on the other side of the river @ Newburgh. How will you commute? It's at least 60-90 minutes by car from NYC depending on where in the city you are.

Is a property manager worth it? Will they manage the work, or just the completed project? If the completed project, who will do the work? If they do the work, who will inspect it for you?

Many considerations abound.

Much success.

Reach out any time. Reach out thru here or my contact info should be in the profile somewhere. If not, I'll put it here.

Bob

Hi! It’s a perfect place to invest and grow. Live also if you don’t mind the commute. If you’re a little handy and came come up once in a while property management shouldn’t be needed. Especially if you want to learn.