Investing in small properties in NY state
HI all!
I have wanted to invest in property for a while (got some money tied up in stocks but would like to diversify), but with UK so far away, and that I plan to stay in US for a long time, Id like to invest it he US and purchase a nice little rental property (2 bed). I live in NYC so would like some thing which is relatively close by (1-1.5hours drive). My budget is around ~$200k-250k, is there any town in the NY state area (likely north of NYC) which has good walkign trails and a nice town which anyone can recommend? Note- i am totally new to this so really open to hear any advice too! Thanks! |
Re: Investing in small properties in NY state
Originally Posted by kjmg92
(Post 12989111)
HI all!
I have wanted to invest in property for a while (got some money tied up in stocks but would like to diversify), but with UK so far away, and that I plan to stay in US for a long time, Id like to invest it he US and purchase a nice little rental property (2 bed). I live in NYC so would like some thing which is relatively close by (1-1.5hours drive). My budget is around ~$200k-250k, is there any town in the NY state area (likely north of NYC) which has good walkign trails and a nice town which anyone can recommend? Note- i am totally new to this so really open to hear any advice too! Thanks! |
Re: Investing in small properties in NY state
If this is an investment designed to make money, I would invest wherever there are good rates of return rather than looking at criteria that you personally like (unless you intend to live there or use it yourself for a decent amount of time). I would also thoroughly research rental laws in your state before you go ahead, you might find out that it s not as easy you might think and that the risks are quite high (just look at the number of landlords hurting during Covid with the eviction moratorium). I think New York State law favors the tenant over the landlord, but don't know for sure. Mrlandlord.com (free), especially the Q&A section, would be a good resource for you.
Not trying to put you off because rental property can be a great investment but it is work and high risk if you are not astute in how you select and manage your property and tenants. I personally would not invest in any property that is not close to where I live because you would have to contract out even the most minor repair unless you are prepared to travel extensively, and being able to manage tenants face to face can be a huge advantage when some situations arise, and they will. Regardless, make a budget, take into account repairs, damage not covered by the deposit, management company fees (if you are at distance), taxes, periods where the property is empty and so on. There are large returns to be made over the long term but it takes time and continued effort to be successful. |
Re: Investing in small properties in NY state
Originally Posted by Nutmegger
(Post 12989121)
Welcome to BE. Other opinions may differ, but I think you would have to go rather further than a 1.5 hour drive to find a property in your price range.
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Re: Investing in small properties in NY state
You could find apartments in Westchester for that budget, but for houses you'd need to go further out. For more than one house, a lot further out!
Putnam County might be a good fit: not so expensive and property taxes aren't as insanely high as in Westchester, and commutable to the city on the Metro-North Hudson and Harlem lines. Could be attractive to professionals expecting to move to a more flexible working pattern (1-2 days in the office, rest WFH) post-pandemic. |
Re: Investing in small properties in NY state
Originally Posted by rpjs
(Post 12989348)
You could find apartments in Westchester for that budget, but for houses you'd need to go further out. For more than one house, a lot further out!
Putnam County might be a good fit: not so expensive and property taxes aren't as insanely high as in Westchester, and commutable to the city on the Metro-North Hudson and Harlem lines. Could be attractive to professionals expecting to move to a more flexible working pattern (1-2 days in the office, rest WFH) post-pandemic. |
Re: Investing in small properties in NY state
Friend lives in a lovely area in upper Westchester called Peach Lake. Purchased her two bedroom home for just under $200K and has been updating it, i.e. new bathroom, kitchen. Lovely area, lake rights and view, great neighbors and seems like a great place to raise children.
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Re: Investing in small properties in NY state
I love Beacon and Cold Spring but they can be pretty pricey. Peekskill might be a little cheaper as it's more up and coming, we stayed there for 4th July weekend last year and loved it.
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