Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Investing in small properties in NY state

Investing in small properties in NY state

Old Mar 29th 2021, 8:47 pm
  #1  
Just Joined
Thread Starter
 
Joined: Mar 2021
Posts: 1
kjmg92 is an unknown quantity at this point
Default 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!
kjmg92 is offline  
Old Mar 29th 2021, 8:58 pm
  #2  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 6,252
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Investing in small properties in NY state

Originally Posted by kjmg92 View Post
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!
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.
Nutmegger is offline  
Old Mar 29th 2021, 9:18 pm
  #3  
Furby
 
Glasgow Girl's Avatar
 
Joined: Apr 2016
Location: St. Louis, MO.
Posts: 198
Glasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond reputeGlasgow Girl has a reputation beyond repute
Default 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.
Glasgow Girl is offline  
Old Mar 29th 2021, 11:34 pm
  #4  
Heading for Poppyland
 
robin1234's Avatar
 
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 12,046
robin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond repute
Default Re: Investing in small properties in NY state

Originally Posted by Nutmegger View Post
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.
I’d tend to agree. There are towns about that distance from NYC where you’ll find plenty of cheap property - one place I can think of, Poughkeepsie, is 1.5 hours drive, is a lovely place with lots of historical buildings, on the Hudson River, and has a good number of houses on the market in the 100k to 250k range. But these are going to be foreclosures and fixer-uppers. Now, come a bit further north, where I live, St. Lawrence County, and you can buy a house for 15k (it’ll need work on it) and any number of big, well-maintained Victorian houses for 150k or less. But we are eight hours north of the city.
robin1234 is offline  
Old Mar 30th 2021, 2:20 pm
  #5  
BE Forum Addict
 
rpjs's Avatar
 
Joined: Sep 2010
Location: Sleepy Hollow, New York
Posts: 2,526
rpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond reputerpjs has a reputation beyond repute
Default 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.
rpjs is offline  
Old Mar 30th 2021, 2:48 pm
  #6  
Deep in the woods of CT
 
Nutmegger's Avatar
 
Joined: Feb 2010
Posts: 6,252
Nutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond reputeNutmegger has a reputation beyond repute
Default Re: Investing in small properties in NY state

Originally Posted by rpjs View Post
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.
My first US property was a summer cottage on a lake in Putnam County; it took me an hour and a half to drive up on Friday evenings (unless the traffic was extra bad . . . ). It was not insulated, had one bedroom, and it would be generous to describe the bathroom as primitive. I sold it as a fixer-upper in 1984 for $150,000 -- hence my belief that one would have to spend a lot more than that these days to get a decent place within commuting distance of the city.
Nutmegger is offline  
Old Mar 31st 2021, 12:59 pm
  #7  
Concierge
 
Rete's Avatar
 
Joined: Apr 2001
Posts: 44,630
Rete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond repute
Default 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.
Rete is offline  
Old Apr 6th 2021, 9:12 pm
  #8  
Forum Regular
 
Nicola1234's Avatar
 
Joined: Jan 2018
Posts: 97
Nicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond reputeNicola1234 has a reputation beyond repute
Default 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.
Nicola1234 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.