Is more always better?

[Jackie Mcmorrow]

Hi All,

Happy new year! I’m a newbie here, so new I’ve only read a few books but have committed this is the year I put it all to action. The city I’m looking at has a lot of new developments. So my question is- how do you determine if new developments will bring more demand or just end in a surplus of supply? Thinking population growth might be a good indicator but not sure that’s the correct / only measure. If it helps, looking at White Plains, NY. Appreciate any thoughts!

Thanks,

Jackie

[Jason Wray]

Jackie,

If you can buy outside of NY my first piece of advice would be to venture out of the state of NY. New York has suffered over the last 2-3 years with residents leaving and moving to mostly Florida, Texas, Pennsylvania. COVID was to blame for the most part but like California people are sick of the politics, Taxes, inflated home prices, and every day issues on top.

From a Bankers perspective majority of my investors living in NY & CA are buying in Indiana, Ohio, Florida, Texas, Oregon, Pennsylvania and Tennessee. You can pick up two properties for the same price as one in NY in these other states. Does come down to City/County but its not hard to find what will cash flow.

If New York is your go to spot then yes, White Plains is a good spot only due to the busy business districts.