Picking A Location

[Matthew Rodriguez]

Hello everyone,

I am relatively new to the Bigger Pockets forum and am excited to have found such a valuable resource. Over the past several years I have found that I have a growing interest in real estate. Although currently I do not own or manage any type of investment properties, I am hoping to begin to actually research the many details of what it takes to purchase various properties and ultimately become successful in the business. 

I have decided that investing in multi family rental properties (duplex and triplex's) best suits me. I currently live in Westchester County, NY (roughly forty minutes from the city). The county is divided up into roughly fifteen mid sized cities. (White Plains, Yonkers, Bronx. etc.) Each city has drastically different take rates and prices. (White Plains has an average $10,500 a year for a multi family, while The Bronx averages $8,500 a year). At first I was sure that investing in White Plains would be s sure fire bet, however after realizing that the city has one of the highest tax rates in the state, I am no longer 100% certain. Although White Plains has a growing younger population and commercial presence AKA more jobs, the idea that I have the option to purchase a similar property at a similar cost in a neighboring city seems to be more appealing, despite the fact that although the neighboring city isn't as safe or as recognized as White Plains itself, taxes are so much cheaper. 

Obviously rent rates match the selected cities taxes. (A two bedroom in WP is averaging $2,200 while a two family in neighboring Yonkers is averaging $1,650). I seem to be stuck on deciding what my next move should be in selecting city to begin searching for a multi family property. I would appreciate any help or advice on picking the right location.

I appreciate everyones help and am thoroughly enjoying reading over the forum!

Thanks!

Matt