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Updated over 5 years ago,
Best Markets in PA/NJ/NY for 1st MultiFamily Cash Flow Purchase?
Hello everyone, I'm brand new here. I currently live in Manhattan, travel between NY and eastern PA weekly to see family, and am looking to buy my first multifamily property. If I had to choose, I'm more interested in cash flow than appreciation/equity, but I don't want the property to go under water in the next 10 years. I want the purchase to be within two hours of Manhattan, which includes:
1. Hudson river commuter towns like Ossining, Peekskill, Hastings, Beacon
2. Northern NJ commuter suburbs
3. Scranton and the Poconos (which I know well, I was born there)
4. Lehigh Valley
5. Philadelphia
I do not want to invest in any of the five NYC boroughs.
Which of these markets would YOU choose for your first investment if you were looking for as much cash flow as possible? I have enough cash for a healthy down payment, but a freelance income as a writer that's not "great on paper." I would prefer not to go too far above $500K on the purchase price. I'm super-curious to hear your expertise and opinions. Thanks.