Long Island Buy and hold LTR

[Samantha G.]

Im in my early 30’s, no kids, single, and live in a sublet in NYC while working in NYC trying to save money. Ive been very intent on investing in properties on Long island WHERE i am from, to rent Long Term. I do know that property tax is high so im looking for taxes under 7k, and small properties around 200k. Is it possible for someone like me with enough down payment for one 200k home, and an income of about 40-60k(fluctuates)to be able to eventually buy a few homes (3-6) to use that rental income as my retirement in another 15 years? I feel I do not know how to properly plan. I hear stories of people buying 3 homes a matter of a couple years with median incomes, and im wondering how that is possible.  Is there any type of person that I should hire that could help me plan my RE retirement? Or any tips fellow long islanders have on how to accumulate homes the best way on my salary?

[Francois G.]

Originally posted by @Samantha G.:

Im in my early 30’s, no kids, single, and live in a sublet in NYC while working in NYC trying to save money. Ive been very intent on investing in properties on Long island WHERE i am from, to rent Long Term. I do know that property tax is high so im looking for taxes under 7k, and small properties around 200k. Is it possible for someone like me with enough down payment for one 200k home, and an income of about 40-60k(fluctuates)to be able to eventually buy a few homes (3-6) to use that rental income as my retirement in another 15 years? I feel I do not know how to properly plan. I hear stories of people buying 3 homes a matter of a couple years with median incomes, and im wondering how that is possible.  Is there any type of person that I should hire that could help me plan my RE retirement? Or any tips fellow long islanders have on how to accumulate homes the best way on my salary?

Sam,

There's very few places on Long Island where you're going to find buy and holding profitable. It's a great market for flipping properties but you're going to find a hard time finding deals that make sense financially for buy and holds.

If you're even somewhat tech-savvy, I would highly recommend out-of-state (OOS) investing. The numbers will make a lot more sense for you and you'll quickly realize it's not much different than investing in your backyard.

I was born and raised on Long Island so I know how difficult it is to leave. Home prices and taxes have priced too many people out of here and the laws are too tenant-friendly to be considered a wise investment. 

If you have any further questions feel free to send me a PM.