Wilmington NC, Deerfield Beach Fl or Hudson Valley NY Buy & Hold?

Question

I am from and currently live in the Hudson Valley. While I think the Hudson Valley is a fantastic place to live, I feel like the general population trend is to move closer to NYC or to get out of NY and move down South. Since multifamily properties in good neighborhoods closer to NYC are cost prohibitive, I have no choice but to buy and hold further north (Orange, Ulster, Putnam, Dutchess) or to consider long distance investing. We have ties to Wilmington, NC, including a real estate agent we trust, but is market is too hot right now to get into? We also have ties to Deerfield beach, Fl. The houses are SO cheap down there, but I'm unfamiliar with the rental market. I'm also not sure if the rental markets in Orange, Ulster, Putnam, Dutchess are strong enough to make the investment worthwhile due to the high taxes. In particular, I'm thinking of Poughkeepsie or Highland Falls. Is Poughkeepsie in an upswing or a continued decline? I would appreciate ANY feedback on the rental market in the HV or Wilmington, NC and would love to connect with other investors in these areas. How are vacancy rates? Are you finding solid tenants? Am I just being overly negative or justly cautious? I want to make sure my first deal is a good one for the long term as much as possible. Thanks in advance BP Community!

Christine Schleo · Answer

Awesome info, thanks @Eric Hrlbock! Sounds like you are on your way. I can't wait to get started. My husband is pretty talented so we will be doing a lot of repairs ourselves but saving time is always great. Tyrone L. Robinson Thanks for the offer! I like the idea of college campuses. They are one of the only industries seeming to boom these days!

Eric Hrlbock · Answer

let me know what you want to know. I do a big Renovation when I first buy them and then they run themselves.  Pm me And I'll give u my number and you can ask me anything you like.

Laura Ryan · Answer

@Christine Schleo Hi Christine - I know this is an old thread but I am curious if you ever found anything in the Hudson Valley. I live in Rockland County and I too am searching the Highland Falls NY area. I know a few people that have rentals in that area and they have been happy.  It is an interesting mix of military staff due to West Point and then section 8.

@Eric Hrlbock - I would be interested in hearing more about the condos in the Poughkeepsie area. I hadnt thought about that area in the past. Currently I have 2 single family rentals in Rockland but looking for more properties in a lower priced area.

Eric Hrlbock · Answer

Dan Axman- Berkshire Hathaway

Christine Schleo · Answer

@Eric Hrlbock Sorry another question! Any RE agents that you recommend?

Eric Hrlbock · Answer

so sorry the one condo is section 8. The lady is elderly and she is great. Her Daughter drops off her share to my house and she plans on staying forever and I'm fine with that.

Eric Hrlbock · Answer

I work a full time w2 and just had a kid so I hear you about not having time .  3 of the properties that I just purchased are against what most people talk as about on here (condos) and one is a single family.  With life being busy, I like the condos I don't worry about heating system or anything outside.  I bought 2 one bed for 50k each and 2 for 65k. I rent them for 105o and 1250. I have the benefit of right offs,  depreciation and after tax and Hoa there is still 400 -500 on the table. But I bought them cash. The house is single family but there's a lot more hands on. More to fix, more things to be done .either on my free time or my wallet. The single family rents for 1650 not including heat or electric and I used the garage. InsurAnce mortgage and taxes are 1000.  More money on table for your pocket but a lot more headache. Mind you I do almost all the work myself, eventually I will hire a manager. For right now I am using every $ to try and buy more places.  Best of luck.

Tyrone L. Robinson · Answer

@christineschleo I'm originally from Wilmington, NC and still have family there. I'd be happy to answer any questions you might have about the city. Wilmington also has a big college student presence with UNC-W being located there and the constantly growing community colleges.

Not certain about the real estate market although a childhood friend of mine is a successful RE broker there.

Let me know if I can be of any assistance as I am a REI newbie looking to learn while adding value to others.

Tyrone

Christine Schleo · Answer

Thanks for the reply @Eric Hrlbock Do you typically buy multifamilies or single families? Are you doing any section 8 rentals, student rentals, or to families? I work in the city so it's hard for me to make it up to Poughkeepsie for the meetings on Wednesdays, but I'd like to!

Eric Hrlbock · Answer

the Poughkeepsie journal wrote a recent article that dutchess county has an extremely low vacancy rate. I'm going off memory but it was something like 4 1/2 percent. I have purchased 4 rentals in Poughkeepsie in last 2 years and I have had all of them rented before the month was over.  I have been lucky with my tenants but I used moved of my screening from info I got here on bigger pockets. Feel free to write me w any questions. They also have real estate meetings once a month on weds nights. Great place fir information and connections.