Growing markets in Nassau/Suffolk County?

Question

Hi guys,

Can anyone share some experiences with investing in rental properties in nassau/suffolk? I've been thinking about investing around 50-60k for a cheaper house and just renting it out to pay off the mortgage. I live in Nassau county so I could handle being a landlord.

Account Closed · Answer

Sorry guys I didn't make it clear. I have 60k to make as a down payment. So price value range around 300-400k max. I was thinking near Stony brook to have a surplus of tenants but I was trying to keep it in Nassau for a shorter commute.

Jordan Schneider · Answer

Hi Kevin,

I am a real estate salesperson on LI and having worked with dozens of renters in the beginning of my RE career I saw countless apartments all over the Nassau and western Suffolk.  When you say your looking for a "cheaper house," does that mean you want an REO or short sale that you plan on fix up? Or a cheap property that is livable as is?  Also what towns in Nassau County have you been looking at?  Stony Brook will have plenty of people for apartments but there are plenty of towns in Nassau where students, young adults and even entire families are looking to rent in.  A few other things you may want to think about are:

Are you looking for single family homes to rent or multi family units and is there a minimum number of bedrooms and/or bathrooms that you require in each unit.

Although I started my career working with renters, I have since moved on to RE investors.  If you are not currently working with a Realtor, I think I may be able to help you along in your process.  Please PM me to discuss your needs and wants further.

Tom Volpe · Answer

Kevin, amount invested aside, what is the total property value range you are looking at?

Jeff Bridges · Answer

Right now the only thing in the 0-60k range in all of Nassau County on MLS is a house boat in port washington:) You can find some beat up properties in suffolk or some unrealistic short sales on MLS. But be careful of the taxes eroding any possible cashflow. a 60k property in Coram, NY will run you 5600 in taxes, so this appears to be a challenge even in suffolk. I've only done basic analysis of a bunch of properties in nassau and none met my criteria of 10% COC return. Good luck finding a niche in the market, but taxes in long island must make it difficult to be profitable for landlords.