Staten Island, NY · Member since 2015 · 37 posts · 5 votes
How’s it going all
So this is the situation grew up in Ny my whole life. Relocated to Delaware , didn’t work out sold my first property (broke even) now I’m back in NY (Staten Island ).
Pricing in the tristate (rents including) area at this time are out of control. All things considered, areas of NJ seem to be better bang for buck .
my long term goals are to buy and hold properties however I don’t plan to be in the tristate for more then 5 years.
I currently work in manhattan and need somewhere to hang my hat for the next several years . AS WE ALL KNOW we never know when What the market is going to do but I keep thinking it might be wise to wait for a pullback before I jump into something
I’m debating on what I should do . Can anyone help?
Rental Property Investor · Staten Island, NY · Member since 2019 · 6 posts · 3 votes
7y
Hey Charles, I’m in the same boat on SI (not a ferry pun) and I’ve gone back and forth on this so many times, but I’ve come to the conclusion that it makes zero sense to buy on SI or in NYC unless you plan to personally live in the property for more than 5 years. Househacking doesn’t even work here. So why force it, if it isn’t there. Technology has provided us so many opportunities to expand our net and invest out of state. I would gut the rent for now and focus on investing your capital in another market. I also recommend picking up a copy of David’s Greene’s Long Distance Real Estate Investing, great read. Maybe if our market dips in the next few years, you can take another’s look at SI.
Rental Property Investor · Staten Island, NY · Member since 2019 · 6 posts · 3 votes
7y
Hey Charles, I’m in the same boat on SI (not a ferry pun) and I’ve gone back and forth on this so many times, but I’ve come to the conclusion that it makes zero sense to buy on SI or in NYC unless you plan to personally live in the property for more than 5 years. Househacking doesn’t even work here. So why force it, if it isn’t there. Technology has provided us so many opportunities to expand our net and invest out of state. I would gut the rent for now and focus on investing your capital in another market. I also recommend picking up a copy of David’s Greene’s Long Distance Real Estate Investing, great read. Maybe if our market dips in the next few years, you can take another’s look at SI.
Hey Charles, I’m in the same boat on SI (not a ferry pun) and I’ve gone back and forth on this so many times, but I’ve come to the conclusion that it makes zero sense to buy on SI or in NYC unless you plan to personally live in the property for more than 5 years. Househacking doesn’t even work here. So why force it, if it isn’t there. Technology has provided us so many opportunities to expand our net and invest out of state. I would gut the rent for now and focus on investing your capital in another market. I also recommend picking up a copy of David’s Greene’s Long Distance Real Estate Investing, great read. Maybe if our market dips in the next few years, you can take another’s look at SI.
Best,
Dan
Dan you are right It’s out of control and the influx of people coming in from Brooklyn are just driving the cost higher, I have no desire to stay in the tristate longgggg term and. I have no problem investing out of state however I need somewhere to live for the time being so I was kind of wondering if I should attempt to house hack now in jersey (ultimately using that house as a rental when I’m done). rent in Si, or maybe another option I have not thought of
Rental Property Investor · Brooklyn, NY · Member since 2017 · 37 posts · 8 votes
7y
Hey Charles & Dan,
I'm in the same position as I live in Brooklyn and the prices here are absolutely absurd! Initially I was working on a property that my family owns but I think I will just put that on the back burner for now. This has driven me to look into turn key or low cost BRRRR opportunities in close markets such as Philly and Camden. I'm still doing some research but i'm leaning more towards Camden as properties seem to be fairly cheap and may be able to cash flow if numbers work.
I'm in the same position as I live in Brooklyn and the prices here are absolutely absurd! Initially I was working on a property that my family owns but I think I will just put that on the back burner for now. This has driven me to look into turn key or low cost BRRRR opportunities in close markets such as Philly and Camden. I'm still doing some research but i'm leaning more towards Camden as properties seem to be fairly cheap and may be able to cash flow if numbers work.
It’s almost impossible in NY
I was living in Delaware and working in Philly and Camden
Camden is still really rough area They are trying to build it up esp parts that are closer to the bridge into philly I was working on on a building they are putting up now called the Camden tower it’s overlooking philly and the water and a beautiful building but the area is still pretty bad I’ve been all over the Bronx,Brooklyn , Uptown NY And I must say. Wilmington Delaware and Camden NJ ARE BY far the worst areas I’ve been to
With that said I think the area is going to be like how Harlem is now in 10 years or so
Chester, PA · Member since 2016 · 56 posts · 16 votes
7y
@Charles Salumn
I live in Delaware...lived in Pa for about 15 years on Chester,Pa...right by the commodore Berry...and always wonder why I saw so many NY tags on cars, lol.
Now I get it...yeah...homes are WAY cheaper...NJ has high taxes IMO.
But being orginally from De and living in PA...the taxes are "cheap" looking at NY taxes.
Staten Island, NY · Member since 2015 · 37 posts · 5 votes
7y
Originally posted by @Account Closed:
@Charles Salumn
I live in Delaware...lived in Pa for about 15 years on Chester,Pa...right by the commodore Berry...and always wonder why I saw so many NY tags on cars, lol.
Now I get it...yeah...homes are WAY cheaper...NJ has high taxes IMO.
But being orginally from De and living in PA...the taxes are "cheap" looking at NY taxes.
GOOD LUCK!!
You aren’t kidding My taxes in bear were like 2k and my parents in Middletown are a little higher then that You can’t find a shoebox in NY or in NJ with taxes less then 5-6k