BUYING/RENTING /INVESTING NY/NJ

[Charles Salumn]

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? 

[Daniel Clark]

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