Live in Westchester, NY looking for cash-flow. Where to start?!

[Nicholas Giordano]

Hey BP community! I am fairly new to REI and am looking to purchase a 2-4 unit property solely for cash-flow, while staying at my current residence to live. I am currently living in Westchester, New York about 40 min drive from NYC. I've read "The Book on Rental Property Investing" and just finished up "Rich Dad Poor Dad" upon a few other books upon a ton of forum and online research. I have a solid amount of capital on hand, along with a steady fairly well-paying job. I feel as if I am ready to start building my empire and am highly motivated to do so. My only problem is.. where do I start??! Pretty much my entire county is full of super high priced homes with super high taxes and the ones that seem like the numbers could work are in terrible neighborhoods that I wouldn't even want to buy in! I looked into turn-key properties in Indianapolis, Kansas City and some others but I feel like they aren't the smartest/reliable investment.. Then I spoke with someone who told me to look upstate at Albany/Rochchester NY areas for good multifamily cash-flowing properties.. I am willing to invest out of area (even out of state) I just don't have the knowledge or experience to do so safely!! Does anyone either live in Westchester/NYC area that has successful cash-flowing properties either in or out of area? Or anyone has invested in Albany/Rochchester? Any advice or information would be greatly appreciated.. I feel like the more time that goes on the longer I could have had already been cash-flowing on something.. just gotta find my niche. Looking forward to hearing from you guys!!

[Filipe Pereira]

Hey @Nicholas Giordano, I think @Jaysen Medhurst nailed it when he mentioned that CT is a bit more landlord friendly when compared to MA and NY...as liberal as CT can be it does have that much going for it! 

I do want to say that your situation is not uncommon. In the past 5-7 months or so, @Rick Santasiere and I have had more than a few NY (Flushing, Poughkeepsie, etc)  folks reach out to us to discuss purchasing units in CT - a few that are now close to closing. We represent buyers on the acquisition, and also have in house property management that I lead. 

In terms of advice, I would recommend getting in touch with a few different agents in a few different areas and seeing what comes in. Of course, there is no one better than yourself when running numbers on deals, but it always helps to have other folks looking for you as well. And yes, you are correct, even though the market is a bit hot right now you could be cash-flowing, instead of sitting on a pile of cash!