Does anyone have any experience or recommendations for investing in the Long Island/ New Jersey area? I have lived here my whole life and want to get an investment property under my belt close to home. Trying to find a good rental property is tough im torn if the better approach would be single family rentals in nicer areas with better school districts, or to save more and look closer towards the city. Or to look for multi family properties in cheaper areas like Mastic Beach and Shirley. I mean they're are beach from properties and it seems people are moving further and further out east so I am curious if these areas could become desirable one day. And lastly if the better approach would be to invest somewhere in Jersey instead. If anyone has experience in any of these areas the advice would be really appreciated!
Rental Property Investor · Huntington, NY · Member since 2016 · 102 posts · 74 votes
7y
@Michael LaRocca, I am born and raised on Long Island and invest out of state. I know people who successfully invest here. I have also heard horror stories due to tenant/landlord laws. For me, personally, I choose to go out of state. As I said before though, I know people who are successful here. I always thought that investing in an airbnb on the North Fork would be a good play but don't know the viability of it (that's not my investing strategy).
Rental Property Investor · Teaneck, NJ · Member since 2016 · 567 posts · 291 votes
7y
@Michael LaRocca I am not familiar with Long Island, but live in NJ and know the area. It is hard to get a good cash flow on SFH but possible to find something with 3-plea or 4-plex that have some cash flow.
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
7y
@Michael LaRocca like @Oleg Shalumov said SFR are tough to find in NJ. I have few buddies that own them but they purchased over 5 years ago and they were extremely distressed. Duplex-Quad can cash flow in NJ if done right. I own a couple NJ duplexes close to public transit, both I put a decent amount of work into to get them to be profitable.
Rental Property Investor · Huntington, NY · Member since 2016 · 102 posts · 74 votes
7y
@Michael LaRocca, I am born and raised on Long Island and invest out of state. I know people who successfully invest here. I have also heard horror stories due to tenant/landlord laws. For me, personally, I choose to go out of state. As I said before though, I know people who are successful here. I always thought that investing in an airbnb on the North Fork would be a good play but don't know the viability of it (that's not my investing strategy).