Seeking Advice from Westchester County, NY Investors

[Brittany Lischinsky]

Hi All! 

I'm excited to have just joined the BP forum. I've been researching investing in real estate for about a year now.  I have been running into a few questions that I haven't been able to find answers to and are inhibiting me from figuring out what my target first property should be. I live in lower Westchester County, NY which is a pretty expensive market, so some of the advice that's applicable in other less competitive markets doesn't seem to work as well here. Would love to hear any and all answers and advice about the below questions (and any other advice you have for a newbie). Looking forward to hearing from you all. Thanks! 

1. I have looked at a number of multifamily properties all over Westchester but can't seem to find one that will cash flow enough due to high housing prices and high taxes. Is there anyone here who invests in multi family homes in this area? In what areas specifically have you been able to find a property that cash flows? Are there more off-market opportunities here that I should be putting effort into finding instead of looking on MLS?

2. If you have run into the same issue I describe in #1 and have decided to invest somewhere else within driving distance but not in Westchester, where did you invest (NJ, CT, upstate NY, etc.)? Are you happy with the cash flow in that area? 

3. I'm also considering investing out of the region (in the mid-west or south) but am hesitant to do so for my first property.  Have you invested a plane ride away from where you live for your first property? How did/is it going? Would you recommend this route to a first time investor?