Second Investment Home Purchase Strategy options for GA or tri-state NY, NJ, CT.

[Timmy Chen]

Hello BP Community!

Wanted to ask the BP community for feedback at my current state and goal. Currently I have a NYC investment property still under mortgage but have roughly 25% equity and roughly around $450k in stock investments. I am torn between out-of-state GA and in-state TRI-State STR BRRR or if its provides a pretty penny cash flow then LTR. My question is what is the best way to efficiently strategize expanding my Property Portfolio this knowing the property value difference between GA and tri-state area?

Any advice, suggestion or feedback would be greatly appreciated.

-All the Best,

Tim 

[Timmy Chen]

Quote from @Abel Curiel:

Quote from @Timmy Chen:

Hello BP Community!

Wanted to ask the BP community for feedback at my current state and goal. Currently I have a NYC investment property still under mortgage but have roughly 25% equity and roughly around $450k in stock investments. I am torn between out-of-state GA and in-state TRI-State STR BRRR or if its provides a pretty penny cash flow then LTR. My question is what is the best way to efficiently strategize expanding my Property Portfolio this knowing the property value difference between GA and tri-state area?

Any advice, suggestion or feedback would be greatly appreciated.

-All the Best,

Tim 

 Hello Timmy and welcome to the BiggerPockets forums!

The best way to compare these 2 vastly different markets is by using the BiggerPockets calculators under the tools tab. 

Here, you can compare returns on in-state And out-of-state LTRs & STRs.

The calculators will show long-term growth projected on each property. I'd recommend speaking with local investor-friendly agents who can weigh in on YOY property value growth and rental increases for all projections.

Lastly, if you are going down the STR route, choose a property/area that will still allow cash flow if the property was used as an LTR. Local STR laws can change within a relatively short time period, and you want to have a backup plan for if/when those changes take place.

All the best!

Abel

Thanks so much for that, will tinker with the calc tool LTR/SFH