Where to invest in north east
Codie GillettePro Member
Member since 2022 · 1 post · 2 votesWhere to invest in north east
Most Popular Reply
Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votesQuote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hello Codie & welcome to the forums!
Pennsylvania, Connecticut and New Jersey are more landlord-friendly than NY.
All the best to you on your journey!
Abel
REbuild Team - eXp Realty5234 Reviews
15 Replies
- 2yAbel CurielBusiness MemberReal Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hello Codie & welcome to the forums!
Pennsylvania, Connecticut and New Jersey are more landlord-friendly than NY.
All the best to you on your journey!Abel
REbuild Team - eXp Realty5234 Reviews - 2yMatthew CrivelliBusiness MemberLender · MA · Member since 2021 · 1k+ posts · 1k+ votes
Springfield MA is a great market. Tons of 2-4 unit properties that can cashflow well & the price point isn't crazy. Some areas are better than others but overall it's a solid area for rentals / BRRRR's.
Freedom Capital Funding, LLC523 Reviews - 2yJay ThomasPro MemberReal Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
New Jersey offers a mix of rules for both landlords and tenants, with areas like Hudson County or Morris County being good spots for renting out properties. Pennsylvania is generally easier for landlords compared to New York, especially in cities like Philadelphia or Pittsburgh. Connecticut is also a bit easier for landlords, with areas like Fairfield County or Hartford County being worth a look. Just remember to research specific areas, consider market conditions, and factor in costs like property taxes and insurance.
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hey Codie! I work in NYC but live in Stamford and invest locally. Stamford is a great market right now with quick access to NYC and we're 3rd largest city in CT. Let me know if you would like to jump on a quick call.
- 2yNadiyah MalbonBusiness MemberRealtor · NJ · Member since 2020 · 104 posts · 31 votes
All of Northeast has their issues with the LL/Tenant laws, but NJ is probably the more favorable. I service the Essex, Bergen, Union, Morris, Passaic areas.
Nadiyah Malbon Group (NMG) 4.941 Reviews - Rental Property Investor · New York, NY · Member since 2023 · 17 posts · 6 votes2y
Quote from @Mario B.:
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hey Codie! I work in NYC but live in Stamford and invest locally. Stamford is a great market right now with quick access to NYC and we're 3rd largest city in CT. Let me know if you would like to jump on a quick call.
Mario, what would you say about New Haven? Stamford is indeed a great market, but prices have begun to get into a place where I can't afford a 20% down payment on a 2 unit anywhere in Stamford, Norwalk, or even parts of Bridgeport, but I can see some great cash flowing deals where I can afford 20% in New Haven, which is close to where I am located currently. Any massive red flags I'm missing about that city? Please let me know. Thanks!
Quote from @Mathius Gazi:
Quote from @Mario B.:
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hey Codie! I work in NYC but live in Stamford and invest locally. Stamford is a great market right now with quick access to NYC and we're 3rd largest city in CT. Let me know if you would like to jump on a quick call.
Mario, what would you say about New Haven? Stamford is indeed a great market, but prices have begun to get into a place where I can't afford a 20% down payment on a 2 unit anywhere in Stamford, Norwalk, or even parts of Bridgeport, but I can see some great cash flowing deals where I can afford 20% in New Haven, which is close to where I am located currently. Any massive red flags I'm missing about that city? Please let me know. Thanks!
Hi Mathius. I'm not as well versed in the New Haven area, however yes there are a ton of 2-3 family properties for under $300k I'm seeing on the MLS. If it's close to where you're currently located, spend some time driving around the areas that you can afford and see how they feel. Due diligence on the property and the city are crucial to not buying a bad deal.
- Rental Property Investor · New York, NY · Member since 2023 · 17 posts · 6 votes2y
Quote from @Mario B.:
Quote from @Mathius Gazi:
Quote from @Mario B.:
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hey Codie! I work in NYC but live in Stamford and invest locally. Stamford is a great market right now with quick access to NYC and we're 3rd largest city in CT. Let me know if you would like to jump on a quick call.
Mario, what would you say about New Haven? Stamford is indeed a great market, but prices have begun to get into a place where I can't afford a 20% down payment on a 2 unit anywhere in Stamford, Norwalk, or even parts of Bridgeport, but I can see some great cash flowing deals where I can afford 20% in New Haven, which is close to where I am located currently. Any massive red flags I'm missing about that city? Please let me know. Thanks!
Hi Mathius. I'm not as well versed in the New Haven area, however yes there are a ton of 2-3 family properties for under $300k I'm seeing on the MLS. If it's close to where you're currently located, spend some time driving around the areas that you can afford and see how they feel. Due diligence on the property and the city are crucial to not buying a bad deal.
Sounds good. I know a few parts of the city that are growing and rapidly getting rid of their "unsafe/urban" reputation, and I have found tenants that are looking for rentals soon in the area and are willing to pay what I intend to charge. Now to just close on something and get it on the market. Thank you!
Quote from @Mathius Gazi:
Quote from @Mario B.:
Quote from @Mathius Gazi:
Quote from @Mario B.:
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hey Codie! I work in NYC but live in Stamford and invest locally. Stamford is a great market right now with quick access to NYC and we're 3rd largest city in CT. Let me know if you would like to jump on a quick call.
Mario, what would you say about New Haven? Stamford is indeed a great market, but prices have begun to get into a place where I can't afford a 20% down payment on a 2 unit anywhere in Stamford, Norwalk, or even parts of Bridgeport, but I can see some great cash flowing deals where I can afford 20% in New Haven, which is close to where I am located currently. Any massive red flags I'm missing about that city? Please let me know. Thanks!
Hi Mathius. I'm not as well versed in the New Haven area, however yes there are a ton of 2-3 family properties for under $300k I'm seeing on the MLS. If it's close to where you're currently located, spend some time driving around the areas that you can afford and see how they feel. Due diligence on the property and the city are crucial to not buying a bad deal.
Sounds good. I know a few parts of the city that are growing and rapidly getting rid of their "unsafe/urban" reputation, and I have found tenants that are looking for rentals soon in the area and are willing to pay what I intend to charge. Now to just close on something and get it on the market. Thank you!
I did a quick search for my own records, pricing really is great up there! I found students at Yale like the Dwight, East Rock, or Downtown areas. Fair Haven isn't the best area someone said, but they liked the quick access to the beach. Someone else said if you want names, basically avoid any neighborhood with hill or hall in the name. This feedback is about 2 years old though so things could have certainly changed. I would say housing around the campus, nice hotels, restaurants, or the hospital might be good options to look at.
Another good response I found
"One rule of thumb is to look at Google Maps, plot out the walk to campus and see if it passes through areas with cafes/restaurants and/or major office or university buildings. If so, it's likely going to be pretty safe. If you're going to be walking along the edge of a highway, past a bunch of parking lots, and then through a neighborhood without any amenities then it might be less safe at night. You can also use Google Streetview to see what the walk will look like."- Member since 2023 · 12 posts · 3 votes2y
@Mathius Gazi Just stumbled upon this post and thought I'd offer my two cents for the New Haven market as someone currently living here. I've been analyzing a few deals around NH recently (generally <$300k) and the numbers generally haven't been working for me (as one would expect in any market). That being said, I have spoken to folks who've had luck finding decent cashflow properties. Personally, I'd recommend looking into areas like East Rock and Westville as they're considered "safer", though most multi's seem to be in-between the two areas.
- Rental Property Investor · New York, NY · Member since 2023 · 17 posts · 6 votes2y
@Mario B. That is great advice! A hard no for me was anything above the "Dwight" neighborhood, which is where the "Ville" in Newhalville, etc. comes in. Crime sucks and rents are lower, and it will probably be the last neighborhood to improve. Regarding The Hill, I've scoped out a few off-market deals with my agent that are either close to that Union Ave train station, or in more walkable sections ex. close to Yale NH Medical, etc. You are totally right abt the walkability on Google Maps tip, and it's something I've been carefully analyzing for every property!
@Amaan Hassanali That is true. My counter to that, though, would be that I couldn't find anything that would cashflow if I bought it as-is, with tenants in place already and with under a 20% down payment. However, once you look at 2bdrs over a certain square footage, have off-street parking, do a small bit of renovating, and do 20% down, it seems like the numbers work well. But that is a big ask though, because with dp + closing + reserves you'd need around $80k in the bank for this.
My big thing is grabbing stuff with vacancy. I don't want to deal with pending evictions, a contingency for the eviction, going in to find piss on the walls, etc. I have tenants already lined up whom I've sourced online, through word of mouth, etc that are moving to the city for work and willing to pay the rents I intend to charge, so I just need to close and get them touring asap.
- Miami, FL · Member since 2022 · 60 posts · 39 votes2y
Buffalo and Rochester, NY are both top #10 cities nationwide for cash-flow
Quote from @Mathius Gazi:
@Mario B. That is great advice! A hard no for me was anything above the "Dwight" neighborhood, which is where the "Ville" in Newhalville, etc. comes in. Crime sucks and rents are lower, and it will probably be the last neighborhood to improve. Regarding The Hill, I've scoped out a few off-market deals with my agent that are either close to that Union Ave train station, or in more walkable sections ex. close to Yale NH Medical, etc. You are totally right abt the walkability on Google Maps tip, and it's something I've been carefully analyzing for every property!
@Amaan Hassanali That is true. My counter to that, though, would be that I couldn't find anything that would cashflow if I bought it as-is, with tenants in place already and with under a 20% down payment. However, once you look at 2bdrs over a certain square footage, have off-street parking, do a small bit of renovating, and do 20% down, it seems like the numbers work well. But that is a big ask though, because with dp + closing + reserves you'd need around $80k in the bank for this.
My big thing is grabbing stuff with vacancy. I don't want to deal with pending evictions, a contingency for the eviction, going in to find piss on the walls, etc. I have tenants already lined up whom I've sourced online, through word of mouth, etc that are moving to the city for work and willing to pay the rents I intend to charge, so I just need to close and get them touring asap.
Finding multi families without tenants is difficult, most investors don't want to loose cash flow during a sale, every dollar counts for them. Most of the time I find tenants are all month to month. If you can get receipts of payment, prior lease, application, etc. anything that can help you if you take on a property with tenants, it will help. Your closing attorney should also be able to advise what documents to source for in place tenants to help mitigate a potential eviction. If you self manage, try to account for 5%-10% maintenance each month and 5%-10% vacancy. If the property cash flows after all mortgage expenses and maint/vacancy, property tax, insurance, etc. you're on the right track.
- Rental Property Investor · Member since 2019 · 411 posts · 148 votes2y
@Codie Gillette I myself live in NY and invest in NJ. Happy to discuss my experience.
- Member since 2017 · 2 posts · 1 vote1y
Quote from @Codie Gillette:
Hey I'm looking for different markets to invest in out side of NY, what surrounding states/cities tend to be more landlord friendly?
Hello are you still investing in the northeast...I have a property in newtown that is zoned for mixed use ..zoning approved..constrcution started next door for same...please contact be to discuss further if interested (914-9797-1656
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