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Updated almost 14 years ago,
What are the best areas to buy rentals close to nyc?
I live in nyc (queens, specifically) but there are several factors that discourage me from buying a rental here - mainly the high price entry barrier and the absurd level of protection the city offers to renters.
As an aside, a few years back I lived in an apartment building in a very nice area but there was a lunatic on the floor above me. He would frequently scream obscenities and break glass bottles in his room, play extremely loud music, and just generally cause chaos. Everyone in the building complained about him and called the police but when they came, he would be silent until they left. The management company said they had been trying to evict him for 2 years! They wanted me to testify against him in court - I moved out instead. It is also very difficult and time-consuming, as I understand, to evict a non-paying tenant in nyc.
So, can anyone suggest some good areas that are relatively close to nyc that I could invest in? Connecticut, parts of NJ, some of western NY and Long Island are all pretty easily accessible, but I don't know how to find out what their policies are regarding renters (basically I'm concerned with how hard is it to throw someone out if they don't pay or cause mayhem, but if there are other things I should be worrying about please do point them out to me.)
I think for my first building or two, I should be buying in an area that is close enough for me to drive there to take care of issues. Investing in far off regions seems dangerous until I have more experience.
Experienced landlords - please advise! Thanks for your time.