Looking for the right Market in the Northeast

[Stefan Huber]

Hi everyone!

I am at the stage where I am ready to get into my first deal (I have saved enough, my credit is excellent and I have the time to do so) but I am still unsure of the right market.  Being from Long Island New York the barrier to entry is so high for anything in the local area and cash flow is tough to come by.  I have analysed many areas outside of the metro New York area in the surrounding states and further upstate but have been discouraged by the fact that in all of these markets, such as the smaller Connecticut markets like Waterbury and areas such a Poughkeepsie New York, populations have been declining over the past decade due to the cost of living and the departure of manufacturing.  

Could anyone point me in the right direction as to a market (preferably within 2 hours of NYC) that has the potential for or is experiencing growth while maintaining a relatively low cost of entry into the multifamily space?  

Any advise is much appreciated!!
 

[Mark Albini]

@Stefan Huber hello and congrats on venturing out!

CT is rough. I am born and raised there and I moved out for a reason. Increasing cost of living and high taxes/regulations make it hard to succeed there. Please, if you invest. Stay out of Waterbury. I've been helping my family get rid of their Waterbury rentals.

Wolcott is a great town, Bristol is okay. If you're looking specifically close to Waterbury.

Have you ever thought about the Midwest?

I help my family(from CT) as well as a bunch of out of state investors invest here. Where I'm located, your median price range is 75k (most rentals, I aquire for around 50-60k, I just picked one up for 14k). There are higher end rentals if you want as well. We have about 7 zip codes in Evansville Indiana. All have their different medians.

Cash flow wise. With 20% down (10-15k) on a 50-75k house. You can cashflow after property management, mortgage, insurance, taxes, anywhere from $150-300 a month.

I'd be more than happy to discuss your goals with you. Send me a message. :)

Licensed Realtor in Indiana.