Multi-family properties in Connecticut and New York

[Joseph D.]

Hi all,

Quickly want to say thank you to everyone who is contributing to the discussions, the information is invaluable. I’ve searched a bit in the forums, but haven’t found an answer to my specific question and was hoping someone would be able to provide some assistance. I am interesting in purchasing a multi-family (probably a duplex) in Fairfield county, CT or Westchester county, NY. I intend on occupying one of the residences for a year or two, but cannot seem to make the numbers work… am I missing something? I’ve also thought about purchasing a single family and just converting it into a multi-family. Any thoughts?

[Ryan Latella]

have you considered a 3 our 4 family home? I purchased my first 3-family about a year ago, and having the third unit is the reason my numbers work. I had the same trouble originally that you are having now when I was considering duplex's, pending you are occupying one unit.  Managing one unit vs. Two has not been an issue for me because either way you are being a landlord.  Just make sure you do a good job on the front end on vetting new tenants and it will save you headaches later.