Opinions on a multifamily in Newburgh/Poughkeepsie living in NYC

[Lyndon Major]

Moving to NYC soon and I'd love to house hack a duplex, but considering cost and my newbie experience level, I'm more inclined to invest outside of the city. I've only looked at the MLS (really just zillow, realtor, and streeteasy) but im able to make the numbers work on more properties around Newburgh and Poughkeepsie and see virtually no opportunities in NYC.

I realize experienced investors can find deals anywhere but I want my first deal to go well so I'm inclined to buy more properties. 

What are your thoughts on living in an apartment while investing in a multifamily 1.5 -2 hrs away? Am I asking for a headache? Is a property manager a good idea with that distance?

I welcome all opinions...

[Jeremy Gonzalez]

Originally posted by :@Lyndon

Originally posted by @Brandon Pimm:

@Lyndon Major

@Jeremy Gonzalez is doing exactly what you describe, perhaps he can lend some insight

 Thanks for trying to connect us. I'll reach out!

Hi Lyndon! I live in Brooklyn and started investing in the Hudson Valley last year. I agree finding a cashflowing deal in a desirable area in NYC is tough. For that reason my wife and I looked into Beacon, NY for our first investment. Multi-families in Beacon were above our price range but we found an affordable small 1 BR condo near the Metro North station. I self-managed the rehab which was super time consuming and exhausting, but it paid off in the end. Now we have it listed as a STR and we hired a manager to handle all the guest communications, maintenance, and housekeeping. The property cashflows and we are completely hands off.

We're currently working on our second deal, this time a SMF in Newburgh.  We are planning to self-manage for the sake of gaining experience.  Once it's up and running I'll be happy to share my experiences and lessons learned with you as I'm bound to learn some things the hard way.  If it ends up being too much of a burden I will seek out a property manager (we budgeted for this when we analyzed the property).

Overall it's certainly possible to self-manage from a distance.  Your decision will depend on your skillset and desire to learn from hands on experience.  It could be time consuming so if you want to accelerate your RE investing journey you might be better off just hiring a manager off the bat and using that extra time to focus on your next deal.  Personally my wife and I love the Hudson Valley so visiting the property is a great excuse for us to escape the city and go on a nice hike.

I'd be happy to share more details with you so feel free to connect with me.  Good luck!