Move to Westchester County, NY

[Emily Horton]

Good afternoon,

I am an engineer considering a move to Westchester County from Dallas, TX, and I would like to house hack my way in New York. I am unfamiliar with the real estate market in the area, so I am looking for advice on where to look for multifamily properties. I have found some properties via the MLS, many of which have appeared within the past two weeks. Several questions I have in mind to get familiar with the area:

-Is there a reason that a bunch of multifamily properties have appeared on the market recently?

-What is the level of demand for multifamily living in Westchester County?

-How has the market changed in the past several years?

-What demographic should I expect to see in the area?

-What is STAR in terms of taxes and how should I integrate that into my deal analysis?

I am keen to jump in with both feet, and would love to know any other advice you may have that is specific to the area.

Thank you!

[Ceasar Rosas]

@Emily Horton

Congrats on making the move to NY. The area in Westchester that would work for you would depend on where you will be working here and what is more convenient. Lower Westchester has many more multis than upper due to its proximity to the City. Places like Yonkers, New Rochelle, White Plains, Mount Vernon, and New Rochelle are all good places to invest, but you do have to be careful with high taxes. 

-This is the time that properties will now start to hit the market more and more, but we still have low inventory in these areas.

-Multifamilies are easily rentable in Lower Westchester. 

-The market has been steadily going up.

-The demographic will depend on what area of Westchester you want to invest in.

-I would count on STAR more as a bonus. When and if you are using a mortgage they will base your qualification on total taxes

It would be good to know a little bit more of where you'll be working, how far you'd be willing to travel, how many units do you want, have you been pre-qualified, etc... That would help us give you the best advice possible.