Westchester NY cashflow rental

[Adam Tan]

Hello, I'm very new to RE investing and was hoping for some advice or places to start. I've recently come into about 800k and am thinking of outright buying a property in Westchester as a rental for consistent cashflow. I am not interested in leveraging/financing with a mortgage. Ideally, this will be a buy and forget deal where there is minimal input on my end. 

Does anyone has any thoughts about what potential pitfalls I should be aware of, yields I should be aiming for and/or any contacts in Westchester area (preferably lower Westchester like White Plains/Rye). 

Thank you!

[Shanna Vataj]

What an awesome position to be in. Unfortunately there is no buy and hold property that’s “buy and forget”. You will still need to manage it and put out fires (problems). It wouldn’t make sense to hire a property manager for such a small property. You’re profit would be gone.
 If you’re willing to take a very small mortgage, you can get a duplex in mid Westchester. If you are definitely against financing of any kind (even with rates being very low), you’ll want to look into northern Westchester - think Yorktown, somers for higher end with higher rents or Peekskill/Ossining (possibly a fixer) for a triplex or four unit with more turnover and lower rents. It’s important to look at taxes. Many of our municipalities have village, town, county and state tax (Pleasantville NY). 

I’ve built my business by educating and working with first time and novice investors. Check out my website for info and my blog to learn. ShannaVRealty.com 

	Shanna Vataj Kinard Realty Group Realtor, Management Team 845-750-3310 I 203-548-0568 ShannaVRealty.Com
Real Estate Consulting & Sales. Multifamily & Renovation Value Specialist.