Is Rental income worth it in NY

[Keren Adaki]

Hi everyone!

I am a mother or 3 children under 6 and am driven and determined to make it through real estate.

I currently own a small 3 bedroom ranch w a finished basement on Long Island, NY (own for 7yrs). The home is lovely but too small for us at this point. ideally I would love to buy a bigger home for us but keep this small ranch in the family and rent out. The only problem is that from speaking to ppl I am told that NY rental rules are not in favor of landlord. According to my calculations, I can make 1k of passive income renting this ranch out after all expenses are paid for.

My question is should I take the risk of being a landlord in NY? Or should I sell and use proceeds to invest close but out of state, like in PA or Connecticut buy purchasing a duplex or something that can generate passive income?

Many real estate investors from NY advice me to own my residence in NY but not rental income. Any advice? Need to secure my children’s future!!!! Thank you in advance.