NY (Long Island vs upstate/out of state)

[Jason Aro]

Hi,

I live on Long Island and have been doing my research to buy my first smaller multifamily investment property. I am not sold on buying an investment property on Long Island as everything is a bit more expensive in NY, however this is the area that I know best. The cash flow might be there on some properties but the appreciation of the property usually is not. Additionally, multifamily houses are far and few between. I am interested in getting peoples opinions with regards to investing on Long Island vs the Newburgh/Beacon areas 'upstate'.  

Appreciate any feedback.

Thanks,
Jason

[Gina Cook]

Hi! I am from Long Island. I invest in Syracuse. When I buy I buy for cash flow, not appreciation, so I’m not sure if my advice would fit your goals, however Syracuse is a high cash flowing area. I don’t even bother looking right now at houses on the island because it is very difficult to find a decent cash flowing property unless you get the house at like a 40% or more discount. The taxes are just too high here and the home prices are too expensive. Also, homeowners insurance is pricey and so is the cost of repairs which is in line with our high cost of living. Of course with enough hard work you can make anything work though, nothing is impossible! Where and how you invest should be based on what your goals are. My goal is to replace my income and financial freedom. So cash flow is very important to me. Where I invest there is very little, if any, appreciation, but the cash flow is high! On Long Island homes will appreciate (never a guarantee though), but cash flow is not going to come easy. Appreciation is always just icing on the cake. :)