All Forum Posts by: Chris Albanese

@Sam Sjoberg - welcome!  I'm also living in NYC and trying to get a house hack going, but it's been difficult to find something that cash flows (analyzing properties with the assumption that I wasn't living in the building, so I can gauge value).  It's been very hard finding something nearby due to the high taxes just about everywhere.  I've started looking in CT since the taxes are lower and the schools are good, but even there it's tough.  Bridgeport has some properties that cash flow, but that's a pretty far ride from NYC and feels more like an "out of state" investment even though it's only one state removed, and I wouldn't be able to house hack there since the commute to NYC is too far.  Hence I'm starting to look further out of state as a pure rental play.

@Steve Kontos - if you have general suggestions on how you got started in out of state investing I'd love some direction!  Happy to have an offline conversation as well.

Hi @Alicia Mahase,

I'm also from NYC and looking in the surrounding areas for multifamily deals.  Tough to do in the 5 boroughs, but I've been poking around Westchester and western CT to find something that cash flows decently.  That's hard to get because of taxes, but I'm sticking with it!

-Chris

I'm in the same boat right now, and I'm analyzing properties as if they were an investment and I didn't plan on living in them. Then, if the numbers look good I can see how much "rent I would pay" and see how that impacts my NOI. Usually if it's a good investment then taking one unit's rent away won't make it a bad investment. But it's hard to analyze it the other way around, as if you were going to live there.

@Merrill Delimont -  thanks for the tips.  I'm working right now to try and make connections in the areas I'd like to invest in.  I totally agree with you that you have to surround yourself with people who know more!

@Jeff B. - I agree with you.  The Hudson line towns are a good call but the tough part is the holding costs due to taxes, which is why I'm shying away from that area.  But the train line along the CT coast is attractive to me since it's commutable to the city and the taxes are lower.

@Loubert Antoine - thank you for the suggestion!  I'm going to take a look there today.

@Loubert Antoine - I do know Bridgeport fairly well because of the baseball team that's there and Two Roads Brewing which is nearby.  It certainly seems like it's up and coming, I'm just not sure how much longer it needs before it really turns.  But it's definitely reassuring that you're seeing value in the area.  I'm going to take another look at that area this weekend.  Any suggestions are which areas of Bridgeport are best?

@Merrill Delimont - I totally hear you.  I guess in that case you have to have lots of trust in the property manager or whoever has boots on the ground.  I don't even want to see the property as long as it's good, but I am a little afraid of jumping into something without doing my own personal due diligence.  What type of group did your friend turn you on to?

@Esmir O. -  thanks for the offer and the info about Syracuse! I want to first try and eliminate some local areas before I move to someplace as far away as Syracuse for my first investment, but if I do end up searching up there I'll definitely reach out

@Rosston Smith - I do want to drive the neighborhoods before investing, which is why I'm trying to find an area that's somewhat local to NYC.  Totally agree that it's all about the numbers.

@James Brand - Another vote for Philly!  Thanks for the suggestion - I don't think South Jersey/Philly is too far if the opportunities are good.  I'm going to do some more focused research there.

@Cerwin Haynes - thanks for the background.  This definitely supports my argument for being near the area where I'm going to invest, and I do think that the goal of wealth building through passive investment/house hacking is the most logical.  Again, I feel like being somewhat local is key here.

@Naum Raz - yeah, I'm in the same boat. Even the outer boroughs seem too expensive for me to invest in, at least not without difficulty. I hadn't considered Trenton, but as James suggested, maybe South Jersey/Philly is the spot that's affordable in the tri-state area. I'll take an 18% ROI any day! Thank you again for the suggestion here.

Yup, I do know Bridgeport @Cerwin Haynes.  It's definitely a city in transition and is still a little rough, but as you said, prices are much lower than the surrounding area.  Thanks for the suggestion!

When you started investing in Syracuse, did you make that decision because it was where you lived and you inherently knew the area well, or did you do additional statistical analysis before buying?  I think that's the part I'm most struggling with - what resources do I use to figure out if Syracuse/Bridgeport/Philly/Rockland are good places to invest?

Excellent, thanks @Cerwin Haynes!  I'm going to do a first pass closer to home (50 miles does sound about right, so thanks for that) so Syracuse isn't going to be my first choice in areas.  But the NY metro area is so tough that I may need to expand my search up near you and if I do I'll definitely be in touch.

Cool, thanks @Ali Boone!  I spent a good amount of time yesterday trying to find an answer to this question and I'm sorta coming to the same conclusion you did - the opportunities nearby are few and far between.  Philly showed up in my research as a good location, as did Syracuse (which is pretty far from NYC - might as well just find a really good area far away instead).  I also found Rockland County showing up on a few web lists, so I'm doing a little more digging there to figure out how good that would be (Rockland is close to NYC so it would be ideal if that worked).  

Thanks again for the advice.

-Chris

Hi BP!  My name is Chris and I'm starting to get more informed about where I should begin my RE journey.  I've decided I'd like to begin investing in rental properties so I can generate some passive income streams while I continue working my "regular" job.  Currently I live in NYC but would like to invest in a suburb of NY rather than the city itself due to the high cost of investment in the city.  The part I'm having trouble with is - where?

I was wondering if anyone on the forum could recommend some specific ways to figure out the best regions/towns to invest in rental properties.  Websites? Forums? Meet-ups?  State/County reports?  I would feel much more comfortable investing in something near my home rather than trying to manage it remotely, but it seems like there are an overwhelming number of places to research, so I need to narrow it down to a more specific region nearby. Although I feel like I have a decent handle on how to evaluate a property I'm finding it hard to figure out "the best" place to apply my evaluation.  Does anyone have any suggestions?  Thanks!