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This is just a hypothetical for me as it gives me something to daydream about I was curious, in particular about places not super far from NYC. I'd think NJ or CT would be cheaper than NY proper though I've heard the real estate taxes in NJ is what kills people.
Although if we expand thing further away from NYC, I know places like VT are considerably cheaper. I'd imagine the big problem there though would be getting occupants.
Thanks in advance for entertaining this inquiry. As I said, it's something fun to daydream about
Your being lazy asking others to do work for you. Typical New Yorker. Try Loopnet Link
True dat. Like I said it's just a daydream. No point in wasting time doing a ton of research for something that will inevitably change when (or if) I ever the capital to act on that interest. Still, fun to think about and it never hurts getting info from people more knowledgeable about something you're interested in
Let's assume you can buy a two unit duplex for one million in the NY/CT area.
By your own admission, you are lazy and don't like doing work.
I would say $1.2 Million would get you through the first year or two.
Just something to daydream about.
Nope, never said I was lazy and don't like doing work. Actually I work 80+ hours a week. I just don't waste putting too much energy into daydreams when there are more pressing matters at hand. Especially since the market will inevitably change so much by the time I have more capital. Although it doesn't hurt to get some general ideas hence the thread.
Also, can you be more specific than NY/CT area? It's a pretty big area
If you are going to day dream, I suggest you daydream at a higher quality level. Any "cheap" apartment building is going to have a lot of deferred maintenance and probably has problem tenants installed. You'd have to deal with lead paint, cranky plumbing, and inevitably, landlord paid heating system. No thanks to all of that.
You couldn't pay me enough to be a landlord in New Jersey, not even if you gave me the building for free. If any one offers to gift me with an apartment building in New Jersey, I'll get in touch with you, OP, and sell it to you for cheap.
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I was curious, in particular about places not super far from NYC. I'd think NJ or CT would be cheaper than NY proper though I've heard the real estate taxes in NJ is what kills people.
