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Old 01-05-2018, 12:36 PM
 
247 posts, read 414,145 times
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We recently moved to Tarrytown last year from Chicago. In Chicago we owned a few rental condos. I managed them myself for many years and never had any issues. We are planning to sell all those condos and expect to get around 600k for them . We are thinking to do a 1031 exchange and buy some rental property here.

The problem is almost all the condos/coops don't allow renting. That leaves only houses to buy. But with the high property tax I would need to charge an exorbitant rent ( like 6k for a 600k home ). Are people really going to pay that much?

Other option is to buy some multi-family home. The problem is all those seem very run down and attract poor quality tenants. I would not want to deal with either of those headaches. Surely there must be something worth buying or am I just better off putting the proceeds into a bank CD at 2.5%?

Last edited by koctail; 01-05-2018 at 01:08 PM..
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Old 01-05-2018, 06:11 PM
 
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My neighbor rents their house and pays $6.5k in rent. She's an expat and her company pays for it. It is a huge house 4,000 sq ft. In Ardsley, two car garage, yard taken care of by landlord... so, no, i dont think anyone would pay over, say, $4,500 for something that is not a single family home.

Run your numbers. We moved and kept our rental property in TX. We manage it at the distance just fine. You may be better off keeping it and hiring a handyman to do all necessary work there. Its a quick non-stop flight anyway...
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Old 01-09-2018, 07:16 AM
 
247 posts, read 414,145 times
Reputation: 158
Quote:
Originally Posted by newnewyorkers View Post
Run your numbers. We moved and kept our rental property in TX. We manage it at the distance just fine. You may be better off keeping it and hiring a handyman to do all necessary work there. Its a quick non-stop flight anyway...
In our case a developer is buying the whole condo complex. So we are forced to sell. They are paying way above market value so it is a huge blessing. Apparently miracles do happen!

I hope to hear from some other landlords in Westchester.
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Old 12-04-2018, 12:15 PM
 
247 posts, read 414,145 times
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Bumping this thread.. Seems like buying an investment property is not a good idea in Westchester. Can any landlords chime in?
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Old 12-07-2018, 08:44 AM
 
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Westchester seems like a structurally terrible place to be a landlord. Property values are high, property taxes are obscene, basic maintenance costs are inflated compared to almost anywhere in the country, and most people are moving to Westchester to escape the cycle of ever increasing rent in the city and buying their own place. I'm sure there might be some deals somewhere but especially with increasing interest rates it is going to be very hard to get much of a return on rental property in the county.
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Old 12-15-2018, 07:10 PM
 
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Unfortunately, 600k does get you very much "house" in Southern Westchester. And if you do find something it will most likely require a lot of maintenance. Have you considered investing in a condo unit? If so, you may be able to snag a 1 or 2 bedroom in that price range. Downtown White Plains may be a good starting point for you.
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Old 12-15-2018, 07:26 PM
 
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I have investment property in Westchester but bought during the recession when the market was softer so I now have appreciation on top of collecting higher rents. There is still some opportunity but as you said the taxes will eat a lot of your profit. I did a 1031 earlier this year and was looking at condos in Westchester. There are some condos where the numbers work
but the timing did not work for me. Also, have you looked across the river at Nyack? Prices are a lot lower.
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