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I would like to buy a 1 or 2bd condo as investment property either in Westchester, Stamford CT or New Jersey.
Would like it to be near a train station, so that it's a desirable and was easy to rent out.
Not looking for a spectacular return, just want to take advantage of the cash savings I have the record low interest rates.
My budget is up to 350K purchase price or so.
Any thoughts would be appreciated.
Would prefer that the place is within a 1 hour drive and commute distance from Midtown Manhattan.
The best idea I can give you (based on personal experience) is: don't. Landlord-tenant laws in NYC give incredibly broad rights to tenants, and none to landlords. You have no concept of legal nightmares and financial losses that a NYC tenant can create for you. Don't do that to yourself. Invest that money in an index fund - in a long term, you"ll get a better return on investment without ruining your life with NYC tenant worries. Do not get a rental property in NYC unless you are prepared for your entire life to revolve around that property. Don't do it unless you are an experienced real estate investor with many other properties, and with a very good real estate lawyer on retainer.
The background of this advice is that I have a small condo in the Bronx which I had been renting out for 11 years, and all the tenants were a lesser or greater nuisance (and I actually didn't even have massive landlording problems, compared with what could have happened). When I learned more about potential scenarios that COULD easily happen in NYC, I decided to just keep the place empty, use it as a pied a terre for myself. I will sell it eventually (not just yet), but I will never rent it out again.
I have 23 units I 5 properties. I wouldn't touch anything in NYS with a ten foot pole. The state is VERY anti-landlord. Beyond that, between high prices, common charges, and taxes, you're not likely to be cash flow positive. And I think appreciation is going to be hard to come by for a few years.
I would like to buy a 1 or 2bd condo as investment property either in Westchester, Stamford CT or New Jersey.
Would like it to be near a train station, so that it's a desirable and was easy to rent out.
Not looking for a spectacular return, just want to take advantage of the cash savings I have the record low interest rates.
My budget is up to 350K purchase price or so.
Any thoughts would be appreciated.
Would prefer that the place is within a 1 hour drive and commute distance from Midtown Manhattan.
Yonkers and White Plains.
Yonkers has a Kawasaki plant or something in it, and Kimber Firearms. I drove around and there seem to be this brand new very nice building right along the Hudson River, with a boat dock. I guess it is for ferries to take you to Manhattan.
White Plains, well, all those office buildings, and development.
The best idea I can give you (based on personal experience) is: don't. Landlord-tenant laws in NYC give incredibly broad rights to tenants, and none to landlords. You have no concept of legal nightmares and financial losses that a NYC tenant can create for you. Don't do that to yourself. Invest that money in an index fund - in a long term, you"ll get a better return on investment without ruining your life with NYC tenant worries. Do not get a rental property in NYC unless you are prepared for your entire life to revolve around that property. Don't do it unless you are an experienced real estate investor with many other properties, and with a very good real estate lawyer on retainer.
The background of this advice is that I have a small condo in the Bronx which I had been renting out for 11 years, and all the tenants were a lesser or greater nuisance (and I actually didn't even have massive landlording problems, compared with what could have happened). When I learned more about potential scenarios that COULD easily happen in NYC, I decided to just keep the place empty, use it as a pied a terre for myself. I will sell it eventually (not just yet), but I will never rent it out again.
Response: Smart..................... but if you need the money
I would rent only to a family or an essential worker without rocking the boat.........
The best idea I can give you (based on personal experience) is: don't. Landlord-tenant laws in NYC give incredibly broad rights to tenants, and none to landlords. You have no concept of legal nightmares and financial losses that a NYC tenant can create for you. Don't do that to yourself. Invest that money in an index fund - in a long term, you"ll get a better return on investment without ruining your life with NYC tenant worries. Do not get a rental property in NYC unless you are prepared for your entire life to revolve around that property. Don't do it unless you are an experienced real estate investor with many other properties, and with a very good real estate lawyer on retainer.
The background of this advice is that I have a small condo in the Bronx which I had been renting out for 11 years, and all the tenants were a lesser or greater nuisance (and I actually didn't even have massive landlording problems, compared with what could have happened). When I learned more about potential scenarios that COULD easily happen in NYC, I decided to just keep the place empty, use it as a pied a terre for myself. I will sell it eventually (not just yet), but I will never rent it out again.
Good information, except that the OP is not looking to purchase a rental property in NYC.
Crazy, huh? Given that this is the NYC forum.
OP would have better luck posting in the New Jersey Forum, the Connecticut Forum, or the Westchester subforum.
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