I made some good decisions that paid off better than I could have ever imagined, and I’m now looking to start buying rental properties, with my first coming early next year.
I live on Long Island, in New York, and I’m battling myself on where I should target for rentals. I have family in North Carolina, and am considering the area around Davidson, but am somewhat concerned because of the distance (I don’t want to rely on family to help manage the property/ies).
Real estate on Long Island is supremely stupid right now. It seems like every home in Nassau County starts at $500,000 now. While I could swing 25% down payments on a couple of those, I’d rather try and get more bang for my buck. Plus, while rentals are assuredly going up as sales prices go up, it doesn’t seem like there’s much left over each month after a mortgage, taxes, and things breaking are all considered. Suffolk County is better, but not by much. If somebody put a gun to my head and told me that I had to buy more property on Long Island, I’d buy in Nassau, I think.
Lastly, I went to school in Albany, N.Y., and enjoyed my time up there. It is (was?) a cool little city, and between government workers and 25,000 students (who will hopefully be returning to in-class learning for fall semester), it seemed like this wasn’t the worst move in the world. It’s three hours away, so it was within driving distance if needs be, and the property prices in Albany are comically low when compared to downstate.
That said, I’ve read some things about Albany that have given me pause. It’s apparently the fifth slowest market in the country in terms of sales, and there has been something of an exodus. My goal isn’t to buy and flip rentals, I want to buy and hold, but I would like to know that renting each apartment out isn’t going to feel like a Sisyphean task.
I’d really appreciate any feedback, any ideas that you guys may be willing to share. I feel like my choices change daily, and while I have a little time before I have to pick a lane, I have to eventually pick a lane, and I want to make sure that I don’t fuck this up (because this is not an opportunity I’m going to be presented with again, I think).
Thanks in advance.