Posted by Barbara_NY on January 06, 2003 at 13:07:47:
I have no knowledge of Newburgh or Newark, but can comment on Beacon. Beacon would be a good place to invest if you are prepared to rehab and resell to a select market. The majority of the property in the area is excpetionally historic and would require resale to those interested in this type of property. I believe the owners are a mix of generational home-onwers and those who work at high end jobs in Manhattan. Your marketing stragegy should reflect that. I’d suggest talking with a hand-full of local realtors and find out (through MLS printouts) the avg. turn around time and the prior addresses of the purchasers.
Any insights on the market in any of these areas? ie. Do duplex or single family rentals make more sense? Should I be thinking about rehab/resell?
This would be my first investment into real estate. I know that I will be doing my own research, but I was curious about what the experts think of these areas. I know that I can’t afford to do anything in the area where I currently live (NYC). Each of these areas will allow me to keep my current clients while living in a less costly neighborhood. Suggestions ?