Rental Income

Multi-Family

Two-Family properties and up are recommended to maximize cash flow. Up to five family homes in New York do not require rent control to come into effect. Single family rental properties including houses, townhouses, and condominiums I am not a proponent of but there are opportunities everywhere. Key is to be cash flow positive by enough to make your financial commitment and time involved worth it. There are so many nuances to consider when looking at rental properties, first you have to make sure the home you are buying is solid and not in need of huge repairs or renovations. Second check and see what the rents in the area are currently going for. I like to utilize Zillow, Trulia, hotpads, and local real estate web sites to see what similar apartments/units are going for. Being close to public transportation and easy access to highways is another key element. The school district the property is located in is also huge.

Vacation Rental

This type of rental has gained in popularity over the years especially since the advent of Airbnb, VRBO, and etc. It is my belief that they will only get more popular as hotels have become less attractive due to Covid-19. As I am writing this entry today September 4th, 2020 the Hilton Times Square has been closed. In a million years you would have never guessed that such an esteemed hotel brand at one of the most iconic sites in the world would be in a position to close. The rental income generated by a vacation home can be seasonal but the higher daily rent amount usually compensates and then some versus a yearly traditional rental. Best cases are areas that offer year round desirability such as warm climates or seasonal climates such as a summer and winter season.