Hi Jon and Noah,
Your plans on coming to Newburgh are exciting! You’ll find its a very welcoming place.
My fiancee Nadene and I own two multifamily buildings, with 9 soon to be 10 units total. We live and work (we are both artists) in one of the buildings, 45 Henry. We have not had any issues with vacancy in Newburgh, it seems that there are always people looking for a place to live – we usually fill our apartments within 1-2 weeks.
We take pride in the fact that we work very hard on our renovations and restorations and are thorough in selecting tenants that appreciate and will take care of the apartments. We rent everything from a studio to 5 bedroom so have a range of sizes and needs between tenants. In the two years weve been doing this we have only had one eviction in the very beginning and screen heavily as a result of that.
While the initial effort to rehab a 4 or 5 family building all at once is very intense, if you can get through it you’ll find its not difficult as far as management goes.
Spend your time considering how you would set up your rentals – separating utilities, providing good mechanicals, safety and security, quality of the apartment – is worth much more than worrying if you’re apartments will fill. Make it like a place you’d like to live and people will come! Also – in order to break even or make money on a rental building, do your math homework (taxes+utilities+renovation+maintenance VS rental income,) that will help you make a decision based on numbers rather than emotions.
If you have any more specific questions we’d be happy to meet. Ask Cher to put us in touch.
Jon and Nadene