My family has owned a weekend home in the hudson valley for about 80 years. I’ve always been fascinated by Newburgh and its history, and am sure it is going to be a thriving, vibrant neighborhood once again – and soon!
My brother and I are interested in possibly investing in real estate. Today we went to visit Newburgh and were disheartened to find that most of it is still incredibly depressed. We were charmed by the homes on Grand St and Montgomery St, and were initially thinking of investing in a multi-family home around there.
But my question is – as an investor who is very much interested in revitalizing the city, what is the best way to help the community get on its feet again? Where would be the best place to buy property? Would restoring something in a very depressed area be better than owning a building on Grand St? Would commercial property be a better idea?
Let me know what you think. I feel like people probably have studied these things for years, but I’d really like to know how to help. Thanks a lot!