Rochester NY a good market?

[Jason King]

Hello, I am new to Bp and i would like to start investing in the upstate NY area. I would like to buy and hold to build up my income. I have 60k in cash and wanted to purchase a home for around 35k and put 20k into it. I was wondering if rochester/ syracuse/ or buffalo were good markets to buy and hold. Thank you

[Greg Miller]

One thing to consider might be putting 25% down on a conventional mortgage, allowing you more working capital to expand (it seems like that might be your thought).  Or "seasoning" the property and doing a cash-out-refinance in 6 or 12 months, if you really wanted to buy something cheap for cash and renovate.

I think Syracuse (and I'm sure Rochester and Buffalo) certainly have some good areas.  I would lean more toward closer to home, especially if you are going to self manage the rental.  In the Syracuse area I personally look in Eastwood, Tipp Hill, the east side of the City, and near suburbs.  I also have a great investor friendly (and investor herself) agent which I would be happy to pass along if interested.