Located in NYC, want to invest upstate / out of state

[Will Jo]

Hello,

Long time lurker, first time poster here on BP. I've been religiously following the BP podcasts and have been educating myself on REI in preparation for my first investment. I am looking for single family / multi family rentals to invest in as I believe that this is the best investment vehicle to meet my goals.

However, I'm coming across a problem. This may be a roadblock that many first time investors meet, but I'm hopeful in finding suggestions and solutions on this forum.

Going through traditional financing, I find the barrier to entry in the NYC market is very high for the capital I have available (assuming I don't find additional investors). I have figured, therefore, that I would invest somewhere close to NYC but far enough that the barrier of entry is lower (and returns are higher). I have been looking into Albany / Syracuse / Ithaca. Outside of New York, I've been looking into New Jersey and Connecticut (New Haven to be specific).

The Question:

Are there any other investors living in NYC that are investing in other markets close by that are finding success? If so, what markets?

I really would like to concentrate on one market and dominate but I just cannot seem to pinpoint on one really good market *whether established or up and coming.

Any suggestions and help to point me in the right direction is very appreciated!

[Jesse Wixson]

Will, @Will Jo

I live in Ithaca and invest in the different markets that surround the area. I know the area quite well for residential sales as well as market rents. Many of the deals that I have worked are off the market, the mls is retail or high price (buy low sell high). I specialize in multi family and single family residences. I also don't deal with traditional lenders for the first phase of my projects. Banks are very rigid in what they are looking for. I work with owner financing or lending institutions specific for investors to get the project moving and rented. I then go to the banks and get a traditional mortgage with known rents. This makes it so I don't have to "draw" renovation costs and I don't have to come up with 20% down. If you would like to talk feel free to reach out. 

Jesse