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Updated over 8 years ago on . Most recent reply
Located in NYC, want to invest upstate / out of state
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!
Most Popular Reply
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
Hi Will,
My wife & I are multi-family investors in CT and we've found success meeting our goals. I'd be happy to chat more if you'd like.
Cheers,
Mark
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
Will Jo, I invest in Union City, right accross New York City via Lincoln Tunnel. I find there ia a lot of opportunities in the area.
Hi Will,
If you're looking at Albany it might be worth your while to check out Troy, NY too. Its a short drive from Albany. Very cool city on the Hudson, I went to college there and since I've graduated there have been a lot of businesses opening up downtown. The city officials take reviving Troy very seriously, and they seem to be making some strides. Its a college town so there is always a market for rentals.
Good luck!
Mike
Welcome Will,
I am newer investor in Waterbury, CT and speaking with local agents they say the majority of the investors they deal with are from NYC. I'm also keeping an eye on New Haven and see some upside there as well. Take a look and let me know if you have any questions!
-James
@Mark Avery Hey Mark, thank you for the response. I'd love to chat more with you on your experiences. I will send you a PM shortly.
@Brandon Arce I have been looking at union city as well. There are great multi-family opportunities that I've been seeing. Would it be okay for me to PM you so we can chat more?
@Melissa Gittens Hey Melissa, Thank you for the response and I definitely do need an agent in that area. I will PM you shortly.
yes you can PM me and we can share our experience and outlook in the area.