Experience investing in upstate NY
I'm looking into investing and helping others invest as an agent (once I get my license - I live in long island) in multi and single family homes in upstate ny (syracuse, rochester, buffalo, etc.), and was looking for any advice in these markets based on prior experience.
If you've had a positive experience working with an agent that helped you invest in these areas either locally or through long-distance, any referrals or help of any kind would be great!
Most Popular Reply
@Luca Perinuzzi
Just curious. Why not invest in Long Island or areas downstate outside the city?
Why Buffalo, Syracuse, and Rochester?
What are your goals or return requirements? I’ve been investing in Rochester for 17 years and there are many traps here.
Whenever I hear someone from downstate saying they want to invest in western ny, they are usually doing so because they want “cheap” properties because the cashflow is absolutely bonkers. Well that cashflow screaming out to you on the spreadsheet is a myth.
If you seriously consider our markets, only go for desirable expensive properties that have the lowest relative cap rate for our markets. Buy right and you make good long term money.
Happy to chat! Cheers!