All Forum Posts by: Andrew C.

I also live in NY and have invested long distance without scouting the area.  Maybe I got lucky because this was a few years ago and with lower prices and lower interest rates, it was easier to do well.  I think it's doable but it's probably best to visit.  I would say if you do jump in without physically going to the area...you should definitely buy in a nicer neighborhood (I hear too many stories with new investors getting burned investing in bad neighborhoods).  I'd also find something more turnkey (too many stories of people dealing with bad or incompetent contractors).  The most important thing is to work with people you trust.  Ask multiple people on and off BP (preferably people who are no biased).  Good luck!

 Do you mind sharing more information?  What are most midterm tenants there for?  Traveling nurses at the hospital?  People going to the university for whatever reason?  I'm curious what the demand is for midterm rentals...outside of major metropolitan areas.  

I know @Merritt Harris does STRs in the area...probably MTRs also. I have properties in the Buffalo area (a mix of long term and short term) but was looking into Syracuse also, so would be interested to hear the responses.  

Welcome Rebecca!  I live in NYC and started investing in Buffalo a few years back, mainly for the reasons that you mentioned.  I did have a relative living there and my wife went to school there so I had some familiarity with the city.  As I invested a few years back, my returns have been pretty good with cashflow and appreciation.  The environment now with higher interest rates and higher purchase price does make it more difficult but definitely doable.  I agree with what others above said, that having a reliable, honest and knowledgeable team is the most important thing...more so than perhaps the location.  Good luck with your real estate investing journey.

I have an STR in Niagara Falls and it does pretty well based on the purchase price. The winter months, it's pretty much empty but the summer months makes up for it. I did get grandfathered in and the area where I bought is in a nice part of town. I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. When I purchased my property, I had read all the exciting developments in the works...indoor waterpark, shops, new hotels, restaurants, etc., but was severely disappointed when I went recently with my family. There have definitely been some upgrades in the park itself and there were some new restaurants/hotels and they did try to make the streets nicer. While I didn't like feeling I was in Time Square on the Canadian side of Niagara Falls, the New York side felt completely dead. There was also a large plot of land when it looks like something maybe in underconstruction but stopped....

I really do hope Niagara Falls revitalizes.  It has so much potential.

How do you know what areas co-living could work? Would it generally be a location that tends to have a higher cost of living? I definitely think co-living would bring in more revenue but also more work. That's why STR/MTR brings in more money...they're also more work.

 Are you referring to long term rentals when you said the gross rental yield is around 6-8%?  Just want to clarify since Andrew Steffens says it's double that.

@Angelo Proto You mentioned wanting to offset your W2 income by investing in STRs...so I think you would have to have an STR that is closer to where you live. I'm not a CPA so I don't really know how the rules work though. NYC has pretty much banned short term rentals. Some parts of NJ could work, Hudson Valley, maybe Long Island. I don't think it necessarily has to be a "vacation" spot. Short term rentals can work in urban areas too...people travel for many reasons. Of course, make sure you research whether there are restrictions.

I'm also curious as to how the market is doing especially in the MA/Boston area.  I thought there were restrictions enacted recently which made it difficult to operate STRs.  Also, the prices in the Boston metro area seem pretty high so not sure the numbers make sense unless you already own a property.  Please provide more info.

I regret not being able to buy more.  My STRs have outperformed my LTRs.  Never have to deal with evictions/non-payments and it brings in more revenue.

@Stephanie Jacobson Wow!  I heard about Micron going there but didn't realize it was such a hot market now.  Has the Syracuse housing market appreciated that much already?  I thought Micron construction hadn't even started and it didn't seem like the first plant would be completed until 2026.  I will have to say that I am tempted by the potential...I mean there's a lot of money going into that area.  Do you think it would be a good investment if your focus was more on appreciation rather than cash flow?