All Forum Posts by: Bethany S Labrinos

Well, I'll tell you what I think. I think the idea of owning 100 doors is crazy. I would probably start in Albany and then 1031 into 2-3 multifamily buildings in the city, but you'll do you and I'll do me.

I live and invest in east side of Rochester, NY, there is a shortage of houses due to 20 years of negative population growth followed by significant growth post pandemic. This is both to rent and to buy. I think the story across a lot of the upstate is similar, net exodus from 2000-2020, followed by a surprising increase in prices and population growth following the pandemic as people (and companies) searched for affordability. I know we have been positioned as the transgender capital of the US in large part because NYC is too expensive. While I love upstate New York, I get the opinion that most people are here because of work or family and would rather live somewhere warmer. So, I think you have a risk factor in upstate New York that you don't get in most other areas (it's not where most people would choose to live).

I think upstate New York one of the few areas in the country you can cash flow in B areas with 80% downpayment, so that's nice--in terms of deals, I think the numbers still work out at market prices.

Finally, the property taxes are very high in upstate New York. On my properties about half of the mortgage payments go into escrow for taxes. I pencil in 4.5% when I underwrite my deals.

Yea not really tracking why my goal is "crazy." Many people own more than 100 doors... but to each their own. I appreciate the input nonetheless!

2 Votes

I'm looking for a 2-4 MF. I currently have about $50k in cash and am looking to spend no more than $250k on my first property (less depending on the area, number of units, etc.), inclusive of any renovation costs. I would be open to a fixer upper. I've been primarily looking at places that need some work.

As some background, our goal is to acquire 100 doors in the next 15-20 years.

0 Votes

Hi BP Community,

My husband and I have been preparing to begin our real estate investment journey, and we could use some insight. We've essentially ruled out investing in our local community because we can't seem to find a good deal (we live about 1.5 hours north of NYC, so purchase prices are very high), so we are considering (1) investing out of state; or (2) investing in some northern NY localities (Syracuse, Albany, Rochester, etc.). We would love to hear from anyone who current invests in any of the northern NY cities/towns about how their experience has been, what the pros/cons are to these markets, general thoughts. If you have specific thoughts about any particular area, we would love to hear about that too. It would be our preference to invest in upstate NY because we could drive there relatively easily, but if there are better deals elsewhere, we would be more inclined to go with option (1).

4 Votes

All Forum Posts by: Bethany S Labrinos

Bethany S Labrinos has started 1 posts and replied 3 times.

Post: Investing in Upstate NY?

Post: Investing in Upstate NY?

Post: Investing in Upstate NY?