All Forum Posts by: Cerwin Haynes

Hey folks. I have a 2-unit property in Syracuse I've held for 6 and a half years. I've been monitoring the market for the past 9 months, and I wanted to see if anyone on here has recently sold any 'Cuse properties in the last 3-6 months and what folks have been seeing with this current seller's market. I'm seeing properties in so-so neighborhoods go for way over what they normally would be (40-60K). Also, I'm hearing some pretty incredible things - multiple offers over asking price, buyers agreeing to waive inspections. I'm looking to explore my options.

@Erin Dorsey Robinson I'd like to know more about Cleveland: I spent a few hours last month web-surfing some properties in the 40-60K range. Comparatively speaking, at first glance the average rents are lower than Syracuse, but it appear the taxes are a LOT lower too.

I completely forgot about this thread, lol.

Long story short: the closing was pushed back a total of 7 weeks to Sept 14 of that year but the seller got the tenant to leave. While the delay was agonizing, the timing ended up being perfect for a variety of reasons.

@Daniela Andreevska @Megha Sharma

Hello all.

Fascinating that Syracuse and Cleveland are mentioned as two markets that offer good combination of affordable property prices and good return on traditional, long-term rentals. I lived in Syracuse for several years and bough a duplex in 2015, and I have a friend who bought a duplex in Cleveland in 2017. We both attest to what Daniela said, provided that you do homework on both markets.

For Syracuse, I'll tell ya what I've noticed lately: it's a seller's market right now - even in the lousy neighborhoods folks are getting their asking price and then some. That said, I've seen 3-unit and a 4-unit available for 99K, 100K (some already have tenants) that can absolutely cash-flow. Poverty levels are high in several areas, but gentrification has been seeping into some of those neighborhoods. I'm seeing a bevy of recently renovated single family homes hit the market. Houses are appreciating, and that's something because Syracuse is not known for being a market for good appreciation - I'm going to pursue an appraisal next year for my property to explore HELOC opportunities.

I bought my first property as owner-occupant for a hair under 55k in Syracuse. A duplex that, through house hacking, I squeezed an extra rent out of it - pulls in $1850 in rent. 

@Mike Cumbie lol that's hilarious. 

@Eric Brandenburg all jokes aside, the good news for you is, if you can afford to kick out 1800 a pop for rent, you can potentially have a LOT of affordability options and pick of 'Cuse neighborhoods. 

For example: I'm guessing you've heard of Tipp Hill and Eastwood: A friend of mine bought his first property - a 2-unit, owner-occupied - in Tipp Hill for 100k. That 100k could net you a nice property in Eastwood too. 

Another thing you should start thinking about is if you want to engage in any kind of rehab. I'm not a rehab guy, but FHA has options to take on rehab work (FHA 203 and 203k).

PITI is Principle, Interest, Taxes and Insurance.

You're paying WHAT per month!??? In Syracuse? Like, within the city of Syracuse? 

Oh no no no... we need to help you put that money back in your pocket and get it to make more money for you. 

Since you're renting right now, the first investment step I'd recommend to you is going from renter to owner. Also, start thinking about where in or around Syracuse you'd like to live/buy, and start casing housing prices in thise areas. 

Let's talk more. 

Hi Peter.

I have someone (not a company but a person with connects) I use to manage my property in Syracuse. PM for more info.

Welcome Eric!

I second everything Jay and Will said. I bought my first property, a duplex, via FHA as owner-occupant last year. I think if you can find a duplex where one of the units is a 3bed/2bath (one of my units are just that), you can greatly increase your earning potential. Having a tenant whose rent covers your PITI is a HUGE financial liberator!

Just know that with FHA there's a considetable amt of t's and i's that need crossing and dotting - don't let that discourage you though b/c it's absolutely worth it as long as you buy the right property for you. Also look at Fannie and Mae Freddie Mac; early this year they dropped their percent-down requirements to 3%.

Congrats, Will!

Hi Peter. I just relocated to the LA area in the spring and I have a property in Syracuse. We should chat if you'd like.

It's too bad I can't make these Syracuse meetups. I feel like I need to hire a stand-in (lol).