All Forum Posts by: Staneley Cesaire

Grab it fast, this is why you can’t just ask random investors advice, Utica has many changes that has been pushing up the price. This is a good price i just saw a fixer upper for 70k. Most likely this is a tougher neighborhood otherwise it would be way much more. Go there make sure you are not in over your head, look for big ticket items like foundation, in fact that is the only thing i can say would make me change my Mind wait no, even that might still make senes for this deal, the rent has been going up as well! Depends on how you fix the property, you either fix it for a doctor or a rehab recipient!

Getting to 50 units can be a lot of work however I can agree with you in saying that some people will not get there only because they will not dedicate themselves to focusing on making it happen. It does take focus, it takes growth of the mind and also takes doing what needs to be done most people approach real estate as if they want to be millionaires from day one. They want to have the best looking properties in the best neighborhood however if you are a real investor then you look for a places to invest where your numbers allows you and often if you move away from the big cities there is plenty of low hanging fruits. Your cash flow can be a lot more then $200 a door especially if you manage yourself. One reason is the properties can cost less so your mortgage will be less as well increasing you cash flow and you ROI. managing your self could go both ways. If you are learning watching video like Ghomnet on YouTube, playlist your real estate 101 (shameless plug hahaha) and other you learn if you are approaching blindly it might be better to leave it to a PM. So in conclusion it is up to the individual and their will to make it to these number. keep in mind too you can also change your lifestyle in small family town you will most likely not need 10k a month.

I think you’re talking about C and D class neighborhoods, well here is the big difference when you put an apartment for rent you get tones of calls, the problem many don’t qualify. You have to careful in screening making sure you are trying to rent to the right person if you are waiting for a perfect tenant you may stay empty for a long time so you have to know what is the best tenant in that area for that apartment, it might section 8, or some other program recipient. # 2 the people in these neighborhoods Are generally low income, so they will fight about damages cause they don’t have the money to fix it, # even if you screen you still can end up with a bad tenants boyfriend or girlfriend who is crazy or sells drugs And say they don’t live there but is always there. Hey check this youtube video (ghomnet- 10 reason not to buy investment property in the hood there is also 10 reason to buy in the hood

In utica properties have been going up for the last few years, under $60,000 is more like fixer uppers in C-D list neighborhood! 

At this time Utica is electrifying, all sorts of things going on! As a Utica landlord who is buying,  I Want to say buy in Watertown! Lol, good luck!  

Here is a good story, maybe you will like it, i one time put a high end stove and fridge in a rental. This rental would normal get c plus type tenants. When the tenant accidentally broke the glass on the stove, it was more then their security deposit and i knew they could not offered to pay for it and still function properly financially. To evict them would only worsen the blow for both me and them. Lesson learned: buy clean working product that looks good, but also that can be repaid if something happpens by the client you seek!

I am an investor in Utica NY. Like all market it is a tricky area, Here more so then others, since it is such a small city. There are a lot of changes coming to the area. This makes it a hot spot right now. Here you will need a good strategy. You will need to know what you want to deal with or how much money you want to put in! There is plenty of money to be made! There are 1 bedroom here that rent for $550 right next to other 1 bedroom  apt renting for $1550. My recommendations is start looking at property every weekend? You will quickly see patterns and start developing a strategy, as-well as an understanding to the different needs the areas have. Sorry to say i work with a lot of realtors, they are super cool here, but they rarely seem to spot the trend or truly understand it, this is due to the fact that for so long Utica was not a desired area. Any way good luck!!!

Thank about the great business men of America! Rockefeller, Carnegie, Vanderbilt. They all started in rough areas. Do you know why they made it so rich? each gaining the title of richest in America. because they built their wealth where the rich and fancy people of the time did not want to focus on. Then they work their *** off. The success of any risk you take will depend on your effort, and your ability to not give up. C and D neighborhood have a lot of challenges, and the most money to be made. If you are ready to work, learn, and really manage property. If so you will be successful. 

If you want to follow what’s cool then “low cap rate means your getting less headaches and you wont get shot” and “ high caprate means you are in the war zone”, But in truth if you want those great deals, things are more complicated then that.  Example in NYC, you have some of the lowest cap rate in not so great areas. In New Hartford NY (in central NY), you can have great quality tenants at a much higher caprate. THe reason is supply and demand not the tenant quality. You have more people coming from all over wanting to buy in “NYC”.  You can resale the building for more in a year. However that does not guarantee you won’t get shot before doing so, at that property. Another thing you want to be careful with is a recent trend prices for multi families have been going up in not so great areas but rent has not gone up and the headaches are still there. So if you are going by the theory lower caprate means better area only. You may get yourself in a property you are not ready to manage. I think you should approach each area very careful. Sometimes a good or bad neighborhood (low or high caprate can literally be different by blocks or sides of the same the street) The more you get into the details of the area you’re investing in the more you will be a success.  

Because they are very focus on finding clients! It take a lot of time to try to sale a house, find client, drive them around, etc...