Going boots on the ground, any advice?
Las Vegas · Member since 2023 · 11 posts · 6 votes
Hi Biggerpockets,
I have identified a handful of markets (Youngstown Ohio, Elmira New York, Rochester New York, and Syracuse New York) that seem to be a right fit for my investing philosophy. I am planning a trip where I will hit each market and spend a day boots on the ground touring properties and meeting with property managers in an effort to identify the best fit for me. My goal is to identify, from my narrowed selection, one market I can invest into for the rest of my life and I understand having a solid team is critical in accomplishing that.
Has anyone planned a trip like this before and if so, what was your experience like? Do you have any advice?
Thank you for your time!
In Syracuse, I recommend that you get in touch with Dante Belmonte. He has been both my friend and real estate agent over the past several years and has helped me and several of my friends both buy and sell investment properties in the Syracuse area. He is very knowledgeable about the Syracuse market and would be a great person to have on your team if you are looking to buy in Syracuse and the surrounding area.
I help investors with this concept all of the time in Rochester, NY, and I will start off by saying that it is a great idea to take advantage of. There is nothing wrong with investing in a foreign market, or one that you are not living in, but it is very difficult to do when you have no familiarity with what that market "feels like" because you have never been there. To me, property locations and property types can be largely subjective in nature so it is very helpful to have boots on the ground experience to some degree before you decide to invest in a market. You will also be able to relate better with your property manager and agent recommends based on what you then know.
I always recommend to spend a ton of time driving around within each market and select different listings, or past listings, in various different neighborhoods to get a feel for each location and determine where you are comfortable with and where you are not. It should be possible to view properties as well while you are there so you can get a feel for what condition and property type will be for different price points and locations.
Hope this helps!
@Account Closed I invest full time in Rochester--let me know if you have specific questions
Your intention is good, but it’s not going to work out the way you think. Take the good and the bad from each market and see how you can invest in all of them.
What do you like about Youngstown over the other Ohio markets? I invest in Toledo.
I’ve lived in Syracuse and would take Ohio over NY state easily. The NY housing stock is way more aged and decrepit and the laws too landlord friendly, and taxes to high.
I help investors with this concept all of the time in Rochester, NY, and I will start off by saying that it is a great idea to take advantage of. There is nothing wrong with investing in a foreign market, or one that you are not living in, but it is very difficult to do when you have no familiarity with what that market "feels like" because you have never been there. To me, property locations and property types can be largely subjective in nature so it is very helpful to have boots on the ground experience to some degree before you decide to invest in a market. You will also be able to relate better with your property manager and agent recommends based on what you then know.
I always recommend to spend a ton of time driving around within each market and select different listings, or past listings, in various different neighborhoods to get a feel for each location and determine where you are comfortable with and where you are not. It should be possible to view properties as well while you are there so you can get a feel for what condition and property type will be for different price points and locations.
Hope this helps!
That is super helpful thank you for your insight Jason. I am preparing to make many mistakes and am certainly not expecting my first few purchases to be anywhere near perfect finds understanding that with each purchase, I am gaining more experiencing and becoming more familiar with the market. I am also planning on visiting the market multiple times a year especially while getting started to help alleviate some of those unfamiliarities you mentioned.
You may not be able to get the full feel of the area with one visit.
The one(s) that seem like moneymakers for you, maybe visit with no appointments two or three more times (not in the snow season) and just be a fly on the wall.
Visit the grocery store parking lots and fast foods of the areas you like--see who is shopping, are their carts filled to the brim or is it small amounts of food--like they must eat out a lot.
Stay in a (m)otel on the fringe of the area, eat on the restaurants the locals eat in (if they are not too dangerous).
Go on line and watch their nightly local news, and read their local newspaper online.
Talk to local Realtors about A, B C and D areas.
Get the Feel for the place, for instance doing business in Chicago (in my opinion) is like falling off a log vs doing business in some other mid-western areas (the locals seem to make it easy and have good attitudes).
Other areas the local governments make everything a PITA, with this inspection and that inspection, and local rules and regs as well as eviction feet dragging.
(not saying Chicago is perfect, just saying in the Midwest, I find it pro business on a grass roots level).
Good Luck!
@Account Closed I invest full time in Rochester--let me know if you have specific questions
Thank you for reaching out Martin, will do!
What do you like about Youngstown over the other Ohio markets? I invest in Toledo.
I’ve lived in Syracuse and would take Ohio over NY state easily. The NY housing stock is way more aged and decrepit and the laws too landlord friendly, and taxes to high.
I looked into Toledo aswell and the general sense that I had was that it would be a good target for a flipper or for BRRRR deals. Just getting started out, I am looking to target properties that are close to turn-key or ones that I can defer work on for a couple years (either already occupied or major repairs that won't be due for another couple years). From what I saw, most of the good deals in Toledo were on fully distressed properties or abandoned ones. In Youngstown, I found more plentiful deals on homes closer to what I was talking about. I will definitely revisit Toledo again in the future though as all of Ohio has serious potential.
As for Upstate New York, the stock of multi-families is what really pulled me in. I already did some digging on the tax situation and even still the numbers make sense to me. I will admit though that I am not super familiar on the laws and need to do some more research on all angles of that.
@Account Closed- thanks and great plan ....If you will need financing - I would suggest you get fully pre approved so that you can 1) get organized 2) be assured you can get a loan 3) become familair with the process and all the current numbers ( rates / fees / payments / cash for closing etc...) ...good luck
In Syracuse, I recommend that you get in touch with Dante Belmonte. He has been both my friend and real estate agent over the past several years and has helped me and several of my friends both buy and sell investment properties in the Syracuse area. He is very knowledgeable about the Syracuse market and would be a great person to have on your team if you are looking to buy in Syracuse and the surrounding area.
Investing in real estate can be a great way to build your portfolio and ensure a steady stream of income. However, it’s important to understand that different markets have different risks associated with them. It's essential to do your research into each market you're interested in before investing, so that you can better assess the potential opportunities and challenges associated with it. Taking the good and the bad from each market is essential, as this will give you an overall understanding of what kind of investments can truly benefit your financial situation. By taking this approach, you'll be able to make informed decisions that could potentially lead to great rewards down the line. Ultimately, when it comes to investing in real estate, knowledge is power!
Hey Jacob, Going to visit all of those markets sounds like a ton of work. I've invested in many markets without visiting them because I found reliable boots on the ground teams. I would suggest to research online as much as you can first to narrow your markets even more. Spend some time on Google Earth and walk some neighborhoods. Have you already spoken to and identified your teams in these places? You can narrow down your agents over the phone and they can give you a ton of info to make certain that they have properties that meet your criteria. There are a few factors to keep in mind with all 4 markets- you will be dealing with a lot of snow and cold weather issues, lots of old properties which are more costly to renovate and tenants don't move in winter. Also I would check the population growth for all the markets and make sure people are still moving to these areas. You don't want to buy rentals in places that people are moving away from. That's my 2 cents. Best of luck on your investing journey! You can check this free event too. It might help. https://www.biggerpockets.com/...
Hey Jacob, Going to visit all of those markets sounds like a ton of work. I've invested in many markets without visiting them because I found reliable boots on the ground teams. I would suggest to research online as much as you can first to narrow your markets even more. Spend some time on Google Earth and walk some neighborhoods. Have you already spoken to and identified your teams in these places? You can narrow down your agents over the phone and they can give you a ton of info to make certain that they have properties that meet your criteria. There are a few factors to keep in mind with all 4 markets- you will be dealing with a lot of snow and cold weather issues, lots of old properties which are more costly to renovate and tenants don't move in winter. Also I would check the population growth for all the markets and make sure people are still moving to these areas. You don't want to buy rentals in places that people are moving away from. That's my 2 cents. Best of luck on your investing journey! You can check this free event too. It might help. https://www.biggerpockets.com/...
Hi Mariah thank you for your response. Ultimately I am likely going to narrow it down to 3 markets before I leave. I really like walking properties and seeing new parts of the country so I am not super worried about the workload, but I will keep that in mind! It certainly helps that Upstate New York is beautiful too (I live in the Desert). Having worked in alot of out of state markets, do you have any advice on picking a reliable property management company? For me right now this seems to be the most daunting part, it's hard to ascertain just from a google search which ones are good and bad from my perspective.
@Account Closed
Why not invest locally - do you consider it too expensive?
Can you house hack?
Can you find a market within driving distance that is more accessible?
What you are proposing is doable but tough
I'd recommend starting locally if possible
@Account Closed
Why not invest locally - do you consider it too expensive?
Can you house hack?
Can you find a market within driving distance that is more accessible?
What you are proposing is doable but tough
I'd recommend starting locally if possible
Unfortunately my market is not only expensive, but isolated. I have seen a few deals that do make sense, but I really like how cheap real estate is in these other markets. It allows me to get my feet wet in investing, learn, make mistakes with less money on the line. In my market scaling doesn't feel feasible right now either.
Hi Biggerpockets,
I have identified a handful of markets (Youngstown Ohio, Elmira New York, Rochester New York, and Syracuse New York) that seem to be a right fit for my investing philosophy. I am planning a trip where I will hit each market and spend a day boots on the ground touring properties and meeting with property managers in an effort to identify the best fit for me. My goal is to identify, from my narrowed selection, one market I can invest into for the rest of my life and I understand having a solid team is critical in accomplishing that.
Has anyone planned a trip like this before and if so, what was your experience like? Do you have any advice?
Thank you for your time!
Yes, that's where I met my turnkey guy that I still trust til today. Got a recommendation from BP.
Ask your PM/turnkey guy to visit the actual home, and check if they are more "hands on" or more "corporate style".... drive around the neighborhood etc...ask their risk analysis.
I like when someone is "hands on".
@Account Closed
Which market is yours?
Here's the thing about OOS - those prices are enticing but you need a strong team, or you'll end up like these folks...
Jacob, add Detroit to your list and get out there between April 26-29th. I'll be there with my partner and a bunch of investors coming in to meet up with us.
This is what I do. And I own 12-doors in Detroit (from California) and am actively buying more.
Happy to help.
@Account Closed
Which market is yours?
Here's the thing about OOS - those prices are enticing but you need a strong team, or you'll end up like these folks...
@Account Closed
but if you don't BRRRR... you'll be paying retail.
25% down on a turnkey house, even in one of those markets, is greater than a low DP loan that would let you house hack locally.
see what I'm saying?
@Account Closed
but if you don't BRRRR... you'll be paying retail.
25% down on a turnkey house, even in one of those markets, is greater than a low DP loan that would let you house hack locally.
see what I'm saying?
Yeah forsure. I definitely would love to stay local seeing as I have been here my entire life and know the city inside and out, but every angle I have looked at it, its not feasible if I want to scale. There aren't many multi-families under 4 units in Vegas that aren't in dangerous areas unfortunately and getting a normal FHA with 3% down on these high purchase price properties anyway would be tough for me because the business I own is just barely 2 years old.
@Account Closed
I hear you! I know it's tough with prices still so high nearly everywhere. I just don't think putting 25% down on something thousands of miles away in order to cash flow $137 a month is a strong strategy either. Won't that consume a ton of / all of your cash?
What if you house hacked a large single family home in a high quality neighborhood?
Hey Jacob, Going to visit all of those markets sounds like a ton of work. I've invested in many markets without visiting them because I found reliable boots on the ground teams. I would suggest to research online as much as you can first to narrow your markets even more. Spend some time on Google Earth and walk some neighborhoods. Have you already spoken to and identified your teams in these places? You can narrow down your agents over the phone and they can give you a ton of info to make certain that they have properties that meet your criteria. There are a few factors to keep in mind with all 4 markets- you will be dealing with a lot of snow and cold weather issues, lots of old properties which are more costly to renovate and tenants don't move in winter. Also I would check the population growth for all the markets and make sure people are still moving to these areas. You don't want to buy rentals in places that people are moving away from. That's my 2 cents. Best of luck on your investing journey! You can check this free event too. It might help. https://www.biggerpockets.com/...
Hi Mariah thank you for your response. Ultimately I am likely going to narrow it down to 3 markets before I leave. I really like walking properties and seeing new parts of the country so I am not super worried about the workload, but I will keep that in mind! It certainly helps that Upstate New York is beautiful too (I live in the Desert). Having worked in alot of out of state markets, do you have any advice on picking a reliable property management company? For me right now this seems to be the most daunting part, it's hard to ascertain just from a google search which ones are good and bad from my perspective.
I always start with asking the agents for property management recommendations. Then I ask other investors in that market for recommendations. Last, I will do a google search. If you send me a message I will send you a Property Manager questions list for the interviewing process. Best of luck!
Based in Elmira for 12 years now, let me know if you're headed our way, happy to be a tourguide! We manage our own portfolio plus the properties of outside owners.
Some folks prefer to be onsite/hands-on investors, others do 100% remote. Looks like you're aiming for a bit of a hybrid approach, which can make a lot of sense.
Elmira in a nutshell - low property values, high rent yields, maintenance costs relatively high % but low total $. Your biggest choice will be between A neighborhoods higher $ acquisition/ lower turnover vs. C type property lower $ acquisition/ higher turnover & maintenance. Either can be profitable. Elmira has relatively flexible zoning (ask me if you want a link to a new nationwide screen for zoning friendliness). Code is workable and has some...moments - just like most other jurisdictions!
Reach out if you want more details.