Rental Property Investor · Peru, NY · Member since 2020 · 26 posts · 4 votes
Hello,
I'm brand new to real estate investing. I reside in smaller town, Plattsburgh, NY, and I'm looking for any tips on what factors to focus on when investing in a smaller town. Also any other tips on real estate investing will help. I'm hoping to learn all that I can. I'm currently reading the book from Brandon Turner "THE BOOK ON RENTAL PROPERTY INVESTING".
Rental Property Investor · St. Louis, MO · Member since 2014 · 741 posts · 424 votes
6y
Every book has been useful @Omar T Sharaf One needs to be nimble, creative, to make a deal work. I invest is cities so multi-family properties is my focus. This will be different than you.
New to Real Estate · Jensen Beach, FL · Member since 2020 · 3 posts · 0 votes
5y
Hi Omar! I am not from Plattsburgh, but I have been there a lot recently and also looking to invest there. I am wondering if you have taken any action in the area lately and how it has been working for you.
Morrisonville, NY · Member since 2013 · 61 posts · 46 votes
5y
@Jamie Piecora I live in Plattsburgh, and I have yet to find anything that yields a decent return. Well, if you don't make any repairs or have any reserves for vacancies or capital expenses, you may do alright. All of my rentals are 50 miles away in Malone, NY.
Real Estate Agent · Boston, MA · Member since 2016 · 446 posts · 214 votes
5y
@Omar T Sharaf be sure to delve into the local forums on BP to get updated insight into your area. In the rental property book you're reading, Brandon also breaks down ways to evaluate different neighborhoods/locations. I suggest following his steps, just with your own data to see if the numbers make sense.
Rental Property Investor · Peru, NY · Member since 2020 · 26 posts · 4 votes
5y
@Jamie Piecora Hi Jamie, It is a tough market to find solid deals, especially with limited data to use. But I was able to find a deal that I have under contract im working on closing on here soon. Its a BRRRR property. It took some searching and a bit of luck but I managed to get one. Im still just keeping an eye on what comes about. But like any market you just have to research it and see what works.
Rental Property Investor · Peru, NY · Member since 2020 · 26 posts · 4 votes
5y
@Kyle Spearin Thanks Kyle. through my current contract process, I keep referring back to all my literature and the forums. So much value. Appreciate your feedback.
New to Real Estate · Jensen Beach, FL · Member since 2020 · 3 posts · 0 votes
5y
@Richard Patrie Thanks so much for your feedback. Could you recommend a great general contractor in Malone? Looking at a bunch of projects in the area.
Investor · Austin, TX · Member since 2016 · 531 posts · 310 votes
5y
@Omar T Sharaf Are you looking to invest there or another town?
When I hear you say: "any other investing tips will help", it makes me think the source of the problem is a lack of clarity of what you strategy you want to invest in. Have you picked a strategy to stick with? Rentals? Or Fix and Flip? What is it?
@Omar T Sharaf Hi Omar, I'm not that familiar with Plattsburgh but I live in a small area, there's about 8500 people in a 15 mile radius. With the help of my long term realtor I bought a great duplex and got a steal on a SFH in the past year but since then the market has been too hot to handle.
A few weeks ago at work, I work nights, I started cruising the MLS and found a 4-plex that my realtor hadn't showed me because it was in a town 30 minutes away and it had been on the market 30 days when MFH in my immediate area goes under contract in less than 2 days no matter how awful it is.
The town this 4-plex is in is more blue collar than my immediate area is, rents won’t grow as quickly, appreciation of the building won’t be as great but it’s cash flowing at $850 a month, has a generous amount for capex, $1400, that once there’s enough reserves I can tap into a little and it’s the nicest MFH I’ve seen in my area the owner has taken great care of it.
We are set to close in 25 days.
Moral of the story, don’t be afraid to look at all the communities around you.
Rental Property Investor · Catskill, NY · Member since 2018 · 80 posts · 30 votes
5y
If you plan on self managing Brandons book on managing rental properties is really great. Might be good either way, when I looked into it briefly it didnt seem like there were a lot a good property management companies in Plattsburgh. Seems to be a struggle in all rural places.
As far as overall investment strategy I have been looking at using USDA loans. it's on the back burner but it's something I'd like to do one day since they're definition of rural is very lenient and they require less of a down payment (though it would have to be a good deal to still cash flow) Congrats on finding a deal!
Rental Property Investor · Port Jefferson Station, NY · Member since 2019 · 11 posts · 0 votes
4y
Hey Omar, Saw this thread from a while ago. I am closing on my 4th multi in Platts and Schulyer Falls. Send me a note and we can chat. Hope your doing well. PS.. i live on Long Island and manage from here with the help of others in the local area of Platts.