Thinking of buying in New York

Albany, New York
Buying & Selling Real Estate
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Thinking of buying in New York

Keith Tarasiewicz
Investor · Chicago, IL · Member since 2016 · 29 posts · 7 votes

Hello Bigger Pockets community!

My company is thinking of opening up New York for residential (SFR, townhouse and condo) acquisitions. For those investors with multi-state acquisition experience, how difficult is it to do transactions in this state compared to others you are investing in? We currently have success buying in Pennsylvania, Connecticut, Maryland, Virginia, D.C. and Massachusetts. I've heard there can be a lot of red tape to deal with but wondering if that's limited to just New York City. Happy to connect offline to discuss. Thanks in advance!

Keith

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  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    2y

    @Keith Tarasiewicz I have family in Upstate New York and periodically think of buying something there. Then I am reminded of how difficult NY is to landlords, how much red tape there is for permits, how high taxes are, how awful it is if you are an out of state investor, etc etc And I do not buy there.

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  • Jason Allen
    Member since 2019 · 104 posts · 72 votes
    2y
    Quote from @Alecia Loveless:

    @Keith Tarasiewicz I have family in Upstate New York and periodically think of buying something there. Then I am reminded of how difficult NY is to landlords, how much red tape there is for permits, how high taxes are, how awful it is if you are an out of state investor, etc etc And I do not buy there.

    Is it all of NY, or just NYC? I know NYC is a nightmare, but is upstate bad too?
    0Reply
  • Keith Tarasiewicz
    OP
    Investor · Chicago, IL · Member since 2016 · 29 posts · 7 votes
    2y
    Quote from @Alecia Loveless:

    @Keith Tarasiewicz I have family in Upstate New York and periodically think of buying something there. Then I am reminded of how difficult NY is to landlords, how much red tape there is for permits, how high taxes are, how awful it is if you are an out of state investor, etc etc And I do not buy there.


     Hi Alecia, based on our company model, we only hold assets for 3-6 months, sometimes less, seldom more. I can imagine it's an awful landlord state, so we wouldn't be doing rentals. Just wholesaling and/or flipping. 

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  • Keith Tarasiewicz
    OP
    Investor · Chicago, IL · Member since 2016 · 29 posts · 7 votes
    2y
    Quote from @Jason Allen:
    Quote from @Alecia Loveless:

    @Keith Tarasiewicz I have family in Upstate New York and periodically think of buying something there. Then I am reminded of how difficult NY is to landlords, how much red tape there is for permits, how high taxes are, how awful it is if you are an out of state investor, etc etc And I do not buy there.

    Is it all of NY, or just NYC? I know NYC is a nightmare, but is upstate bad too?

     I am guessing NYC has the most red tape, and outside is still difficult. If it's like the Chicago suburbs, each municipality might have it's own rules. I am still hoping to connect with a local investor to understand acquisitions a bit more in the state of NY. 

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    2y

    Hey @Keith Tarasiewicz - I see you are local to Chicago...Is your company already doing work in Chicago?

    I've personally come to find if it's not one thing it's another...there might be areas with less red tape but more blue tape lol but generally speaking I think it strongly depends on your company's strategy to determine which tape will have the least amount of friction...

    What is your company's strategy?

    [email protected]
    Quality Builders4.966 Reviews
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