I am have finally decided to take the first steps in real estate investing and am looking for some advice / tips in terms of areas to focus on please (or anything else a seasoned investor may offer). I am based in northern NJ, but primarily looking at areas in upstate and western NY (specifically, Buffalo, Ithaca, Albany and Rochester). Specifically, I am looking to invest in 2 - 4 unit homes, in the less than 400k price range. I am mainly looking for cash flow, appreciation would also be great, but not the main focus.
So my questions are:
1) Would anyone who has had success in any of the NY state markets have time to chat to discuss their experiences in their respective market?
2) What kind of cap-rates/COC returns have experienced/successful investors in these markets expereiced?
3) Are there any contacts in these markets who are knoledgeable and I should reach out?
Thank you so much to anyone gracious enough to offer their time and help!
I live in Ithaca and we are different (in more ways than one). We have a vacancy rate of 0.8% and our home values have increased 40% in the past 10 years, both of those numbers are actually almost unheard of.
I'm not sure if you have moved forward in your adventure in RE yet but I just thought I would reach out.
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