Upstate NY

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Hi everyone, I am looking for some advise about Upstate NY - I own some small properties there, but is it a good time to buy an apartment complex? Looking into Rochester.. Thanks!

[Jason V.]

@annabelle

I spend a lot of time in both cities for my full time job (and live in between the two.) 

I always find it really amusing because when I'm in Syracuse I hear all about how Rochester is really struggling (especially Xerox/Kodak) but Syracuse is on the way up (new hospital expansion, etc.)

Meanwhile, if I'm in Rochester later that day, everyone will be talking about all the good things happening in Rochester (Universities expanding, new downtown project) and all the bad things happening in Syracuse (Carrier circle, etc.)

This is the tough part about investing outside of a geographical area you know very well. Your best bet might be to drive out and check things out in person. Come to the Rochester BP meetups, take Mark or one of the other folks out for a garbage plate and pick their brain - we're not that far away.

@jesse

Like most small cities, a couple of streets can make all the difference in the World. And in many cases, there's a sweet spot of distance from the city itself because most folks up here really dislike "city life" but still like being close to the cultural attractions. You can be away from Rochester in a nice, spacious neighborhood and only be 15 minutes from "downtown." From what I've seen the statistics provide a very incomplete picture of the true investment market here. Flights are cheap, or it's not that long of a drive when the weather is decent - come on up and see for yourself.