Where to start! Syracuse, NY

[Jason Jenney]

​Hello BP, I have a goal of buying my first Multi Family property by the end of the year. I have finally saved up about $18,000 in liquid cash and $3,500 in 401k loan.  Looking for tips on were to start. My main concern is cash flow. I want to create a snowball affect and get into bigger units (50+) in the next 5 yr.  Any tips from veterans investors and locals from Central New York! Thanks, 

[David Zuber]

Hi Jason! Glad to see another new investor from Syracuse! 

I would say the best place to start is looking on the MLS or Craigslist and start analyzing deals. Even if the deal wont work out, the effort of analyzing it will help you recognize a good deal when you see it.

Make sure you have specific search criteria you are interested in to filter on, otherwise your head will be spinning with all the active listings. By this I mean if you only want single family homes then dont look at Multi family. Also make sure you know where you want to buy houses in Syracuse. Obviously some areas are worse than other, so sorting out areas you dont want to invest in helps a lot. Have criteria for the cashflow and CoC return you want to see too.

Hope this helps! Good luck!