Where to start! Syracuse, NY

Question

Brian Barfoot · Answer

Hey Account Closed,

I've been actively investing in Syracuse for the last 3-4 years and I feel like there is plenty of money to be made here (and though the points made by Michael P. about declining population are valid.) There are some new laws about investing in the city that you should be aware of. There are also a few groups in town that get investors together and a BP meetup 3-4 times a year. I'd strongly recommend stopping in on some meetings to get to know other investors here. It's surprisingly collaborative in this area with a few minor exceptions and there are a lot of mistakes that it's better to let someone else make and learn from their experience rather than making them yourself. Good luck!

Account Closed · Answer

Yeah just messing with you, everyone I know from Syracuse wants to move south to get away from the snow.  If you look at population (people moving out) and jobs (i'm assuming they are losing not gaining) the fundamentals are not a great long term market.  BUT if you live there and are not leaving, certainly a career in investing can be had with all of the cheap property up there and good price to rent ratios.  Personally if I lived there I would invest in student rentals in the SU hill.  Parents paying for their kids education practically guarantees the rent.  Good luck, keep posting on your progress, and take action asap to get momentum going.

Jamie Heath · Answer

Touche Michael P 😀! There are years where moving down south would be nice. ....I just picked up my 5th SFR that happened to be in the Eastwood area. I like Mattydale, Salina, Eastwood and Lyncourt as taxes are very reasonable in those areas. Getting more competitive, but plenty of very good cash flowing deals here if you stick with it.

David Zuber · Answer

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!

Rob Sawyer · Answer

Account Closed mentioned, there are a couple of options meeting wise. I'll be hosting a new meetup on 10/3 at 7pm for other BPers in the region looking for a conversational approach to investing in the area.

A few of us met at Coleman's back on Sep 10th and it went very well so I want to keep that momentum going in the area so we'll meet in the lobby bar of the Aloft Hotel at the Inner Harbor (310 W Kirkpatrick St, Syracuse, NY) for this next meeting.

Feel free to let your other area contacts know and/or bring them along. Look forward to seeing you there!

Tom Chen · Answer

Hey Jason,

As a veteran and new Syracuse investor, I have to say it was a GREAT decision for me. I just closed on my duplex and even though rents are still below market, it will gross $1,400 until I bump it up to $1,600. My monthly PITI is only $550.

The only thing I wished I did was find a motivated seller by mailers or something to get an even better deal. Still, my current property is cash flowing and I hope to be buying more soon.

Account Closed · Answer

@Brian Barfoot Can you send me information on when tbose meetings are?

Thanks for the responses guys!!!  Greatly appreciated.

Account Closed · Answer

@Steven G Barret. I guess i am asking what is the best area in Syracuse or Onondaga County? and everyone's opinion on where to start as a newbie. I have a nice chunk of starting money so i just want to see what people would do with it.

Account Closed · Answer

In my opinion Clay,Camillus, Baldwinsville, are some of the best affordable areas.

Where to start! Syracuse, NY

Most Popular Reply