Investor 路 Syracuse, NY 路 Member since 2016 路 13 posts 路 5 votes
鈥婬ello 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,
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.
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.
Welcome Jason! Syracuse is a great market for buy and hold rental investments. Can you offer some clarification as to what you mean by where to start? I'm not sure if you mean "how do I start the process of being pre approved and looking for homes", or if you mean what areas to look in. Syracuse is a relatively large market and the cash flow is definitely there, so it's going to depend on how comfortable you are with risk and what grade of tenant your comfortable with.
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,
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.
@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.
@Michael P. Why move south? I know nothing about the south and have never lived there. I know NY is expensive, I just have to buy smart!
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.
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!
Touche Michael P 馃榾! 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.
Hi - I've been watching this post as I am interested in investing in Syracuse. Can someone clarify or direct me to additional information about "new laws about investing in the city?"
@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!
This post is bit old but I am in the same boat. I am looking for multiplex units, their returns look good but little bit scared by the fact that population growth has been negative for a while in Syracuse based on the numbers I see on wikipedia.org. Is that concerning? How is the area on Onondaga St. which is ~1 miles from Syracuse University?
Also how is the job growth trend there? I am a buy and hold investor, so don't want to get something which works well for next 5 years till people fly out of there (due to negative population growth) and then run into a situation where there is no one to rent to. I know it probably is an extreme but theoretically possible.
@Tom Chen you seem to have experience on investing in Syracuse, could you please provide some guidance/thoughts on my concerns based on your experience there?
Would appreciate any guidance on this. Would exploring Chicago instead be a better investment than Syracuse? Thanks much!