Brewerton, NY · Member since 2017 · 12 posts · 10 votes
My name is Jerry Shuster and am looking in Central New York for flips. Having a hard time finding something. Took out home equity loan and have 63,500 to use. What steps should I be taking and does anyone have experience around here. I live in Hastings NY and will travel up to 1 hr if needed as I also own a flooring store in brewerton and Eagle Bay ny. Will take any suggestions as I don't wanna jump in and rush first deal and then lose. Thank u.
Real Estate Agent · Tampa, FL · Member since 2015 · 37 posts · 11 votes
8y
Hi Jerry, welcome to Bigger Pockets. My first suggestion would be to find an investor-friendly agent that would be able to offer guidance in regards to the best areas to invest in. They will be able to run comps for you to help you decide whether a property is a good investment or not. Many seasoned investors work without the help of an agent, but as a new investor, it is best to have one underneath your belt. If you need help locating one, I would love to assist with that.
Real Estate Agent · Tampa, FL · Member since 2015 · 37 posts · 11 votes
8y
Hi Jerry, welcome to Bigger Pockets. My first suggestion would be to find an investor-friendly agent that would be able to offer guidance in regards to the best areas to invest in. They will be able to run comps for you to help you decide whether a property is a good investment or not. Many seasoned investors work without the help of an agent, but as a new investor, it is best to have one underneath your belt. If you need help locating one, I would love to assist with that.
Brewerton, NY · Member since 2017 · 12 posts · 10 votes
8y
Thank you for responding Sharisma. I have a real estate agent but I don't think they know about flips so ur insight as to who might would be greatly appreciated. I know this whole area pretty well and as I was waiting on my home equity I was looking everywhere around me within an hour. I may have to start driving around the clay Cicero brewerton and Liverpool area to see anything. I will be giving u a call after Christmas. Thank u and talk to u then.
Real Estate Broker · Syracuse, NY · Member since 2016 · 39 posts · 26 votes
8y
Hi Gerald,
Our team has been working on flips in the greater Syracuse area for several years now. Flipping is more complicated than it seems and the buy is your most important factor. With your budget, you might find your best deal around Galeville, North Syracuse, Lyncourt or East Syracuse. These neighborhoods are still fairly inexpensive and have high demand.
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
8y
Hey Jerry,
Depending on your strategy, try looking for auctions in the area. Each county does their own and plenty of local auctioneers who list auction properties on their websites.
Do your market research and have an exit strategy. Onondaga has a relatively stable market, keep that in mind when you’re purchasing.
If you are interested in buy and holds, Ithaca rental market is booming right now. 1200+/mo rents for 2 bedroom apartments are the average. (Pumped to see what happens with the new tax plan in place.) Let me know!
Best of luck!
Nick
Real Estate Agent · Ithaca, NY · Member since 2016 · 427 posts · 323 votes
8y
Ithaca is a great place to invest! Nearby Binghamton, though, is also a great option. Rent is lower there, but so are prices, by quite a bit. Or have you looked into Cortland? @Nick Rutkowski above covers Ithaca and Cortland, and I do Ithaca and Binghamton. Feel free to reach out with any questions!
Rental Property Investor · Ithaca(ish), NY · Member since 2016 · 30 posts · 23 votes
8y
Piggybacking on what @Stephanie Jacobson said: I'm in process on a flip in McGraw, which is just southeast of Cortland. To give you an idea: picked it up for $40K as a foreclosure and it's getting $30K of rehab, ~$5K of closing/holding costs, and it should sell for ~$105K.