What are some of the best areas in upstate NY to invest in a 2 family.
@Marat Shvartsman - Rochester is one of the hottest, stable and affordable market.
It's such a different market, we are in the process of buying one in a Rochester suburb. Plenty of well-priced 2 families there, but the neighborhood is important. There's also a lovely guy in Buffalo, @Matthew Irish-Jones , who specializes in investor properties in the Buffalo market. I didn't buy through him, but purely because I fell down the multifamily syndication hole instead.
Buffalo is still a great place to get some good appreciation AND cashflow. You just need to know the areas well and not buy a property that will continue to cost you in repairs as almost all the homes are very old. A solid CapEx plan and inspector are essential.
Are you going to occupy one unit or strictly investment?
@Khaled Morad I am looking to strictly invest. My budget is under $100k all cash so I know the inventory is limited.
Most--if not all--properties, especially now, in that budget will require extensive work immediately or very soon down the line.
Can I ask why you wouldn't want to finance and potentially purchase two properties, or at least a second one sooner?
@Khaled Morad I am okay with doing the work. I am not opposed to financing but looking to do this next one all cash.
So the question is what’s the full budget? Purchase plus repair?
@Marat Shvartsman heard the Rochester market is fairly stable and affordable for being in New York
@Khaled Morad. Around $140k
@Dennis Yosco We should connect. I live in Staten Island NY not far from Bloomfield.
@Marat Shvartsman WNY is a great market depending on what your goals are. Feel free to reach out anytime if I can help.
For $100K, there may still be some opportunities in 14619 and in 14609 (in the few blocks west of Culver Road). Buying in these areas requires a lot of local expertise/knowledge. Going it alone is a recipe for disaster.
@Marat Shvartsman I invest and live in Rochester- Let me know if you have any specific questions. I flip and wholesale a bit so we run into 2 and 3 families often.