Rental Property Investor · New York, NY · Member since 2020 · 19 posts · 18 votes
After reading many suggestions I’m looking to buy a single family house in Upstate New York. Since I live in Brooklyn it might be easier for me to manage it.
Is anyone familiar with Upstate New York? Any advice/suggestion will be very appreciated!
Investor · New York, NY · Member since 2019 · 44 posts · 30 votes
5y
Hi Gabriela,
It sounds like you want to self-manage and haven't really picked out a neighborhood specifically yet. I would start by drawing a line on how far you are willing to travel to the property either once a month, twice a month etc... and start looking into those neighborhoods. If you don't want to drive an hour every time then search for things within an hour drive.
I can't give you specific advice as I don't know which neighborhoods you plan on looking into. Are you trying to gauge what an up and coming area Upstate?
Rental Property Investor · Saratoga Springs, NY · Member since 2018 · 162 posts · 102 votes
5y
@Gabriela Huayhualla congrats on making the jump into real estate investing. What is it you are trying to achieve? If you'll be buying several hours from home would it be more cost effective to hire a property manager instead of self managing?
Rental Property Investor · New York, NY · Member since 2020 · 19 posts · 18 votes
5y
Hi @Steven Luttman
I guess it will all depend how far I’m willing to go. If it’s an hour drive distance then I rather manage it myself BUT if it’s farther than that I will definitely consider hiring a property manager.
But first I must do my research where to buy this property and if it will be affordable or not.
@Gabriela Huayhualla gabbie. I live in Westchester County which is close to an hour and a half away from you what I consider upstate and you consider upstate may be two totally different areas. Upstate for us doesn't really start until the Catskills so not sure where you're looking to buy. However consider a location that can be driven round trip in one day, so 3 hrs is about the max i would consider.
And remember the traffic in NYC is brutal . If you're in Brooklyn why don't you consider New Jersey? it's in your backyard you can find some deals in West Jersey heading out to PA or heading down to the Jersey Shore. Let me know what you're looking for I've always got my ear to the ground
Investor · Ithaca, NY · Member since 2015 · 49 posts · 34 votes
5y
Hi @Gabriela Huayhualla. How exciting! There are a lot of markets in "Upstate NY" and they don't all perform the same. Do you have a specific area in Upstate NY you were looking? I'm an agent and investor in Ithaca, NY where @Nick Rutkowski suggested. We see continued population growth and the area is insulated by multiple colleges. I've experienced both appreciation and good cash flow. My rentals are primarily student housing and working class. Since COVID I've had quite a lot of people from the City, Long Island, NJ etc relocate up here. Prior to that I would get about a handful of people every year that would purchase lake homes or summer homes from those areas.
Rental Property Investor · Albany, NY · Member since 2020 · 2 posts · 0 votes
5y
@Gabriela Huayhualla I live in Albany NY. A lot of opportunities here. Looking to get into rentals myself and have been doing lots of research. Finally looking to make the move. Would love to link up.
Property Manager · Los Angeles, CA · Member since 2020 · 42 posts · 31 votes
5y
We are flying from CA this weekend to check on two properties we purchased in Rochester, a duplex and triplex. It will be our first time seeing them. Both fully rented out and close to the university of Rochester. We plan to visit Ithaca too to see what deals we can find.
Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes
5y
@Gabriela Huayhualla@Adnan Khan Albany, NY is another good market in upstate NY. Stable industries (hospital, state buildings, schools) keep the market very consistent here and cash flow isn't hard to find. Let me know if you would like a run down of Albany and the capital region!
Real Estate Agent · Saratoga Spgs, NY · Member since 2017 · 34 posts · 9 votes
5y
@Gabriela Huayhualla
Good Morning! I am a local agent and there is multiple areas around Albany that I recommend buying in. Please send me a DM and I can further assist you with your search.
Real Estate Agent · Westchester County, NY · Member since 2017 · 16 posts · 2 votes
5y
Have you thought about upper Westchester County or Putnam County? Just over an hour to Brooklyn. There is a high demand now, especially for single family rentals in these areas now due to many individuals from the city moving up North. Could be a great area to get a SFR rental and self manage. Feel free to reach out with any questions!