Hey any investors in Upstate NY?? I’m a newbie and I’m ready to start in the Hudson valley Ny area. What are your thoughts on this market. Seems to be growing over the years and the market is hot. What are your toughest in getting into this market for someone just starting out?
Catskill, NY · Member since 2018 · 636 posts · 668 votes
5y
I agree with staying fairly close to home on your first investment. I'm a little over an hour north of you in Catskill. I have my primary and 2 two-family rentals.
Catskill, NY · Member since 2018 · 636 posts · 668 votes
5y
@Michael Morin hey, welcome to the site! There’s a bunch of people on here from the Hudson Valley area. And you’re definitely right about the area growing in popularity and how hot the market is. Do you have a specific area narrowed down that you’re interested in or still researching different locations?
@Chris Szepessy, That’s Great to know that there’s a lot of people from Hudson Valley on this site, I am looking forward to connecting with people from our area. So I am from Chester New York and being that I’m still looking for my first property I would like to invest close to my home. Areas around me are extremely expensive, so I don’t mind going A little more north but I would like to stay in orange county or Sullivan County for my first rental property. Where do you invest ?
Catskill, NY · Member since 2018 · 636 posts · 668 votes
5y
I agree with staying fairly close to home on your first investment. I'm a little over an hour north of you in Catskill. I have my primary and 2 two-family rentals.
Rental Property Investor · Liberty, NY · Member since 2018 · 13 posts · 4 votes
5y
Hey Michael I'm currently investing in Sullivan County. I have one sfh rental and I am actively looking for my next one. What kind of properties are you looking to invest in.
@Steven D'Agata, Hey! Yea I’m looking for a 2 family but I’m not opposed to single family either. How is the market up in Sullivan, I know a lot of people move up there because Orange County is getting expensive. Are you seeing a trend and growth of people moving into the area ?
Learn as much as you can before you buy, but don't let fear stop you from buying SOMETHING. Your first deal isn't going to be great, so just use it as a learning experience. Screen your tenants well. It's better to have a month of vacancy than a year or more of a terrible tenant. Not sure if you already own a home, but house hacking (live in one unit, rent out the other units) a 1-4 family house is a really good way to get started. Also, finding a place that has separate meters for ALL utilities is a really good idea, too.
Investor · Brooklyn, NY · Member since 2020 · 38 posts · 19 votes
5y
@Michael Morin Welcome to the BP community! I'm investing in Sullivan County too. As @Steven D'Agata said, it's a hot market right now but if you keep looking there are still deals to be found depending on what you're after. You just have to be quick! And having a good realtor that looks out for you and understands what you need is super important too. The area is awesome though and places like Livingston Manor, Callicoon and Narrowsburg are very attractive for the STR market. Feel free to reach out if you have any questions or want to chat.
@Orly Howard, Thanks for the insight, yea I need to find a good investor friendly realtor. Do you have any referrals that are investor friendly and works that area?
@Chris Szepessy, Those are all great tips thank you so much. It’s time to build my team. Maybe we will end up doing a deal down the road sometime! This is such an awesome place to network and find people with the same passion!
Rental Property Investor · Liberty, NY · Member since 2018 · 13 posts · 4 votes
5y
@Michael Morin. That is actually the biggest problem I am having right now, finding a decent real estate agent. I have called several and they all seem very busy/ not very interested in a new client. If you get a lead on a good agent I'd love to give them some business as well.
Investor · Ohio, USA · Member since 2018 · 80 posts · 31 votes
5y
@Michael Morin Hope you're doing great. I echo a lot of the advice given by others. The Hudson Valley is HOT overall, but each town/city is different. I started my wholesaling business in February 2020. We cold call homeowners throughout the region. I also have a 2 family in Poughkeepsie that I just finished the renovation on. I have a couple others under contract and coming close to contract in Kingston, Newburgh, Middletown and Port Jervis. I am still learning each market, but I am happy to share what I have learned so far if you have any specific questions.
I have found the best results by being consistent and learning what a deal looks like. So, my recommendation to you is to define your investment criteria. Network your butt off. Facebook groups, IG, local REIAs (there are a lot who have hosted meetups virtually throughout the pandemic) are a great source of info and connections. Tell everyone what you're doing.
Don't be afraid to take massive imperfect action. You will make mistakes, but you cannot learn without taking action. Make sure the first deal you do is one you can stand to lose some money on, and chalk it up to "tuition."
@Remi Oguntoye, Hey Remi! Wow that's really good advise and reassuring about the area. Yes the Hudson valley is really hot right now, my realtor told me most houses aren't even making it on the MLS. I actually attempted to wholesale to come with some capitol to buy my first property but I was spending thousands and getting nowhere, wholesaling is something I would do as I grow And make more connections but buy and hold is the road I'm going to take. I am totally ready to take a calculated risk and am I'm comfortable with loosing some money in return for experiences and learning something new. I want to meet as many people as possible and if there's any virtual meetups you know about I would love to attend. I'm not even sure where to go to find some virtual meetups to be honest. I want to learn as much as I can and if there's anything I can do for you please let me know. I live in Orange County ny so if there's a property you need someone to scope out or Anything at all, please let me know. I'm willing to donate time to learn as well. I read so
Many books, listened to thousands of hours of podcasts, endless YouTube videos on basically all aspects of real estate investing, and everything in between. I’m ready to make a move. I really appreciate the response Remi! I hope we can connect and learn some more from each other!
Investor · Ohio, USA · Member since 2018 · 80 posts · 31 votes
5y
@Michael Morin. I remember the place you're in-- I was there about a year ago. I found several Facebook by searching for real estate investment and the city name I am interested in. There is a Hudson Valley Real Estate Investment, Westchester Real estate investor, and Orange County real estate investor group that you should be able to find easily with a search. Once you join, others will get recommended to you. I have spent thousands of dollars on our wholesaling business as well. And it hasn't been all that fun every week seeing money go out without some coming in. However, with a few tweaks and a shift in mindset, focus on the right actions and being consistent is leading to traction. As we move through the pandemic and the market continues to shift, we will see a lot of activity in the coming year. Be prepared to seize any opportunity that meets your criteria.
Some tips: MAKE OFFERS whenever you see something that might be a good fit for you. You don't have to buy a property just because you made an offer on it! You have time to analyze it during the due dilligence period. But you absolutely will not get the experience if you don't make the offer, get it accepted and do the tasks necessary to convert the property to cash or cash flow.
I actually have a contract property in Port Jervis that I am trying to dispose of... If you'd be open to putting a couple bandit signs in the neighborhood for cash buyers, that would be a huge help. I am not local, so I cannot do it myself.