Young civil engineer here new to the game. I'm in Buffalo NY and there's a couple deals out in the rural WY area that could be pretty neat. I'd like to take advantage of FHA, SONYMA, or Home path financing. My question is this: rural areas have the disadvantage of a smaller market and slower economies, but are there any advantages to renting in the mountainous rural backwaters of WNY?
Everything rents eventually , all depends on the location and price. If there are attractions nearby that helps . If its peaceful and quiet back in the woods , it may rent as a get away by the month .
I too am starting to look for buy and hold properties in a rural area close to where I live. I live north of Albany NY. I'm not yet experienced in rural renting I'll admit, but my strategy to circumvent lack of a robust tenant market is to factor in more vacancy into my numbers. From my analysis so far, rural markets seem like they would cash flow better than in some urban areas of NY (or at least in the Capital Region). Especially with higher taxes we have here. So, I think the biggest advantage to buy and hold in a rural area is that the cost of the properties are lower in general. With that said, I'm not familiar with the Buffalo area. I'd look at the cost to buy vs market rent in that area.
I live in a rural area. We are in a small town of 2700 outside a larger city. We have a lack of rentals in my area. Unfortunately the cash flow is poor. High property costs and low rents don't make for good investments. (That may be why we have a lack of rentals??) If you are looking in a rural area, connect with a realtor in the area. They can probably give you info on whether or not rentals are needed.
Thanks for the feedback all! Good luck in the capital region Derrick
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