Brewster, NY · Member since 2019 · 68 posts · 19 votes
Hello BP,
I have been lurking on BP for months reading posts and listening to podcasts, Studying real estate reading books. I worked on my credit (743) and obtained a second job. I also obtained a partner from work that wants to go into real estate with me.
So this takes me to my point, now that I believe I have all my ducks in a row, I am getting cold feet. I don't know where to start looking, I don't know if I'll get a good deal. What if I jump to a bad deal and can't find good renters for the property I acquire, the market I live on is to Expensive, these are all the things running trough my head.
So I took the next step and called an Agent in the Utica NY area (3 hours North from the city) to start looking at Multi Family homes up there.
What are some good questions to ask an Agent to make sure you're working with the right one? On my visit what should I look for?
I know some about Due diligence (check for liens, taxes ect). Basically what advice can you seasoned investors give me before I take the leap.
Brewster, NY · Member since 2019 · 68 posts · 19 votes
7y
@John B.
I have a friend that lives over there and tells me a lot of people or moving there. There is a Hospital that’s being constructed as well, a couple of schools including Utica college. The prices are more in my budget over there, I saw a fourplex for 90k already rented out. These are some of the reasons why Utica got my attention.
I do see what you’re saying, if I ma need a team anyways why not go anywhere else in the country. I know I can’t go to Utica everyday but I can take the 3 hour trip once it or twice a month.
Brewster, NY · Member since 2019 · 68 posts · 19 votes
7y
@Jonathan Oh
I already connected with a good agent that’s going to show me the neighborhood. I haven’t called a property manager yet. I love your advice, thank you.
Brewster, NY · Member since 2019 · 68 posts · 19 votes
7y
@John Hickey
Newburgh that’s Orange County correct? I need to find good wholesalers in my area that can bring me some options. Maybe I’ll find something closer to home. I will still take the trip to Utica and look around but maybe I’ll start looking closer to home. Thank you.
Investor · Utica, NY · Member since 2016 · 24 posts · 26 votes
7y
I am an investor in Utica NY. Like all market it is a tricky area, Here more so then others, since it is such a small city. There are a lot of changes coming to the area. This makes it a hot spot right now. Here you will need a good strategy. You will need to know what you want to deal with or how much money you want to put in! There is plenty of money to be made! There are 1 bedroom here that rent for $550 right next to other 1 bedroom apt renting for $1550. My recommendations is start looking at property every weekend? You will quickly see patterns and start developing a strategy, as-well as an understanding to the different needs the areas have. Sorry to say i work with a lot of realtors, they are super cool here, but they rarely seem to spot the trend or truly understand it, this is due to the fact that for so long Utica was not a desired area. Any way good luck!!!
Brewster, NY · Member since 2019 · 68 posts · 19 votes
7y
@Staneley Cesaire Right now i'm just looking at my options and trying to determine where to start my real estate journey. Utica is up and coming now SO it got my attention for a second. If a good deal is found closer to me then I rather do that. My only concern is not knowing the area well and having a vacancy for a long time. I will be vising Utica on the following weeks to get a feel of the area myself. Thank you for your response.