Chris from Brooklyn, NY –– new investor & aiming for Upstate, NY

Chris from Brooklyn, NY –– new investor & aiming for Upstate, NY

Member since 2018 · 18 posts · 10 votes

Hi, Bigger Pockets! My name is Chris Platis, and I'm thrilled to be here. I will be a first-time investor, from Brooklyn, NY, and am primarily focused on small multifamilies throughout Upstate, NY for buy and hold and/or BRRRR. I haven't spent as much time as I plan to, but so far I have high interest everywhere from Columbia County to Sullivan County and in between. I am aiming to house hack this first investment and would love to connect with other Upstate, NY investors and realtors.

I fell in love after a few visits with Hudson (which completely reshaped my prior image of Upstate) and rather like the idea of an accessible town/city within the region. Kingston also has my interest, I have friends that are moving in on Sullivan County which intrigues me in a different capacity, and I've even seriously toyed with the idea of rehabbing and operating a 7500 Sq Ft. inn in the middle of Tannersville (NY).  

I am a bit all over the board in terms of an area because my work has kept me away from NY the past 7 months. Currently, I am operating a large seasonal vacation rental in Santorini, Greece, and have similar experience in other vacation markets across the Northeast. The upside to such a schedule is that it also allows me to enjoy a frugal "off-season," where I'm free to hunt full-time for my first property. 

After nearly a decade of moving wherever work has taken me, I'm ready to make my own work and move along with it, and am aiming for real estate to be that vehicle that both grounds me and propels me forward. I'm excited to jump into the market when I return to New York in the coming weeks. In the meantime, I plan to continue absorbing BP content, analyzing properties, and hopefully connecting with some of you fine people. Thanks for being here and for reading my introduction – I wish us all nothing but the best of success. 

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Real Estate Broker · Pinellas County · Member since 2016 · 166 posts · 114 votes
8y

Welcome @Chris Platis! What has drawn you to upstate for investing? What about Greece? Have though of investing there? I hear great returns on villa rentals. I spent my time back and forth from ny and Greece as well. 

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  • Andrew SyriosPro Member
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    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    8y

    Welcome to BP and best of luck investing Chris!

  • Catskill, NY · Member since 2018 · 636 posts · 668 votes
    8y
    @Chris Platis welcome to the site. I grew up in Hudson and currently live just across the bridge in Catskill. I still work in Hudson. Let me know if I can be of any help!
  • Real Estate Agent · Orlando, FL · Member since 2015 · 55 posts · 22 votes
    8y

    Welcome to BP @Chris Platis! I'm a former Brooklynite myself and currently invest and work as a realtor in the Hudson Valley primarily in the Dutchess and Orange Counties. I have family in Kingston and did some investing in the area as well. Feel free to pm me if you have any questions or just want to talk real estate. Best of luck!

  • Real Estate Broker · Pinellas County · Member since 2016 · 166 posts · 114 votes
    8y

    Welcome @Chris Platis! What has drawn you to upstate for investing? What about Greece? Have though of investing there? I hear great returns on villa rentals. I spent my time back and forth from ny and Greece as well. 

  • Member since 2018 · 18 posts · 10 votes
    8y

    Thanks for the welcomes, everybody! 

    @Chris Szepessy – that's great to hear! Admittedly I have yet to visit Catskill, though it's high on my radar. Seems like still a great time to get in – I'm really fond of the entire area and can't wait to get back over there. How long since you made the move over the bridge? 

    @Raymond Reyes – glad to hear you've moved in on Kingston. Curious what areas specifically you're around. I visited and followed the more typical weekender route, strolling Uptown and Downtown. Of course, once I dove into house hunting, Midtown is where the opportunity is, and probably all the excitement at least investor-wise. Thanks for the welcome. 

    @Arthur P. – Admittedly I'm drawn upstate because I love the land. It definitely seems like an increasingly growing NYC/Brooklynite mentality to swap the urban grind for a better pace of living, while still retaining proximity to NYC. Years ago while I was saving I was considering the East End of Long Island, out on the North Fork. Pretty much missed that boat, but probably for the best as I'd rather buy somewhere with a more year-round community (maybe in a place that benefits from visitors but doesn't solely rely on them). I certainly could cash flow better elsewhere, but thinking of my own quality of living (aiming to house hack this first residence) and home appreciation (obviously in certain towns more than others) has led me upstate. 

    I love Greece and consider myself very fortunate to have been able to spend a few lengthy seasons here operating, but for where I am in my life I'd rather be parking money in the states. If you're willing to navigate or maybe have family that can help, there is definitely money to be made in villa rentals. Certain hot markets (like Santorini) have a pretty tough barrier to entry –– I've been tossing out respectable offers to try and keep this going ball rolling here, but big money has already moved in and locals aren't as easily bought as they were even 5 years ago. Bit of a wild west. That's my isolated experience on this island though, can't speak for the whole country. Other islands (which are receiving overflow from hotspots like Santorini/Mykonos) could still be opportunous, and I'd love to add an Athens apartment to the portfolio (that rental market is beyond saturated, but properties still very approachable). 

    How long have you been in Poughkeepsie? I have not yet visited, but certainly intend to. 

  • Real Estate Agent · Orlando, FL · Member since 2015 · 55 posts · 22 votes
    8y

    Precisely what i did when I first started looking up there... eventually ended up in Midtown by Broadway. There's definitely some blocks that are rougher than others so identifying those helps, and while inventory has been low compared to years prior, there are still deals to be found.

  • Rental Property Investor · New York City, NY · Member since 2016 · 47 posts · 13 votes
    8y

    @Chris Platis Hey Chris! Welcome to BP! Would love to learn more about your goals once you narrow down your focus. I currently live in nyc and invest in Kingston, and find profitable deals in the area, and in nearby areas of ulster county too. Would love to try and help you reach your goals once they're narrowed down.. Feel free to shoot me a message if you'd like to connect. I also attend/host the UCREIG meetings in Kingston (there's a fb page/group and meetup group). I suggest you try to attend, and also some of the other groups meetings (orange county, newburgh, poughkeepsie). They're a great place to meet like-minded people, learn about opportunities, and also find deals, jv partners and/or team members. It's tough to learn/analyze/visit various markets at the same time. The market is constantly changing upstate, especially right now, so once you are able to hone in on the place/type/grade investment you're targeting it gets much easier to act quickly on a great deal. Best of luck to you! 

  • Member since 2018 · 18 posts · 10 votes
    8y

    Hey Jared @Jared Gettinger – thanks for the welcome! Indeed, I've still got to hone in more specifically. I have a good chunk of savings and am looking to dive in, but of course need to be there to better understand the market and where I feel I fit into it or this first investment. Looking forward to returning to the area early next month. Will most definitely be joining the UCREIG November meetup (thanks for the info!), as long as it's rerouted around Thanksgiving. Cheers, and looking forward to meeting! 

  • Rental Property Investor · New York City, NY · Member since 2016 · 47 posts · 13 votes
    8y

    @Chris Platis Sounds great! Yes, meetings in Nov and Dec will be moved to different dates those months due to holidays- updates will be posted as it gets closer, but definitely check in a few weeks before. 

  • Catskill, NY · Member since 2018 · 636 posts · 668 votes
    8y

    @Chris Platis we moved to Catskill just over 8 years ago. At the time, Hudson (and Greenport, the town next to Hudson), was really starting to take off and prices sky rocketed. We couldn't find anything that was livable without a ton of work in our price range. The local government keeps saying Catskill is up and coming and there have been a few new restaurants/bars and new shops in the area. There's also the new "Lumberyard" performing arts studio that's supposed to bring tourists to the area. They're from Brooklyn I believe...not sure if you've heard of it. I've noticed an increase in home prices and rents the last couple years, so that may be a good sign that things are heading in the right direction.

  • Investor · Polk County, FL · Member since 2014 · 144 posts · 36 votes
    8y

    @Chris Platis welcome!  A lot of investors on here got started in Upstate NY and there are a few agents on here that specialize there.

  • New to Real Estate · Catskill, NY · Member since 2017 · 23 posts · 24 votes
    7y

    Hi Chris, 

    I am hosting an REI meetup for the Catskill, NY area on Thursday April 18th at 6pm at the Inn at Leeds which is just outside of Catskill. We have a guest speaker, business owner and real estate agent/investor Natasha Witka, who will be talking about the real estate market in our area as well as rental Properties and Airbnb options. We are hoping to network and build relationships with other agents and investors. She is hoping to answer any questions investors may have. We'd love to have you.

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