Rental Property Investor · Upstate, NY · Member since 2021 · 110 posts · 66 votes
Where are all the deals I've looked across the region Please help me find them
Hey Bigger Pockets Family,
I'm a property manager in Albany, New York, and i'm checking on the community's investment journey. I recently got connected with a big investor who wants me to find deals & build their portfolio in upstate New York. I'm a numbers person, so basically i'm a nerd who adopted a wallet! With that said, finding deals right now is tough! They're far and few between. What's the most creative way that you all have been finding your purchases?
If you're a numbers person like me, what criteria do you look for? I'm typically gunning for at least 9% Cash on Cash, with an IRR of 20-25% for my "good" investments. What are your criteria?
On a side note, i'm looking to network more now! If anyone is near Albany, NY or NYC - let's connect!
Real Estate Agent · Ithaca, NY · Member since 2016 · 427 posts · 323 votes
5y
Thanks so much, @Bob Reinhard! And well done all around on haikus.
@Wesley Sherow whew, you picked a heck of a time to start looking for deals! The market is ridiculous, prices are high, and things are selling in days. I have a rehab property that I've been marketing for over a year, and we got four offers in the last two weeks. Many of my long-time investor clients are holding off on buying for now.
That being said, there are still places you might be able to find something. @Mark Liscia is a fantastic contact in Binghamton; he's a successful investor himself, and hears about good off-market deals. I've got wholesalers who are doing really well right now, too, getting more responses on mailers than usual. I've got one guy who has a 3 bedroom that needs work in a nice neighborhood just outside of Binghamton for $37,000 (ARV $94k), and one in Johnson City that's a three unit for $80k.
See if you can connect with some wholesalers in the areas you want to search, and build relationships with some agents in those markets too.
Lender · Patterson, NY · Member since 2017 · 488 posts · 186 votes
5y
If you are looking for an investor friendly real estate agent to help locate opportunities in the Southern Tier (and Ithaca), I would suggest @Stephanie Jacobson. I can't guarantee success but I can guarantee competence!
Very nice Haiku/ I smiled because it's clever/ Forward to success
If you are looking for an investor friendly real estate agent to help locate opportunities in the Southern Tier (and Ithaca), I would suggest @Stephanie Jacobson. I can't guarantee success but I can guarantee competence!
Very nice Haiku/ I smiled because it's clever/ Forward to success
Happy investing!
Bob
Bob, thanks for the connection. I'll reach out to Stephanie! :)
Real Estate Agent · Ithaca, NY · Member since 2016 · 427 posts · 323 votes
5y
Thanks so much, @Bob Reinhard! And well done all around on haikus.
@Wesley Sherow whew, you picked a heck of a time to start looking for deals! The market is ridiculous, prices are high, and things are selling in days. I have a rehab property that I've been marketing for over a year, and we got four offers in the last two weeks. Many of my long-time investor clients are holding off on buying for now.
That being said, there are still places you might be able to find something. @Mark Liscia is a fantastic contact in Binghamton; he's a successful investor himself, and hears about good off-market deals. I've got wholesalers who are doing really well right now, too, getting more responses on mailers than usual. I've got one guy who has a 3 bedroom that needs work in a nice neighborhood just outside of Binghamton for $37,000 (ARV $94k), and one in Johnson City that's a three unit for $80k.
See if you can connect with some wholesalers in the areas you want to search, and build relationships with some agents in those markets too.
I am in Albany, NY. I am looking for 'good' rentals as well. I am a licensed real estate agent but I think the best deals at the moment are those off market. Lets keep in touch