Looking to connect with over Central NY investors

[Jason Dumas]

Hello community,

I am looking to connect or talk with anyone that has had any luck with the BRRR strategy in the upstate NY area, more specific Central NY. This is a goal formula for many Investors for sure but given the market, property values and conditions…. I was wondering if anyone has been successful here?
I am a newer investor and looking to find a deal in this area. 
thank you and have a great day!

[Wesley Sherow]

Hey Jason! 

I'm currently in the midst of refinancing a 10 unit in Albany, NY. We purchased it as a small investor fund for $735k, and we're looking at an evaluation of about $1.5M on the refinance. We're currently getting bids from lenders now to find the best deal. In the meantime, I'm also going into contract for 12 more apartments on a fix/flip/refinance approach in Troy, and Cohoes, NY. 

Generally though I may be an outlier, I've had a lot of success over the past year in finding deals. I would mention the general gist I get from my NYC investors versus my experience upstate is that it's difficult to be a small solo passive investor if you're not taking semi-regular trips to your portfolio. Other than that, returns upstate seem to consistently be 8%+ at a minimum, secured against a little extra effort finding well qualified tenants. 

Personally, i'm involved in the purchase/management portions of investments, as a registered agent. Especially if you'd consider directly north of NYC, I'd be happy to connect. My specialty is in the financial modeling/ROI calculations to select the best property.

[Andrew Postell]

@Jason Dumas thanks for posting. I moved to Texas from Rochester and I miss a lot of those "upstate NY" things. Now, a lot of upstate NY is very rural. Usually I would tell someone to go and visit your local REI groups. But you might be limited to online - and there are several that work online too. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Even facebook will have some. Posting here is a form of networking for sure but let's try those other techniques too and see what connections you can make. Thanks again!