How to approach a new area (From NYC Tristate to Western NY)

6 Replies

Hey, everyone, I hope you are all doing well. I've just recently got into this real estate thing, and honestly I'm really excited about it. 

Due to family obligations, I'm moving to Western New York early next year. I've lived in the Tri-state area of New York for most of my life. From what I hear, the two areas aren't comparable in the slightest. From Real Estate needs to Transit (or lack there of in Monroe County) to Lifestyle. Frankly, it was daunting at first, but I realize there are many obstacles to get over, so I might as well start with this first one.

I feel the best way to ask this is how do you get a pulse for a new Market? I'm certainly going to talk to realtors when I get up there, but I'm talking about starting a new passion and driving force in an area that's really foreign to me. Should I look for investors in the market? Should I try to get investors here in the tri-state area before moving up? 

Essentially, I'm asking you all what have you found to work best when going to a completely different area than what you're used to? Especially from the finding  mentor/investor in new areas side of things.

Thank you for reading, and I hope you all have a great holiday season

Determined to own his first Property by next year,

Raf S. 

Research, research and research that’s how you get the pulse for a new market.
Before I decided to invest in NC I looked all over my local market in Tri-State área and was disappointed not to be able to find properties that fit my criteria.
After about a year going nowhere in my REI career I decided to focus Out of State. I picked 3 markets after doing tons of research visited all 3 and landed in NC.
I don’t look back very happy w my decision investing Out of State.
Feel free to PM me I can provide more details in what I look for entering a new market.

Originally posted by @Raul R. :

Research, research and research that’s how you get the pulse for a new market.
Before I decided to invest in NC I looked all over my local market in Tri-State área and was disappointed not to be able to find properties that fit my criteria.
After about a year going nowhere in my REI career I decided to focus Out of State. I picked 3 markets after doing tons of research visited all 3 and landed in NC.
I don’t look back very happy w my decision investing Out of State.
Feel free to PM me I can provide more details in what I look for entering a new market.

Thank you for the speedy reply!

You found that research exceeded the downfall of being from a different culture? That's good to know. As everyone says, this is a relationship business and as a newbie you sometimes wonder if just being not "from around here" might set you back a step automatically.

I will definitely take you up on the PM offer... once I make heads or tails of this forum. Not seeing the PM button right now, but I'll find it!

Eventually.

Originally posted by @Matt Harris :

Where exactly do you plan on moving in western ny? Also what areas are you looking to invest in? Best of luck and id be glad to help with anything

 We're in Rochester, NY, in the heart of Monroe County. But like I said, I'm a Tri-State area boy through and through. My dad and I used to be in our car for two hour stretches just trying to get from Westchester into the City for sites we were working on. I'm more than willing to drive in an hour radius from Rochester. So that puts Syracuse, Buffalo, and other areas on the table.

I'm looking to start with an FHA loan for a Quad that my wife and I can live in and get a feel for the real estate business first. Right after that, I'm looking for an 8 or up unit, or one of the mobile homes that surround the area. But just in that statement, again I reach another area that I'm trying to expand my knowledge on. All I know about mobile home parks is what I've seen on TV. But I'm no stranger in learning.

And thank you so much for your offer, Matt. Any help is appreciated and welcomed. Have a great day and hope to talk soon.

@Rafiq S. you'll have a tough time finding a quad outside the city.  As for looking for investors, the nice thing about people out of town or state or country, is that they don't need the very best deals.  A decent deal may be a great deal to them by comparison.

Originally posted by @Larry T.:

@Rafiq Strawder you'll have a tough time finding a quad outside the city.  As for looking for investors, the nice thing about people out of town or state or country, is that they don't need the very best deals.  A decent deal may be a great deal to them by comparison.

 Very good point about that non-local investors, I'll have to look into that. Thanks for the tip, Larry.

Although I'm going to have to break the news to the Boss (my wife) about the Quad. She's planning to work in Rochester after she graduates, and she's the type of person who wants to retreat from her work area. This is going to be a great conversation... But yet, good to know. Again, my thanks!