Seeking Advice – To Buy or Not to Buy in the North Country

[Mikhail K.]

Hi Everyone!

Mikhail here, I am headed to the Jefferson County area (Drum) of Upstate New York for the next couple years and am looking for general advice and people who know the area. I'd like to buy a place, either SFH or owner-occupied plex depending on location, but only if it makes sense. I'll probably be there 3-4 years but intend to hold onto the property and rent it out when I leave.

Places I was looking were Watertown or Carthage. Watertown seems like the better market for MF where as Carthage seems better to buy a SFH or maybe SFH with ADU.

The way I see it I have 3 options:

• Rent for my time there and invest my money elsewhere.
• Buy a 1-4 unit building (Need to use a residential loan) and live in one unit.
• Buy a single family house and rent it out when I leave.

What makes sense for the area? What do I need to look out for in the area and in older homes in the area? What Towns/Neighborhoods do you like? How well insulated are these older homes? When you have a property inspected in the Northeast what are the biggest red flags you look for?

My bank warned me that on average closings are taking up to 60 days in New York. Is that average applicable statewide, is it less or more in Jefferson County?

About me:

-Good intermediate level knowledge of REI, some graduate studies, sophisticated investor in a 506(b) deal, some funds

-Excellent credit but never had a large loan in my name.

-Never owned a home.

-Managed a family owned duplex for the past 5 years, performed basic maintenance and repairs at turnover.

-3 years experience as Project Manager for GC managing new construction SFR projects and capable of self-preforming some work –but I am not looking to do a large value add in the first 12mo.

-Preapproved for a VA home loan up to $350k– so if buying 2-4 units, need individual meters and water shut offs I believe. Advice here is very welcome!

-Prefer to have my own unit over room-based house hacking.

Any and all advice is welcome! I’d be happy to connect with Brokers and Property Managers who are active in the area as well!