Any body buying in Syracuse ,NY?

Question

Hello.
I am new to RE investing.
My plan is to buy 2-4 unit rented properties in Syracuse ,NY.

Any body buying in Syracuse ,NY? Numbers there looking very good.

Another question i have, how to estimate my expenses and find trustful management company? I am planing to put management company to manage my house, but it feels like they can charge any amount of money and i am in their hands. I live far away from my investment property and it is cost money for me to go there and check on it.

Jon Holdman · Answer

This thread is thee years old.

Jacob Glaser · Answer

Tony, In reading your bio and what not I see you deal with similar areas of investment as myself. What is your thoughts on hard money investing in the New York area, mainly Syracuse. Im finding it difficult to get financing in our area.

Tony D'Anzica. · Answer

Hello Anna,
            
            I hope you are proceeding with your Syracuse investment strategy.  Syracuse has some great investment opportunities.  understand before investing in any real estate.
            
            I am a real estate attorney and licensed real estate broker, but I now run my own property management firm in Syracuse.  Let me know if you have any questions about property management and I will be glad to speak with you and provide you with references.
            
            Looking forward to hearing from you and good luck!
            
            Tony L. D'Anzica, Esq. 
            DynaMax Realty, Inc. 
            Property Manager and Realtor

Dick Green · Answer

Hi Anna,

Welcome to the group.  Make sure to check the threads, listen to the experts and follow the advice of those who have experienced your situation.  Looking forward to chatting with you.

Joshua D. · Answer

Welcome to the site Anna.  I am one of those people who will STRONGLY discourage you to invest at a long distance.  You give up too much control to a management company when you have properties that are far away.  I have personally had many DISASTROUS experiences in owning such properties, and I hate to see others go through such things.

That said, if you are convinced that you are going to do so, I'd conduct many interviews with local property management firms, and do a LOT of checks on references, etc.

Good luck to you and I hope to see you around BiggerPockets!

Jon Holdman · Answer

Hello Anna, and welcome.  You might have a look in the landlording forum.  The general rule of thumb is that a property manager is going to charge about 10% of the collected rent.  Another rule of thumb is that expenses, including vacancy and property management will run about 50% of rent.  There's currently a long running thread on this topic.  Give that a reading, and form your own opinion.

Opinions vary as to having long distance investments.  Personally, I prefer mine closer at hand.  In any case, don't buy anything without visiting it and the area.