All Forum Posts by: Cerwin Haynes

Update:

Closed on the sale three weeks ago. That last week leading to close was pure hell - I mean Murphy's Law was full blown that week.

I think for now I'm going to hold onto my little bit of cash. I initially said I'd look for another property within three months, but I have serious reservations about managing from afar right now, particularly with the instability of property managers and contractors in Cuse.

@Alfath Ahmed actually I would like to learn more about Columbus myself. I've heard it mentioned recently as an excellent market.

I'm about to close on the sale of my duplex in Syracuse. Wouldn't mind finding a market where the purchase/rental #s are similar to the 'Cuse but the city overall has more going for it.

@Meir Brach I contend that Rockland Co is NOT upstate (except to those living in NYC that has never been north of the Bronx, lol).

The good thing about the RE investing world is that you don't need a degree to get in, although you do need some degree of education in not just strategy and tactics, but mindset and understanding your ow risk tolerance.

You can try MeetUp to find RE investment meeting groups to network with closeby. Since you're only a stone's throw from NYC, there's a richdadnyc.com group that my aunt and I have been a part of for over a decade - they have monthly meetings in-person/on Zoom.

As far as a RE job goes - I don't believe you need a "job" to get started, but many folks have gone the RE agent route to learn the business as well as learning how to evaluate properties for themselves and others.

@Meir Brach just curious, where in Upstate NY are you?

I'm from NYC, and I lived in Syracuse for several years before moving to Los Angeles.

Hello all.

Haven't really seen anything written lately about Syracuse, so I wanted to start a check-in discussion. Are sellers still holding onto their criteria as things were 6 months ago (i.e. insisting on as-is sales), or has most begun to adjust?

I'm set to close on the sale of my duplex a the end of this month. Would've loved to have sold it back in the fall, but I had a bad bout with a tenant who just flat out refused to leave: she stopped paying rent, tried to use city code complaints to justify non-payment, refused a cash-for-keys offer back in June when the writing was on the wall, and wouldn't leave after her lease was terminated at the end of Sept. It took me until Feb 1 to finally be rid of her.

My goal is find another investment property within three months after I close. 

@Abdullah E.

Hey how are you? I wouldn't mind chatting with you about taking your first plunge in the Syracuse. I'm closing on the sale of my duplex at the end of this month after owning it for over 7 years.

There's a few things I'd love to talk with you about. Are you a Syracuse native?

@Josh McWilliam out of curiosity, what kind of place is he looking for and in which neighborhoods? Is he looking for a single or would he be open to a duplex or multi-family?

My understanding is lack of supply, and the deep desire for single-family homes. There's been some seeping gentrification in a few pockets of the city, and I believe some COVID telecommuters have come up from the NYC area.

Just got off the phone w/my contractor. He says even rehab/Syracuse Land Bank-level properties are being snatched up unless it's a complete disaster.

@Stephen Schmitt just sent you a PM.

@Don McQueen thanks for the response!

Our long term goal is to have some cash on hand for when the market bursts. I'm sure you've heard that many people think that, at some point this year, inventory will eventually pick up (i.e. distressed properties of owners who had non-paying tenants during COVID). The current cash flow of my property is pretty decent, but holding onto the proceeds from a good sale for 6-12 months until the market pops might be worth it.