All Forum Posts by: Cerwin Haynes

I know of an investor friendly agent, but I'm not sure if they're a flip-knowledgable rep. I'm a buy-and-hold guy, but do know a someone who wholesales; I could ask him if he knows a flipper friendly agent or two.

Norwich, eh? 

I had to look it up on Google... around 90 minutes from Syracuse it looks like?

I bought my first property in Syracuse. I've been thinking about looking for owner-financing for my next purchase. Does Norwich have duplexes, or is it SFH market? And what kind of interest and repayment terms are sellers looking for there?

Hi Marc.

I lived in Syracuse for several years before relocatig to LA, and last year I made my first purchase, a 2-unit on the west side near Genesee Plaza.

My plan is to build a portfolio of multifamily units and then transition into commercial properties, and you sound like someone fid to talk to.  What do you think? 

To answer your question Chris, it was both. 

It's a long story, but I had three stints of living in syracuse. In btwn stints 2 and 3 is when I began my financial education and learning about investing - while i was living at home in Yonkers. So I was about to be in the same situation you're facing, except I remembered that houses in Syracuse are real cheap. So started doing my research in 2012, then I moved back to the 'cuse at the end of the year.  I roomed with my best friend for two and a half years and got my credit and money together. 

I'm sure you've heard this before, but your strategy depends on you and what your goals are. I knew I wanted to buy-and-hold because netting 500, 600, 700 a month is a big deal for me and a great building block for wealth. And wanted a property that was in good shape and could make money from day one. Admittedly, I had the advantage of making my first purchase as owner occupant via FHA (and then doing some house breaking to increase the property's income). I'm also a believer of OPM: that's one way to gain access to the resources you need.

Please feel free to inbox me if you wanna talk more. 

Hi everyone.

@David Beckett I lived in Syracuse for several years before I bought my first house there (not so coincidentally, I also attended Syracuse University as a grad student). The SU off-campus surrounding area (particularly to the east) is a *very* competitve area with houses easily going above 100k, 120k because everyone wants that practically-guaranteed student $$$. I do know of someone that BRRR'd a house in that area: he bought that for around 60k, and among other issues, it had a hole in the roof.

All of that to say that if you find a property around SU fot 35k, it's much likely going to need a LOT of work. I agree with @Patrick Wheeler: taking on a fixer upper as your first investment purchase is difficult unless you have the resources and a clear plan.

@Chris Albanese No problem!

PS I was once told a lil something about Bridgeport, CT a few years back. It's kind of outside the tri-state, and those CT property taxes are nothing to take lightly. But the prices are considerably lower vs the tri-state. 

Hi Chris!

I was born in the BX and raised btwn there and Yonkers. I've spent several years living in Syracuse  before I bought my first property there.

The rule of thumb I was taught was to loom within a 50 mile radius when you're starting out. Well, that kind of ddoesn't help much in the NY tri-state area. There are quite a few NYC investors that do own properties in Syracuse, but not all of them did their homework on the market and they either bought wrong, didn't keep up with the property, or hired a slummy property management team (which in my eyes falls under not keeping up with the property).

That said: Syracuse can be a really good market to start out with. Reach out to me if you'd like to know more. 

Hi John, how are you?

Although I'm not physically in Syracuse right now, I've lived there for several years and bought my first house within Syracuse city last year. It's going well for me. 

I'm originally from NYC myself. There's quite a few NYC investors that own property there, but some of them are not well versed on the market. I believe I have a distinct advantage because I've lived there, explored many of the neighborhoods, and have family, friends and fellow investors there. It's a great place to invest, but you gotta know the market. I can help with that. 

Hello gentlemen.

I made my 1st purchase in Syracuse a bit over a year ago (I've also lived there for several years). I absolutely respect rolling with your trusted team of professionals, as I am working to cultivate the same.

That said, if your Warren group can't or won't make the drive east to the Cuse, may I suggest Watkins Environmental Sciences. Andy Watkins has done a couple of inspections for me and he's really thorough. 

Hi Noah.

I began my investing last year in Syracuse by buying a duplex. I also lived there for several years and have been in different neighborhoods, so I have a fair lay of the land. The home prices in Syracuse don't change much, but it is GREAT for cash flow. Let me know if you'd like to hear more or chat.