All Forum Posts by: Fernando Z.

@Michael Smythe, this is really quite useful info. I appreciate you putting this reference here. I wonder if somebody mapped which neighborhoods have which class of properties in Syracuse NY?

Also, everybody else, thanks for the input. I'm still looking around to see if a deal is possible. I'll keep you updated!
  

Hi, fellow investors,

I recently got a job offer that will make me move to Syracuse NY (I'm currently in New Mexico). I was really considering buying a duplex there, which would be my first property, but as I browse through the market it really gives me bad vibes for all multi-family properties available. They're either dilapidated, crooked, bad craftsmanship, and that's from simply looking at the pictures! I visited the town twice as I was interviewing for the position and didn't have much opportunity to see properties but I looked around some of the neighborhoods that had multifamily homes advertised and they are actually THAT UGLY. Plus, a lot of random, shady (seemingly unemployed) people on the streets, even though it was pretty cold (like it was 25F and windy outside). I looked mostly around the university, (Northeast, Lincoln hill, and also south of Colvin St. east of the I81). I didn't go to the nice neighborhoods because there's no multifamily houses advertised there.

I honestly am really divided. Most duplexes seem to have potential to cash flow positive or zero even with only one unit rented (i.e., I live in one of the units of the duplex). This would present a great opportunity to "househack", but when I look at the neighborhoods it looks like this city has multi-family homes only at really bad neighborhoods. I also read that a large fraction of tenants are on welfare and struggle to pay rent. 

This really gives me the feeling I should NOT buy such a property because 

(1) I would have to live in a bad neighborhood, 

(2) I would have to eventually evict somebody, 

(3) the local market is declining but now houses are "expensive" because of all the stimulus 

(4) it looks like NY state is not very landlord-friendly. 

As a single guy, I don't mind living in a more simple place with a single bedroom, but if there's drug dealing and all that crap I really don't want anything with it.

Anyways, anyone from the town who owns property there has any experiences to share? My gut is saying "don't buy, even though cashflow looks good". Maybe you can also give me your thoughts on whether this gut feeling is real or if it is me just being too afraid to take the first step.

Thanks, guys! I know it was a long post, but I feel this choice may shape the next decade of my life and it is somewhat terrifying!