All Forum Posts by: Jennifer Hoover

 Hi there, local agent and real estate investor here! Did you shop around with regional local companies besides Utica National? The $1300 does not seem out of line at all to me, insurance right now is going through the roof and what would have been ludicrous last year is now looking like the new normal. 

Messaged you! We work that area quite a bit if you're looking for representation but also... I'm intrigued personally! We are looking to add another larger property to our personal portfolio, and this is the area we invest in, so this is interesting X2!

 The process to do this is Utica NY is not conducive to what you're suggesting. He would have to change the zoning and use which is fairly involved (on top of evicting a tenant from a fully rented building).

If you're looking for a local lender to the Utica area that is not a private lender, Adirondack Bank sometimes does these and I've had fair luck with Community Bank (my 4 unit and another loan is through them). As an agent locally I see which lenders tend to do these and which do not. Good luck.

 Welcome! I am a Realtor here in Utica, and I am a very active investor in the Greater Utica area and Mohawk Valley myself as well. Reach out anytime if you need a hand locally! We also do Zoom and in person meets every month or so where a few of us talk trends, deals, etc. We would be happy to include you!

Hey Kadeem! Jumping in (as an investor and Realtor who is actually living/working/buying in this market) to say, if possible, seek out an agent/investor/local in-the-know for this one. Many investors on here are commenting on these posts with really great knowledge and expertise... with that being said, much of that knowledge and expertise is based on incredibly different, often larger/metro markets, and it often doesn't apply the same in smaller/specialized areas. I have people from other areas who are often shocked at the deals here and think they're "too good to be true". Sometimes they are, but often they're exactly what they look like. It's simply a market that largely hasn't "hit" yet (but is starting to!) here in the Mohawk valley. There are a LOT of deals that people in larger markets can't quite believe. I bought two duplexes last year under 60k with rents at 800-900 each unit with minimal repairs or CapEx issues. It can be done here, and is. Reach out anytime, I'm happy to give you a more specific & locally informed perspective.

 A lot has changed in 15 years, and this is simply not the case in Utica right now.

Highly recommend the book "Pocket Neighborhoods". There is a ton of information on this with several examples in California. 

i can't speak for Syracuse, but I can definitely speak to Utica! We have lots going on and rentals are doing very well. It's the sweet spot where there are still deal to be had, and an incredible market for renting (new hospital, new industry, lots of influx). I'm a licensed agent for the top agency here, AND a very active investor for both flips and multi family. My clients (and also me!) are finding the market to be quite good. Let me know if you want to chat further, there's a lot of nuance and a lot of info, but the short answer is YES, Utica (and Rome, too!) is a great market right now.

 If you need a garage anyway, plan to build it to easily convert back to single-family, PLUS owe nothing on the home?! Pssh... that seems like an easy win that uses your home's equity, increases the value, and brings you some $$$ too. Realtor & Investor approved! Good luck, NY Neighbor!