Posted by Kristine-CA on June 07, 2004 at 23:51:58:
Are you really getting $600 per unit in Rochester? (Of course, it’s not Buffalo…). The numbers used to be like that where I work in central CA just two years ago. But now the 50K 2-unit is 110K. And the rents are still $550-600 per unit for 2BDRs. And the property taxes are high. Definitely more than the 1% everyone tells you to plan for.
I’m in NY several times a year and am definitely coming to Rochester if the ratios are what you say they are. Kristine
Anyone know if investing in vacant land upstate or even homes is a good investment.However, I am looking for a weekend home, I would’nt mind making a few bucks later on the investment.
Also,anything I should look for when looking at those types of property(land,country side homes,etc)?
Thanks.
There are no opportunities in upstate New York, it’s a baron waste land. Go home! Stay home! Save your money, put it in the stock market, it’ll come back! Buy gasoline futures! As Ron Le Grand says “that creative real estate myth doesn’t work there”.
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Re: Wouldn’t you agree with me B.L. Renfrow? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 06, 2004 at 16:03:28:
Bob’s response was tongue-in-cheek - a variation on the response that creative investing works everywhere but where you live.
Upstate NY has experienced a significant downturn in the economy over the last decade, as thousands upon thousands of manufacturing jobs have been eliminated and people have become unemployed or moved away.
Like anywhere, it has its advantages and disadvantages. The upside is that there are plenty of homes available for cheap in most areas. In my town, the mean home sale price is around $50k. In most smaller and medium sized towns, you can get a lower end two family for $20-$40k, and it won’t need to be totally gutted.
The other side of the coin is that you generally need several deals to generate the same income you can get from one deal in a higher-end area. Lots of people have trashed credit and little to no downpayment money. Buyers and tenant/buyers are fewer and less qualified than in other areas. Properties set empty longer.
It’s just a matter of finding out what works best where one lives. In upstate NY, one usually doesn’t have to worry about multiple bidders trampling over each other racing to the closing table waving their cash in hand.
Re: Wouldn’t you agree with me B.L. Renfrow? - Posted by reistheway
Posted by reistheway on June 06, 2004 at 13:53:30:
I own property in Rochester and have them all rented? I would rather buy a 2 fam for under 50K and bring in 1200/Month than a 300k 2 fam in New England and bring in 1400/Month! Do the math. It’s a business, you may have to waie a month or two for a good tenant,but a least it is doable if a tenant moves out.
Kristine