I want to start investing in N.Y. state.

Asked by Roger White, barnsley ,yorkshire, england Sat Jun 28, 2008

I am a experianced real estate investor from yorkshire England.Can anyone offer any advice as to where the best investments are .Best returns ,Growth etc.With Thanks.Roger White.

Help the community by answering this question:

+ web reference
Web reference:

Answers

12
David R Heard, , KENT UK
Thu Jul 10, 2008
BEST ANSWER
Hello Roger! We area British company helping international investors source HIGH YIELD Property in Buffalo, Rochester and Syracuse. We offer an end-to-end service helping you through the whole process, securing good properties and helping with the Attorney Insurance and Property Management. Look at: http://www.wnypropertyinvestments.co.uk. Phone 01304 369583 to talk. David Heard BRENNAN PROPERTY INVESTMENT LTD
0 votes
Tony D'Anzica, Agent, Syracuse, NY
Fri Sep 26, 2008
Roger,

One more recommendation, as someone with experience as a real estate attorney, real estate investor, real estate broker and property manager, I would advise speaking with several different agents and property managers and to make sure, especially, that your property managers are 1) licensed, 2) detail oriented, and 3) transparent in all of their dealings.

Also, before purchasing any property I would make sure your agent is representing your interests in trying to find you an investment that will bring a good return and not in just trying to make you a sale. Make sure your agent understands what an investor is looking for - most agents sell residential properties to homeowners and know very little about what an investor needs or wants and they certainly don't understand how to make the calculations that experienced investors make in determining whether an investment makes sense.

For a variety of reasons, not to mention a weak dollar, this is actually a very unique time to invest in the US. Syracuse is a great place to start. As for Manhattan and the NYC area, cap rates are very low - it is almost impossible to find an investment property in NYC that will generate a positive cashflow. You CAN find a cashflowing property in Syracuse.

If you have any specific questions, feel free to contact me at 315-299-3326. Good Luck!

Tony L. D'Anzica, JD
DynaMax Realty, Inc.
Web Reference:  http://www.dynamaxrealty.net
0 votes
Thomas McGiv…, Agent, Farmingville, NY
Thu Sep 25, 2008
The best investments are everywhere! :)

Check out the reference
0 votes
Tony D'Anzica, Agent, Syracuse, NY
Thu Sep 25, 2008
Roger,

Word of caution. Promised returns are often different from actual returns. A lot of brokers are actively marketing to out of town/country investors. These properties being marketed, although with very favorable numbers, often will face future issues such as tenant non payment of rent etc.

Your first step is to analyze the neighborhoods. The cap rate and GRM are good metrics to use. Again, don't be fooled by nice high promised numbers. The numbers are only real if the seller shows you those were the actual numbers reported in the tax return. I can almost guarantee this is never the case (the promised numbers are very different from the reported numbers to the IRS - US tax department).

We like East Syracuse, North Syracuse, Dewitt. These are more stable areas with decent rent. Many are buying in the Destiny USA area as well but we do not.

Best,
Tony
315.299.3326
Web Reference:  http://dynamaxrealty.net
0 votes
Marc Gillam, Both Buyer And Seller, Syracuse, NY
Wed Sep 10, 2008
I wholesale houses in Syracuse Roger and were also looking for Private Investors to join with us. If you get a chance call me at 315-427-0493.

Mark
0 votes
Bill Eckler, Agent, Venice, FL
Sat Sep 6, 2008
Roger,

The Adarondack Mountain area is worthy of some investigation. This is a hot market because of both summer and winter appeal. Property values in lake areas have appreciated considerably because of the areas weekend appeal to people from NYC. Skiing, snowmobiling, boating etc in your own paradise wit only a 3.5 hour drive.

This area is worthy of a look. We have a popular well established restaurant for sale on the peak of a mountain that could be had for 1.3 million. It's a great opportunity.

The "Eckler Team"
Michael Saunders & Company
billeckler @michaelsaunders.com
941-408-5363
0 votes
Susan and Ro…, Agent, Baldwinsville, NY
Thu Sep 4, 2008
Dear Roger,
Central NY continues to be one of the solid markets in the United States, but I am sure your research bears this out which is why you are looking in our area. With good universities in the area and several outstanding hospitals it continues to be a good rental market as well. We are not sure what type of investment opportunity you are looking for, but our company works with land, commercial, large and small investment opportunities, as well as residential. If you would like futher assistance, we would welcome your call.
Robert Acker
315-664-0714
0 votes
k, , 13224
Mon Aug 4, 2008
Syracuse, NY has one of the best housing markets in the Country...

As of April 2008 according to the National Association of REALTORS:

Sales Price (Median)- YTD Change / Homes Sales - YTD Change

Syracuse $132,600 +9.6 293 -3.6
CNY $119,000 +0.8 425 -6
NYS $215,000 -12.2 5,838 -14.7
North East $262,000 -7.7 74,00 -14
United States $202,300 -8 434,000 -15.7

If you are interested in buying a home in Syracuse there are over 6,000 Central New York homes for sale on cnyrealtor.com - see attached link.

Good luck!
0 votes
Robert Madrid, , New York, NY
Thu Jul 17, 2008
Mr.White,

I am a native of Syracuse, New York and I can tell you that property values have not increased at a significant rate over the course of years. Word on the street indicates that property values have decreased. I can tell you that the new Condo’s being built in Syracuse are renting at astronomical rents.

For the highest yield I return, I would suggest Manhattan or its surrounding boroughs. This is the market I specialize in. But then again, the price per square foot is very expensive and you would need a lot of funds on reserve in order to qualify to purchase. If this is an option that you will consider and can fork up the overhead charges, do so!

Then again, if you are looking to build a portfolio one house at a time, maybe Syracuse and its surrounding areas would be the best avenue for you to pursue. I know of a couple investors who are selling their apartment in lots of 5-10 in Syracuse, but they live in Manhattan. They are doing this just the market is shaky and the maintenance costs and taxes do not match up with the rate of return on their investments.

To each his own, but I would do extensive research with any property that you purchase and make sure that the salesperson is qualified enough to properly educate you on all the conditions and factors to consider, considering the market upstate. Best wishes to you.
0 votes
Kim O'Casey, , Syracuse, NY
Mon Jun 30, 2008
Hi Roger! This is Kimberly O'Casey from Syracuse, New York. I am an agent with one of the top companys nationally, Keller Williams. If you haven't yet, you will want to look at our city and area! If you check out the articles in Money Magazine and other publications, you will see how stable our market is. We have many investors from across the country investing in our properties. I am very happy to send you some articles and stats. I cover the market from mid-range investments to high end. Residential and commercial. Syracuse and Central New York are amazing places to live and can offer you a great return on your investments! We have several very impressive economic projects throughout the community that are supporting growth in many areas. Thanks! Kim
0 votes
Thomas McGiv…, Agent, Farmingville, NY
Sat Jun 28, 2008
So do I!!!! LOL. You're in Syracuse huh - I used to live there - Baldwinsville and Liverpool - I went to school at SUNY Oswego. Good college rental area(s).
Web Reference:  http://www.noobdogs.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Sat Jun 28, 2008
Any investment you make in real estate with the idea of buying and holding (especially as low as the market is now) is a good investment! If you are looking to buy and flip, forget about it.

Another good investment is in commercial real estate. If you would like some assistance, please contact me off line Gail@GailGladstone.com.
Web Reference:  http://GailGladstone.com
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Popular Syracuse Neighborhoods

Email me when…

Learn more