Syracuse, NY

Hi Angel,
Let me ask you, is there a specific reason why you want to consider Syracuse and Western NY markets?
I am (somewhat) familiar with the areas as we did a few deals up there with some clients of ours, the yields are good, although property values can be a problem as there is not a very vibrant resale market.
There are other areas across the Midwest (not just Detroit..) that offers , in my opinion, better prospect of both high income, as well as capital preservation and possibly also capital growth.

[email protected]

Hi Angel,

I guess the first thing I’d need to point out – and I really don’t mean to sound patronising or like a smart ass – is that Buffalo, Syracuse, Rochester etc are VERY different from the New York most people know. You’re a good 6-7 hours away from Manhattan and New York City once you get up there, and the market is very different.
Even though the state has a large growth in population, this is mainly focused on the Metro area of New York City and the nearby counties of Westchester as well as Nassau and Suffolk counties on Long Island. Many people based in Upstate New York are leaving – or trying to leave – in the same fashion you hear about people leaving Michigan etc.
There are some jobs in the Albany area, due to this being the state Capital, and this area might not be bad although prices are higher.

To answer your question on crime – it’s pretty bad, but it’s certainly no worse than parts of Detroit, Newark, NJ, Philadelphia or any larger city with areas of poverty. I wouldn’t be so worried about this, but property crime can be an issue, although we didn’t have more (or less) problems in NY state than anywhere else.
In my opinion, the main thing we look for is capital income, and there are higher yields in many other areas, which also offers a better Section 8 program. In New York State, it’s not quite as generous as many other areas.

One of our focus areas is Indianapolis – it will have the Superbwl next year which has seen a large influx of Federal dollars to “clean up” many areas of the city, property is cheap (you get a good rental for around $30K) and there are still some good businesses located in Indy, as well as a lot of Government jobs, being the State Capital of Indiana.

I hate to sound like a broken record, but we are still quite active in areas of Detroit – I need to point out though, it’s just small sections where we’d buy, which is far from what you might see and hear in TV. The yields are always in excess of 14%, and like DetroitDan has said on some posts, you need to really know Detroit, but once you do, in my opinion there’s nothing like it in the US for income.

We are also active across a number of other midwestern states – let me ask you, is income your main driver, or are you looking for a mix of income and growth?

[email protected]

Hi Angel,
Just responded to your email – there’s plenty of things we can do in that department

Hi     High Income                  Just wondering if you or anybody else had an opinion on investing in a duplex in Groton, Conecticuit    Spending about 80K, returns about 1.5k a month, vested interests have said it should gain about 30K in 3 years.   The reason for investing there is because it is one  of the few places in the US where I could have a manager I would trust.             Troy if you read this  do you think it is possible to get a loan on property held in the Philippines. I have heard some chinese banks may do this.   Thanks in advance.

 Hi HighIncome those returns are gross.       Thanks.

Hi Angelinsydney,

If you would like to find out how to invest in upstate NY email me @ [email protected]. I have been guided by an Australian who is actually heavily invested in that area and others who could probably give you some unbiased insight into the area you are interested.

Chris