Anybody Has Rental Property In NY?
does Anybody has rental property in upstate NY that live either in NY city or out of state?
How do you get your tenants ?
do you use a management company?
What precaution should I take and how?
What part of NY? NY differs greatly from City to City. For example, Rochester is night and day from Buffalo, etc.
I own 6 properties in Buffalo and manage 100 unit there as well. There are a lot of precautions I could tell you about in Buffalo but they may not be applicable in the area you are planning to purchase.
I would be happy to give you more details once you let me know where you are planning to purchase.
ROCHESTER SCHENECTADY AND ALBANY
Great response lavoc. Trust ME...Buffalo is NOT for the thinned skinned. PLEASE do your homework before buying in Buffalo and be VERY careful of the Eastside. If you purchase on the Eastside (or certain areas of the eastside, you will likely have problems trying to even get a property manager. MOST dont want to deal in the area.
I would go a step further. NEVER buy on the east side. Even if you find a GREAT home on a nice block, the chances that the surrounding blocks will be a big negative at trying to attract good tenants. Also, you never get responses to newspaper ads on the east side because the streets all have a negative image.
What about Albany NY, does anybody have any advice about buying rental property there?
Albany is a city you have to watch out for also. There are some nice parts and some bad parts It changes from block to block. I own some houses in Troy,NY and it also changes block to block. Just be careful. Alot of the agents in Albany are always looking for NYC investors that do not know any better and overpay for what they are getting (or have no idea what they are buying). The best advice I could give you is take a week vacation to Albany and talk to people. I find that this is the best way to get info "for free". Dont trust brokers (most are out there to make a quick buck) and could give two shits about you or your money. Lower end houses may have a higer rate of return but you also must consider turnover in lower end areas. Just my two cents.[ Edited by cashcow57 on Date 11/14/2008 ]