Should I invest in Syracuse rental properties? (New York, York: section 8, for sale)

[esculon]

I've been doing some research on the Syracuse area and noticed that the prices are fairly low compared to other metropolitan areas. I've been thinking that it would be a great idea to buy some rental properties as an investment, but I have a few questions.

1. Which areas are the best for rentals? Meaning, where can I get quality tenants to fill the apartments?

2. Is it important for the area to be walkable or do people usually use cars and buses for transportation?

3. Is there a high turnover rate or do people rent to stay?

4. Is it a good idea to buy near the university and rent to students?

5. which areas should I definitely stay away from?

Any help will be appreciated...thanks!

[proulxfamily]

If you don't intend on living on or very near the premises, I would strongly advise against it.

[esculon]

Can't they be managed by property managers?

[proulxfamily]

Just as other slums are managed by them?

[esculon]

This isn't the response I expected. I would think you'd want people to invest in Syracuse. And I don't want to buy properties in slum neighborhoods and let them deteriorate...that's exactly what I'm trying to avoid, which is why I asked the questions...

[RollsRoyce]

The tepid response to your post can largely be attributed to the influx of out-of-town slumlords, primarily from the New York City and Los Angeles Areas that have purchased properties in Syracuse over the past couple of years. Once stable or transitional neighborhoods have now turned into slums as a result of absentee landlords that made the decision to rent exclusively to Section 8 tenants. The promise of guaranteed government money in exchange for renting to these thugs has created unease among many longtime residents of owner occupied homes and businesses. There is nothing wrong with investing in commercial and residential real estate; however purchasing previously owner occupied properties and contracting with some local yokal property manager that encourages landlords to rent to Section 8 trash will not win inspire confidence among local residents.

[esculon]

Thanks for giving me a real answer. That helps to explain the insane amount of abandoned houses that are ruining the city. Like I said, I'm trying to avoid becoming a "slumlord" and that's why I need help finding areas that are family oriented where I can find quality tenants.

I've heard that the southside and eastside are typically areas to avoid, but beyond that I'm not sure. I found a nice looking property on the westside of town on Bellevue Avenue near the country club. Is this a good area in general?

[ckhthankgod]

Originally Posted by esculon

Thanks for giving me a real answer. That helps to explain the insane amount of abandoned houses that are ruining the city. Like I said, I'm trying to avoid becoming a "slumlord" and that's why I need help finding areas that are family oriented where I can find quality tenants.

I've heard that the southside and eastside are typically areas to avoid, but beyond that I'm not sure. I found a nice looking property on the westside of town on Bellevue Avenue near the country club. Is this a good area in general?

As for the Eastside, besides some areas near the public housing, you actually should be fine pretty much anywhere on that side of town.

Also, the Bellevue Ave. area near the Country Club is definitely fine, as that would be in the Strathmore neighborhood. I saw a house there near the Winkworth development that was for sale.

[schayban88]

My dad has bought, renovated and sold two buildings in the downtown area and made a real good profit out of it. You really have to be patient number one, number two make sure you do a real good job on renovating the outside of the building. It really makes a difference in whether or not you can sell the building. If I were you, I would definitely buy a run down building somewhere in downtown for almost no money, usually they sell for about 20 thousand. Then apply nice siding, glass windows, gutters and roof. Then go through the inside and remove all the crap that looks disgusting and make it somewhat nice. You are probably going to spend about 55 thousand on renovating it. So far you have now spent 75 thousand, which is exactly what my dad spent. He then turned around and sold that building for 115 thousand. So you will make about a 40 thousand dollar profit, not only that you clean up the area and make the city look a lot nicer. Finally, you won't have to worry about being a landlord and taking care about possible slums that might live in the apartment. Make sure you choose a good area of downtown. I know there is a couple run down old buildings right next to the 81 near the little Italy section. One of the those buildings is for sale and its pretty big. You can easily advertise once you are done fixing it up and you can make a huge profit. You got to realize that the people who are living in the city like the city life. You pick a spot where you can see the whole downtown, the 81 is right next to you, everything is easy to access. Buying that building that I am talking about can make you over 60 thousand guaranteed. Just be smart with who you hire to fix the building. There are a lot of cheap guys out there that do work just on the side. Finding cheap people is also key in selling the building for a big profit.

[esculon]

I've thought about buying and rehabbing, but being that the economy was hit so hard, it might take too long to sell a property once finished.