Real Estate Crash thread

[iceman]

Where Upstate?

[simple]

To NYC people Rockland County is upstate.

[iceman]

oh we've been going around on the definition of "upstate" for a little while now.

[half-fast]

Most of the people buying rental properties upstate NY these days are from out of state.

[Mazderati]

Where Upstate?

Finger Lakes

[Benny Profane]

Solidly upstate.

[Benny Profane]

If it’s in the northeast, hardpass

Pretty much, outside of major cities.

[iceman]

Solidly upstate.

I don't know man. But I'm a purist.

[wooley12]

oh we've been going around on the definition of "upstate" for a little while now.

12th generation New Yorker. Related to the guy who did the beads for Manhattan deal so I'm told. To any Newyorker living south of I-90, upstate is north of where they are.

[Benny Profane]

I don't know man. But I'm a purist.

And your purity test is...where?

[iceman]

we can't go through this whole thing again, we just did it in some other thread. maybe it was even this one

[Stu Gotz]

12th generation New Yorker. Related to the guy who did the beads for Manhattan deal so I'm told. To any Newyorker living south of I-90, upstate is north of where they are.

I always thought once you get “upstate”, anything north of the thruway and east of 81 is just “up north.”

“Where are you going snowmobiling?”
“Up North”

[AdironRider]

Can we all agree buying commercial real estate, utilizing even the most liberal of upstate boundaries, is a bad idea?

[Name Redacted]

Can we all agree buying commercial real estate, utilizing even the most liberal of upstate boundaries, is a bad idea?

Commercial real estate everywhere? I have a few friends who do quite well owning commercial RE but not in upstate NY, more like CO and UT.

[AdironRider]

Commercial real estate everywhere? I have a few friends who do quite well owning commercial RE but not in upstate NY, more like CO and UT.

I was saying commercial real estate anywhere that would be considered upstate NY.

[fastfred]

I can picture that shitty apartment buildling in upstate new york
the hallway smells like an old shoe
the carpet is worn, the appliances are decades old
the aluminum windows leak air
the insulation is shit
the paint is faded and the shingles have moss growing on it
a couple trailers are in the lot next door
and the landlord gets his section 8 check monthly and has to beg the rest of the rent out of the tenants
in syracuse there are these "companies" that buy up all the inner city lead filled asbestos houses for 20 - 40k they put them on the section 8, do abslutely nothing to the homes and rent them out while the tenants continue to trash them
my friends bought a house in a so so upstate new york town, for 45k, nice house built in 1948, huge lot, in a city, people spend more on cars than they did on a house

[wooley12]

I can picture that shitty apartment buildling in upstate new york
the hallway smells like an old shoe
the carpet is worn, the appliances are decades old
the aluminum windows leak air
the insulation is shit
the paint is faded and the shingles have moss growing on it
a couple trailers are in the lot next door
and the landlord gets his section 8 check monthly and has to beg the rest of the rent out of the tenants

Went to a birthday party in a place like that. Family of 7 in a 3Br appt. 20 guests, not a chair in the house. Pile of chickens on the kitchen floor waiting to be gutted and plucked. Thanks for the memories. Lao sticky rice rocks!!

[Ted Striker]

Finger Lakes

Brings up another question to ponder: how far is that from you? When my brother and I were dabbling in commercial RE we had a hard no to anything we can't round trip in a day policy. Passed on some opportunities that could've made money, but saved us a lot of headaches.

[liv2ski]

Pile of chickens on the kitchen floor waiting to be gutted and plucked. Thanks for the memories. Lao sticky rice rocks!!

Thanks for the memory jogger. Years ago a buddy had some foreigners renting a house from him. Once they moved out it was obvious they had been cooking meat in the fireplace as it was coated in animal grease. He had a fun time cleaning up after them.

[Ted Striker]

better than cooking meth

[wooley12]

Thanks for the memory jogger. Years ago a buddy had some foreigners renting a house from him. Once they moved out it was obvious they had been cooking meat in the fireplace as it was coated in animal grease. He had a fun time cleaning up after them.

That does suck. We were helping a Laotian refugee family assimilate. Teaching them how to use a washing machine and such.

The Glazers did pretty well in the Upstate NY trailer park biz. Bit they traded money for their soul IMO.

[RootSkier]

better than cooking meth

Man, I have had like 10 people call me in the last six months because their tenants contaminated their rentals with meth.

Not much you can do except hope it accidentally burns down.

[Mazderati]

Brings up another question to ponder: how far is that from you? When my brother and I were dabbling in commercial RE we had a hard no to anything we can't round trip in a day policy. Passed on some opportunities that could've made money, but saved us a lot of headaches.

Same-day round trip is not feasible and toward the top of the cons list. Property management fees in the area are egregious so that is also out.

[fastfred]

That does suck. We were helping a Laotian refugee family assimilate. Teaching them how to use a washing machine and such.

.

my mom did that kind of stuff
but it was mostly with master degree/doctoral students
used to get them into a grocery store back in the 80's and they'd lose their mind for hours it was crazy
all those choices all that stuff all in one place was way too much specially the ones from some communist countries

[Timberridge]

all those choices all that stuff all in one place was way too much specially the ones from some communist countries

I felt the same way the first time father took me to his tailor for a bespoke suit. All those fabric swatches, thread colors and linings boggled my mind. We finally settled on a Brioni.