I have been investing in real estate for over 20 years. I have built a fortune finding and identifying “fringe markets”.
Mostly that means investing in neighborhoods that are right next to a hot market. If a city becomes a “hot market” it may mean that there will be a lot of competition for these properties.
Rochester, New York is such a market. This amazing city has been listed over and over again as one of the top ten real estate investment markets. This has caused the real estate prices to increase to the point where it is almost impossible to find great deals there. I know as I built my original portfolio in this fine city.
The great news is that if you are in an area like this start looking at the small towns that are within 30-45 minutes of these “hot markets”. Look for towns that are populated with a 4 year college where you can offer housing to teachers and students alike.
Upstate, New York is fortunate to have many quaint towns that are on the verge of great urban renewal that lie along side some of the most beautiful glacial carved finger lakes.
I am on my 7th project and going strong. Here is another one of my most recent finds that we are loving-up and bring back to life.