Best Strategies to Expand Your NY Upstate Real Estate Investment Portfolio in 2021

Regardless of the recent pandemic crisis, real estate continues to be a lucrative, long-term investment tool. Despite the obstruction from the virus, the New York state has paid $43.7 billion in unemployment benefits to 3.5 million New Yorkers, representing over 20 years’ worth of benefits paid in just six months.

Having a low correlation with the stock market, higher tax breaks, and immense geographical diversity, a real estate investment has an excellent advantage over other investment forms. On another note, if there’s one thing almost every investor hears all the time is to clarify their investment goals and outline a strategy. And the best part about going for NY upstate real estate investment is that there are only a few somewhat effective yet diverse investment strategies for a sensible and profitable investment portfolio.

Here are the top five strategies for you to consider:

RENTAL INVESTMENTS

Rental properties are one of the most stable passive income cash flows. You can unlock a highly balanced revenue stream with all the monetary benefits if you can ensure good tenants. A quality screening along with an excellent listing can help you land reliable tenants who find value in your property while sticking around for a reasonable amount of time. If you find difficulty attracting the right tenants, you can also leverage the expertise of a property management company. They can help you narrow down the amenities and the right offer as per the market to strike the right deal soon.

BUY-AND-HOLD

Also known by the name rehabbing, this is a popular real estate investment instrument among new investors that runs on the foundational idea that properties always appreciate over time. It relies more on quantity. The more you own, the greater leeway you get to take out a low-equity line of credit. The most significant advantage of this investment strategy is that it offers an active, regular cash flow. At the time of selling, an owner can avoid paying taxes through 1031 capital exchange. All one needs to do is have a good hold of the market, know what attracts the tenants in an area, and appreciate the property value over time.

FIX-AND-FLIP

Although this might sound like rehabbing, flipping is different than buy-and-hold in that one only rehabs and sells a real estate property rather than buying it. An investor under fix-and-flip aims to do just as many renovations that sell the place for the maximum amount and no more for a profitable deal. It usually involves getting an undervalued property and then selling it at a much higher cost after a makeover.

WHOLESALE PROPERTIES

In general, wholesaling is not about adding more real estate properties but creating a solid network with a reliable marketing strategy. It is also known as “micro flipping,” this strategy involves buying a property that is undervalued and putting it up for sale within a short time with very little capital investment; however, this can come with lots of legal complications and restrictions with regulations around who gets how much commission and how they do it.

There are many real estate investment strategies apart from the ones mentioned above. Self-knowledge combined with expert guidance can help you decide on the one approach that might prove fruitful to your purpose. The best part about real estate investing is that there’s no limitation. There’s something for everyone! If you would like to explore the options with experts, connect with us directly for effective real estate decisions.