I Heard Mixed Reviews On Investing In Buffalo, New York
Hello all. New to this.. I am going to be moving up to Buffalo in January and me and a friends plan to buy a two family house and live in one half and rent out the other. If all goes well we would like to buy a couple of other houses and do the same. Well, not live in them but to fix them up and rent them up.
What do you guys think about Buffalo and my plan?
Thanks guys. Much appreciated for the following comments.
I too, have looked into buying in the Buffalo area. There are a lot of good deals to be had up in Buffalo, however, caveat emptor. In essence, let the buyer beware, there are lead based properties especially in the two family market that you must be aware of and factor into your decisions.
In fact, look to the tci realty section there was an individual looking to sell a two family complete with on site manager.
Good Luck and exercise your due dilligence.
Thanks StanWatkins. Appreciate the comments. I have been reading a lot about old houses and that's definitely one thing you have to look out for. Thanks again for the quick response and advise!
Nice thing about the upstate NY area Rochester, Syr and Buffalo is there are ALOT of CHEAP houses where you can get a nice cash flow.
Tough thing is they probably wont appreciate much if at all.
I know of some houses in deep Rochester which are selling about 5% higher than they were back in 1984
But it seems if I can get a cheap place, fix it up, and rent it out the equtiy that I obtain would be great just to get my feet wet in REI. I read an article that Buffalo's RE market was 5%-10% below market from the upswing national average. So I'm hoping it will catch up!
Did you see my response (at the bottom) of this post?
http://www.thecreativeinvestor.com/ViewTopic16934-20.html