Buffalo, Amherst NY Market
Thinking of investing in multi-family or single family in Buffalo, Amherst, Williamsville, NY close to SUNY University. I live in NJ and am unfamiliar with the area. Taking a weekend scouting trip on 1/26. Looking for some insight into the local rental market, as well as reputable property management companies and best neighborhoods to invest in. Any insight would be greatly appreciated.
I own rental property in the area (Tonawanda & Niagara Falls), and I also work as an RE agent. Generally speaking, the market here is great. Appreciation is low, but cash flow is very strong.
There are two SUNY campuses: UB North and UB South. UB North is located in the Amherst/Williamsville area. Housing prices are higher and cash flow is lower, but the neighborhood is very stable potential for appreciation is decent. UB South is located in North Buffalo along Main Street. Housing in the "university district" is booming right now. You can still find well maintained 3/3 duplexes for under $100,000, but the market is getting tight. Many landlords rent to college students per room instead of per apartment. A 3 bed apartment in that neighborhood goes for around $500-$550 plus utilities. A single room can be rented for $200-$250 plus utilities. Of course it is more of a management hassle dealing with 6 leases instead of 2, but the reward might be worth it to you.
Property management companies in this area are terrible, but there are a few reputable companies. New York law requires a property manager to be a licensed real estate broker, or a licensed real estate agent working under the supervision of a broker. Over 90% of those offering property management services in this area are unlicensed.
Good luck. Let me know if I can be of any assistance.
finniganps, regarding the vacant houses, they are mostly located on the east and west side of Buffalo. Most are uninhabitable and awaiting demolition by the city. If memory serves, there are over 10,000 housing units awaiting demolition, and some community activists estimate that number to be closer to 20,000.
The vacants do have an impact on property values, but little impact on renter supply/demand. Well maintained properties in safe neighborhoods are in high demand and there is no shortage of qualified renters.
Ryandick, yes, that helps tremendously. Thanks so much.
since you live in brick town I think philly would be a better area
only 1 1/2 hrs from you
Someone in that age group no doubt uses the internet a lot. Try googling him- you might be surprised. I was looking for a friend and found out more than I wanted to know- including past and present addresses and phone numbers. Just with his name.
Chris
Thanks YPOChris. That is a good idea but the problem is that he has an extremely common name. Any other suggestions utilizing the SSN or date of birth?
use a skip trace service to finde the current physical address for the SSN.
You can buy a service, but a PI might just use his account for a small fee.
If anybody knows a good collection agency that is willing to work with bulk accounts, please have them contact me.
I am thinking of adding this as an additional service to the properties area.
We have several tenants that up and left. No forwarding address, etc.
Thanks for the suggestions everybody. I have decided to go the private investigator route. I am still wondering if there was a way to check his credit because addresses are always on credit reports, I think. I am hoping PI route gets the job done. Thanks again!