Anyone familair with the buffalo ny market there are lender portfolios of houses for dirt cheap 5-15k a house but is the market there non existent
Do you currently own several snow shovels?
LOL!
Keith
Hi Buysmart,
I happen to be firmiliar with the market in Buffalo NY. I currently actually source properties in Buffalo and Rochester for Australian investors and it is extremely popular amongst Australian investors due to the high yields.We have established very solid relationships in these areas with 2 guys who we deal with exclusively.They are locals who live in these areas and buying, renovating and then selling the homes is there full time job. It is a turn key service with rental management offered as well and tenenats already in the homes before closing. We can guarentee a minimum of 20% returns and we only buy in the lower risk areas.You can easily generate 30-35%returns in Buffalo but we choose to stay away from these deals as we feel there is to much risk.Be carefull buying really cheap property between 5-15k.more than likely would also require extensive rehab work to get them in a good livable state. Be sure to see the surrounding homes in the street where these properties are because often you can get a good home in a street full of vacant houses in streets where you wouldnt feel safe getting out of your car.Dont be fooled.
I went to school in Buffalo. If you can find any properties next to one of the schools there…and you keep it looking OK…you will always have someone in there. I remember that place was a dump when it came to rentals around the school areas.
A couple of million people live in the Buffalo area,
probably half of them are either buyers or sellers.
There’s your market.
I recently went into contract with a house in Buffalo. Are there a lot of rehabbers in the area?
Amanda