I’m located in South Florida, and I want to get started in real estate investing. I have around 30,000 for a downpayment on an income producing property (looking for a duplex or triplex). Prices in Buffalo, NY are VERY low, because of the shrinking economy there, but from what I’ve heard things are looking up in Buffalo again.
What is the rental market like there? From what I’ve researched, 1/1’s go for around 500 a month. But, are landlords having a hard time finding tennants?
Would it make sense to pickup a duplex for around 60, finance 30,000, and rent it out through a property management company? (I’m too far away to do it myself)
As long as your credit is decent, you should be able to finance more than 50%! Try to save your capital for other investments…use OPM (other people’s money). This leverage is what creates real wealth.
Keith
i am from upstate ny… not really buffalo, but even though everyone says the area is turning around, there are still no high paying jobs to keep young people and professionals in the area
i think “shrinking” in the phrase shrinking economy, as you put it, is the operative word
i dont see the upside …yet
Thanks for the reply… Do you think it would be possible to produce net income every month if I financed most of the property, though?
Your numbers aren’t real clear here but if you have $1000 per month income on a $60K property, you should cashflow. Where I am, I can break even (or be a little positive) at 1%…($600 a month on a $60K house)…
Keith