Hello! My name is Stacy and I live in buffalo NY I have not yet made a deal but my boyfriend and I already have two properties that we have bought and held for cash flow. where did you learn about investing? Did you take a course? My dilemma is that I would love to become more educated and take courses that will guide me in the right direction but I really don’t have the money to do that yet. I have been contacting hard money lenders and have some credit that could be used, but I don’t really have much else. I have the BIGGEST desire to make this work and I really want to be successful. Have you met people like me? Do you have any advice?
I live in Buffalo NY and it is kind of depressed and the appreciation value is negative. I would love to make my first deal close to home but I am not sure if I can find one close to where I live because of the low appreciation rate.I also dont know where to find all of the information i need to pursue a deal. I have gotten the legal paper that lists all of the lis pendens and auctions in the city, but i am having a hard time figuring out the FMV of the properties because prices fluctuate randomly in all neighborhoods around me.
I guess this is why I am afrain. The chance of failure in Buffalo seems so much higher then it would be in…maybe Florida. Do you have any advice you could give me?
One thing I learned about the Buffalo market is its is a cashflow market and works great if you live local to handle all the problems oppose to hiring a mgmt company. Some markets are great for cashflow, like yours and others give appreciation, and then some like mine (SoFl) have major negative cashflow and declining prices so no appreciation either. In fact to tell you how bad it is. I just finished a rehab home 2 months ago. When it was completed, we had it re-appraised and it came in at 675K then last week, just over 2months to the date or last appraisal using same guy, he said he would be pushing it to give it a 620K appraisal. We did this b/c we were not getting many bites. So we lowered out asking price to 590K and will still only show the 2month old appraisal. But that is the kind of market some big cities are experiencing now.