Shawn if you end up doing this keep me posted - I have been looking at this for a long time and the returns are great. My only concerns were a constant slight decline in buffalo's population... but if the rental return can continue for a couple of years you will have your initial investment back so why not...

its a small risk investment also but im just too scared to take the risk! really would like to hear from people who have done what we are looking at but a few months ago etc...

the site i am looking at is collosal investments properties

they also seem pretty good but are probably chucking a big premium on it

Thanks, Sylvester- your answer is just what Shawn needs. I only answered because no one who currently was making money as an absentee landlord in Buffalo had answered.

I notice your zip code is in Georgia.

I was not referring to Amherst, where my office is located. I work in both Buffalo, the city, and Buffalo, the area. In Amherst you wouldn't get anything for $20-40k that didn't have a problem. I still maintain that it is true in Buffalo as well. Good doubles that only need paint are going in the 80s+. No double in any area takes care of itself.

My office in Amherst handles a large section of the city, and I see many investors dump their holdings after a few years when it isn't working for them. I have personal experience (as the former wife of a landlord who owned 13 units) about dealing with tenants, section 8, and Buffalo code enforcement. I regularily list and show buyers multiple units in Buffalo and know the condition they are in.

My advice is to be very aware and get a good property manager.

Shawn
In the city, you can purchase many homes in the 20-40 range with immediate return on your money. Buffalo is a strong rental market. Sandy is obviously referring to the suburb of Amherst. I have had triple digit returns on all my purchases. Since I know Buffalo very well, and have a good trusted management firm that I utilize, I ofter am able to find great deals and turn them around to investors already rented. Many are available at http://www.jdarttss.com. I just some 206 Hewitt and 52 Millicent this week to out of town investors. On Hewitt, they bought for 25k and they will receive rental income of 900/month this coming Monday. Annually, that is 10,800 in gross rents on a 25k investment. No repairs needed (in fact, I just painted the exterior) and the tenants have been there 3 years each.
I have a tax prep business, so I can help you on that side. In general, NY state will tax you for income earned in the state. Many buyers set up an LLC here in the states for liability purposes and to run taxes through. If the cash flow is great, you dont mind paying the taxes on positive net operating income.

Please don't be mislead by thinking you will get a great buy at $40,000. Any home at $40,000 has a good reason to be, our average home sale is $130,000. We don't have a lot of foreclosures, values on good homes under $130,000 have been rising steadily with the first-time buyer incentive, and many get multiple offers.
If you do invest, PLEASE be sure you have a good management person who will take care of the property.

Hi Shawn,
My name is Pushpa and I am a real estate broker in western New York area.(Buffalo,Niagara falls ) I am working with several investors from overseas and they are buying more properties constantly.I am very happy to help you for your real estate need. If you contact me, I will be able to give you all the info.that you want to know before you jump.Pl. call me @ 716-907-3046 or e-mail me at pushpa@pioneerstarre.com.
Hope to talk to you soon.....
Thanks
pushpa