Home Buying in Buffalo State>Question Details

Kurtis, Home Buyer in Bellingham, WA

I want to sell my $300,000 dollar house thats paid for and buy 10 homes in Buffalo NY and paycash for them

Asked by Kurtis, Bellingham, WA Fri Feb 6, 2009

and rent them out.I will buy 4 bedroom homes because they are in high demand.{$20,000 to $30,000 range}Does any one have any advise?

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hello kurtis: I believe I can help you with this - I am a private businessman/investor, ceo from a inteligency consulting overseas and it seems very difficult to foresee anyone accepting an offer to sell 10 homes/ 4bdr for your estimated prices unless they are in very poor condition, even with the real state suffering at this present time. It seems more feasible to have available ave 3 bedrooms that could be lifted up with some minor expenditures and rented for mid-low first year contracts, such as section 8 tennants maybe. In case you have the US$ 300K I would consider US$ 200K to buy the houses, other US$ 50K to provide handyman´s touchs and the final US$ 25K to handle with taxes/small debts and documents and the other US$ 25K consulting costs (50% in the beginning other 50% at the end - with the deeds recorded). If this is the case, and if you are serious and have cash in hands and you are willing to consider the possibility of someone assisting you with this deal (with an effective 7.5% fee and no impact with the results - you will have the houses and the renting ready at the bottom end), please contact me asap at jlesteves@hotmail.com -- wish you sucess in your future endeavours.
1 vote Thank Flag Link Wed Mar 18, 2009
Kurtis -

Lots of advice from Florida agents. No one local, however.

Rentals are a good source of cash flow here, based on rents vs price acquisition cost. With numerous colleges here, as well as medical campuses, we get lots of renters in the better areas.

My suggestion is to speak to an agent who works in the areas you want to invest in, to give you an idea of they type of tenant you can expect, as well as what renta and prices you can expect to receive and to pay.

I would suggest purchasing near UB, Buff State and Dyouville. 20k properties will not attract good tenants, so you must recognize this...
0 votes Thank Flag Link Tue Oct 19, 2010
Kurtis
I agree with an earlier response that you might want to increase your purchase price slightly to avoid a problem home. If return on investment is what you are looking for, and are paying cash, your return on investment could be close to 100% since Buffalo is a strong rental market. For example, I have a 4 bedroom double for sale at $27,000. The house currently rents for $900/mt (tenants have both been there 3 years). You may view other opportunities that I have at http://www.jdarttss.com
Web Reference: http://www.jdarttss.com
0 votes Thank Flag Link Thu Mar 19, 2009
Kurtis, Contact a professional realtor in Buffalo, NY and ask them to send you information. Be careful working with international investors. Information, research and professional support in teh area of purchase is crucial to the success of your endeavor. If you want to sell a home then contact a simlilar professional in the area of the home you wish to sell. Make sure they know the market and can provide documentation on why they are recommending the listing price. Today fair market value is sometimes disappointing but for someone interested in making an investment it may still be the pot of gold necessary for the future. Much success.
0 votes Thank Flag Link Wed Mar 18, 2009
Hi Kurtis - have you thought of maybe purchasing a mountain view cabin/chalet for investment purposes (and your vacation) in Appalachian Mountains of Western North Carolina and North Georgia?
Call me if you think you might want to talk about this or visit my website http://www.LauraHutt.com. My telephone number is 828-361-3112 or my e-mail is Laura@LauraHutt.com.

I used to live outside of Buffalo back in the 70's and boy was it cold there! I hope to hear from you. Enjoy your day, Laura
Web Reference: http://www.LauraHutt.com
0 votes Thank Flag Link Fri Feb 6, 2009
Hi Kurtis,
I am a real estate broker in western New York area. Through my experience with out of town and overseas investors I am working with, I will be able to give you some best advise how to invest your money in Buffalo and Niagara falls area to get good returns. I've just wondering where is your $300000 home??? May be it is not in Buffalo. You do not have to spend your all money in order to buy some investments out here with good cash floor. Generally in this area, you have to be very careful what you are buying and how you are buying in order to make money without any hazel. If you contact me I will let you know A-Z about the process ,exactly what you have to do here and about the areas....
My contact phone # 716-907-3046 or e-mail pushpa@pioneerstarre.com.
Hope to hear from you soon....
Thanks
Pushpa
Web Reference: http://pioneerstarre.com
0 votes Thank Flag Link Fri Feb 6, 2009
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