Home Buying in New York>Question Details

Mark Sutherl…, Home Buyer in Scotland UK

$100K to invest. Looking at Rochester, Buffalo and surrounding area. Any suggestions.?

Asked by Mark Sutherland, Scotland UK Mon Jan 14, 2008

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If you looking to get most out of your money visit link down below.Rochester is nice place to invest right now.
0 votes Thank Flag Link Thu Jan 17, 2008
Mark:
It all depends on what your goals are; long term or short term. As a whole, Rochester is more expensive than Buffalo but the average income is higher. In either city, $100K isn't much today and may not bring you a high enough return once you buy it, pay closing costs, spend some money to fix it up, pay taxes, insurance, some carrying costs etc. If you are not going to be living close by then you will have to employ a property manager. When it's all said and done, you will probably be in the negative cash flow situation but, if you hang on to it for 5-7 years, you should see some modest appreciation. If you are thinking of flipping it, forget it. Unless you are going to be doing the work yourself, you will be over your head in costs and may not be able to move it quickly enough.
My suggestion would be to consider investing in a Condo. For $100k, you can get a nice one in an area that will bring good rental income. You may be at a break-even point for a couple of years but they seem to appreciate modestly on an annual basis. Just my opinion and my preference. If you do decide buy a condo to rent out, you need to check to see if the association will allow you to rent it out. Good Luck!
Joe Sorrentino
Joe
Web Reference: http://joesorrentino.com
0 votes Thank Flag Link Mon Jan 14, 2008
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