Any agents in Buffalo NY region who have worked with out of state investors?

Asked by John He, Outside U.S. Sat Aug 18, 2012

I'm a Canadian living in Toronto, and would like to invest in a rental property in Buffalo region. Anyone who have worked with investors (or Canadian investors specifically)? Any initial suggestions on location, execution, pitfalls, property management, etc.? All suggestions will be appreciated.

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Derrick Hough’s answer
Derrick Hough, Agent, Buffalo, NY
Fri Sep 14, 2012
As an Investor who has purchased homes in Buffalo, there are plenty of great oppurtunites to have Rental Properties or Rehabs. Alot of local investors will do owner financing, plus there are public auctions for properties. The key is dealing with the right team to find the good deals. ie Contractors, Laywers and Salespersons. Feel free to contact me to advise what areas you're interested in.

Derrick Hough
Licensed Salesperson

Realty Edge Inc
155 Summer St
Buffalo, NY 14222
0 votes
Sal, Home Owner, Fort Lauderdale, FL
Tue Sep 4, 2012
Yes, we sell property to out of state investors with owner financing. You are best off if you hire a management company.
Sal Zambito
0 votes
Bondgirl.007, Home Owner, Depew, NY
Sun Aug 19, 2012
John, I have worked with people from out of NY State, and from other countries, mainly Europeans. The process to buy a home, or investment property, here in NY is much different than in Canada. The same holds true for financing. I would recommend contacting a mortgage broker from the U.S. to see what you would be eligable for; as this will be an investment and not your sole home. Then, I would talk to a lawyer to see if there are going to be any legal issues you may have to endure (in NYS all paperwork goes through a lawyer). Finally, contact a real estate agent to look at the options you would have after your advisement with the mortgage broker and the lawyer. This way you can find a property that best fits your needs and finanacial requirements. I wish you the best in your search for an investment property here in the Buffalo area.

Debbie Bond
Century 21 Gold Standard
0 votes
Nick Raczyk, Agent, Buffalo, NY
Sat Aug 18, 2012
There are many out-of-town investors who invest in Buffalo for a wide range of reasons, but primarily because of investment affordability resulting in positive cash flow. Of course like any region, there a variety of areas within Buffalo to invest depending on your investment objectives. For example, there are several colleges in the region that investors rent properties to students. But there also are upper-end and lower-end areas to invest as well (of course, you get what you pay for!). Recently, multi-unit properties have been in high demand - often competing among multiple offers. As for being canadian, I would suggest being able to purchase with cash. Financing for non-US citizens has become quite difficult. Property mangement would be a good idea as well. Attempting to manage properties, even one, from a remote location can be difficult - it's a long way down the QEW to meet a contractor to fix a leaking pipe! Hope this helps. Nick
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