Am a canadian, my fiance is across the border. Want to invest in a BRRR in niagara/buffalo area. Any advice?
If your gonna be hands off I would go with minimum B Class Neighbourhoods.. Use Wise to exchange $$ from bank accounts.. Get the EZ Pass if your gonna visit often.. Also try Imperial Pizza..
Jasdeep, that is a great strategy. Buffalo has been popular with Canadian investors due to its affordability and close proximity to Ontario. Canadians can legally buy and own property in the U.S. but financing often requires a larger down payment.
For a BRRR strategy, I would suggest focusing on strong rental neighborhoods near hospitals, universities or major employment centers. It is also important to build a local team in Buffalo—such as a real estate agent, contractor and property manager. In addition, speak with a cross-border lender and tax professional early to avoid surprises with U.S. and Canadian tax obligations. Are you planning to target single family rentals or small multifamily properties for your BRRR strategy?
Jasdeep, that is a great strategy. Buffalo has been popular with Canadian investors due to its affordability and close proximity to Ontario. Canadians can legally buy and own property in the U.S. but financing often requires a larger down payment.
For a BRRR strategy, I would suggest focusing on strong rental neighborhoods near hospitals, universities or major employment centers. It is also important to build a local team in Buffalo—such as a real estate agent, contractor and property manager. In addition, speak with a cross-border lender and tax professional early to avoid surprises with U.S. and Canadian tax obligations. Are you planning to target single family rentals or small multifamily properties for your BRRR strategy?
Thanks for the advice and info!
I was going to target multi-family properties. I definitely do need to speak to some professionals to learn more about tax obligations.
@Jasdeep Sohal welcome to our community! Happy to discuss BRRRR opportunity in Buffalo, though I'll be totally transparent that I avoid NF. I have my reasons, but some people love it.
The biggest issue that Canadian and non-local investors run into is not having a thorough understanding of our neighborhoods and blocks. You cannot base a property potential off of ZIP, school district, neighborhood, etc. You really need a block by block understanding of how property conditions, ARV, and property class change. You also need a solid team on the ground that can be your eyes and ears. Another problem non-locals have is that they are paying full retail for contracting and supplies. Often times your best course of action is going to be partnership with locals who already have the deal sourcing and labor/construction in place. Otherwise you are going to struggle to be competitive.
Feel free to reach out directly. Always happy to chat. Full disclosure that I am an agent, but also a seasoned investor that cut his teeth doing small multifamily BRRRR with a sprinkling of flips mixed in. I'll be honest with you at the expense of not making $$$ off you --- not everyone will do the same ;-)
@Jasdeep Sohal welcome to our community! Happy to discuss BRRRR opportunity in Buffalo, though I'll be totally transparent that I avoid NF. I have my reasons, but some people love it.
The biggest issue that Canadian and non-local investors run into is not having a thorough understanding of our neighborhoods and blocks. You cannot base a property potential off of ZIP, school district, neighborhood, etc. You really need a block by block understanding of how property conditions, ARV, and property class change. You also need a solid team on the ground that can be your eyes and ears. Another problem non-locals have is that they are paying full retail for contracting and supplies. Often times your best course of action is going to be partnership with locals who already have the deal sourcing and labor/construction in place. Otherwise you are going to struggle to be competitive.
Feel free to reach out directly. Always happy to chat. Full disclosure that I am an agent, but also a seasoned investor that cut his teeth doing small multifamily BRRRR with a sprinkling of flips mixed in. I'll be honest with you at the expense of not making $$$ off you --- not everyone will do the same ;-)
Good to know, always appreciate words of wisdom from those with more knowledge and experience. Will definitely reach out sometime this weekend!
Buffalo is a city in America. Therefore you have to know each street. There is no one good spot or one bad. Just like anywhere else. Niagara is the same way. Both have good appreciation. What area in them do you like ? I’m not a realtor but I have some insight.
Am a canadian, my fiance is across the border. Want to invest in a BRRR in niagara/buffalo area. Any advice?
If your gonna be hands off I would go with minimum B Class Neighbourhoods.. Use Wise to exchange $$ from bank accounts.. Get the EZ Pass if your gonna visit often.. Also try Imperial Pizza..