New Investor Starting in Buffalo, NY

11 Replies

Hello Everyone,

I am new to REI but have been very intrigued with it for a very long time due to the numerous financial success stories that I have heard for quite some time now. My goals are very high for Real Estate, because I believe in always having very big goals set for oneself, that way you're always striving to achieve it and be bigger and better. Also what's a goal if it's easy to obtain anyways...?

I have them set pretty straight forward: -acquire a million dollars worth of RE/own a million dollars worth of RE (I am still new to all the terms, but "owning" means the equity put into them correct?) and then finally cash flow a million per year.  After these initial goals are accomplished, then I am able to set the bar even higher and go up from there.

I read the Ultimate Beginner's Guide to REI a few times and have a fairly good understanding of the basics, which leads to believe that my goals can be accomplished a few ways.

My question is: What would be the best way to go about it? Buying and renting properties, flipping, commercial, apartments, land? I am still stumped on where to start and how to expand quickly so any and all advice is GREATLY appreciated!  Thank you very much and I'm excited to hear all the responses!

Welcome to BP! It's hard to tell you what the best way to go about investing is. I lean toward buy and hold because I think it has the best long-term potential. That being said, each person is different and a lot of it depends on your goals.

Medium apartment logoAndrew Syrios, Stewardship Investments | http://www.StewardshipProperties.com | Podcast Guest on Show #121

Originally posted by @Andrew Syrios :

Welcome to BP! It's hard to tell you what the best way to go about investing is. I lean toward buy and hold because I think it has the best long-term potential. That being said, each person is different and a lot of it depends on your goals.

 Thanks for the reply Andrew, and yes that was my first thought as well; buy and hold properties. Although I have a few questions regarding that. In your opinion what are the best ones to go after? (I know it varies in different parts of the country, but in regards to general cash flow) Duplexes, triplex, quads? Small apt buildings, large apts? Commercial buildings, plazas, strip malls? How fast would you recommend expanding as well?

Anyone else have any insight? It would be greatly appreciated!

I just read a really good book "Investing in Duplexes, Triplexes, and Quads" by Larry Loftis. This will give you a better perspective on goals and you will learn a lot from this book and the more you read, the more ideas will be flowing for you. Good luck!

I see this was in March, how are things now?

Originally posted by @Richard Boyd :

I just read a really good book "Investing in Duplexes, Triplexes, and Quads" by Larry Loftis. This will give you a better perspective on goals and you will learn a lot from this book and the more you read, the more ideas will be flowing for you. Good luck!

I see this was in March, how are things now?

 Hi Richard,

I am actually still in the process of buying my first property but I have looked at many properties. Flips, rentals, and commercial properties. I have very big aspirations for myself so I want to start in the right spot and grow as fast as I can from there.

Any tips and info would be greatly appreciated!!

Thank you

I'll be in Buffalo this time next year, I can't wait to see where you are at that time!

Hi Rocky,

I'm just starting out as well in the Buffalo area, and looking to build a network of those can work with. Would you be interested in meeting up, give me a call.

i am always interested in networking with new and experienced investors here in the buffalo area. i have been investing in real estate here in buffalo for 11 years now. i am also a licensed home inspector. please feel free to contact me anytime

Originally posted by @Richard Boyd :

I'll be in Buffalo this time next year, I can't wait to see where you are at that time!

 Thank you Richard, I hope to be taking great strides by then!

Originally posted by @Mark Elliott :

i am always interested in networking with new and experienced investors here in the buffalo area. i have been investing in real estate here in buffalo for 11 years now. i am also a licensed home inspector. please feel free to contact me anytime

 Hey Mark,

I was wondering what your current portfolio looks like and how many properties you currently own

 i currently own 3 houses in the area but always looking for more. i usually don't hold them, i just buy them, fix them up and flip them, but i do have one rental house

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you