New Investor Starting in Buffalo, NY

New Investor Starting in Buffalo, NY

Investor · Buffalo, NY · Member since 2015 · 15 posts · 1 vote

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!

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  • Andrew SyriosPro Member
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    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    11y

    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.

  • Investor · Buffalo, NY · Member since 2015 · 15 posts · 1 vote
    11y
    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?

  • Investor · Buffalo, NY · Member since 2015 · 15 posts · 1 vote
    11y

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

  • Rental Property Investor · Bainbridge, NY · Member since 2015 · 49 posts · 3 votes
    10y

    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?

  • Investor · Buffalo, NY · Member since 2015 · 15 posts · 1 vote
    10y
    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

  • Rental Property Investor · Bainbridge, NY · Member since 2015 · 49 posts · 3 votes
    10y

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

  • Buffalo, NY · Member since 2015 · 10 posts · 1 vote
    10y
    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.
  • Investor · west seneca, NY · Member since 2014 · 376 posts · 211 votes
    10y

    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

  • Investor · Buffalo, NY · Member since 2015 · 15 posts · 1 vote
    10y
    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!

  • Investor · Buffalo, NY · Member since 2015 · 15 posts · 1 vote
    10y
    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

  • Investor · west seneca, NY · Member since 2014 · 376 posts · 211 votes
    10y

     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

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