Roslyn, NY · Member since 2016 · 13 posts · 1 vote
Hi BP Community,
We are looking to purchase a multi-family home preferably around one of the college campuses in Buffalo within the next 6 months. The property we are open to different property conditions, whether it is turn-key with renters, vacant in need of repairs, minor cosmetic damage or short sales. Ideally we will in total put down $40k capital to either buy out right or in addition to a mortgage. Our goal is to purchase 4 properties with this criteria over the next year and continue to grow.
- Could anyone share their thoughts on any neighborhoods that may be of interest to us?
We are also searching for contractors, property managers, and knowledgeable real estate agents that are familiar with Buffalo rentals/buy and hold situations.
- If you meet this criteria or know someone you could refer I would greatly appreciate it.
Property Manager and Attorney · Buffalo, NY · Member since 2016 · 37 posts · 13 votes
9y
Hey Michael,
Buffalo is seeing a lot of growth and is a great place to invest in multi-families. There is an issue with houses containing a lot of deferred maintenance. You just have perform your due diligence and know what you are looking for which it sounds like you do.
There are three main schools in Buffalo. University of Buffalo (UB), Buffalo State, and Canisius College. UB has a north and south campus with the north campus in the suburb of Amherst and the south campus on north main street. Buffalo State is located close to downtown and in Elmwood Village. Canisius College is on the east side of Buffalo next to Main Street.
Each school has it's own territory with UB having two (one for north and south campus).
Most real estate investors who focus on the college market focus on UB South campus and the area around canisius. Right now on the MLS, there are several properties in these areas that would meet your criteria that either need some work or are rental ready and fit within your budget.
Let me know if I can be of any assistance or if you have some specific questions. We are a licensed broker as well as run a full service property management business with plenty of contractor connections.