New from Buffalo NY.

12 Replies

Hello all. I'm new at the real estate game although I have owned a few houses and still hold a cash flowing rental. Looking to get started in wholesaling. Tired of the 9-5. Ultimate goal is to be a full time investor and wholesaler. Are there any investors from buffalo on here? What do you think about the buffalo market? How's the competition? How have you done personally? What's the best advice you can give to me? Is hiring a mentor worth it?

Thank you for any all help

Norm

@Norm Chrostowski there is a monthly BP meet up in Buffalo, going there would be a good start.  Wholesaling is a tough business, not impossible though.

I have mixed feelings on hiring mentors, I think if your ambitious the information is out there, I don't know that you have to pay someone for it. 

It's a fairly competitive market that has been on the upswing, I guess all markets are competitive in one way or another though.  

Thanks Matthew. I appreciate your feedback. I know I just missed their meet up. It was on June 12. But weds there's a wnyrei meeting that I plan on attending. It's their "summer social" as they call it. Hoping to some good info from that. And network a bit. See what everyone else is buying/looking for in an investment.

As far as the mentor. I'm kinda on the fence about that too. But I think it may be helpful as far as forms to use and setting up the deal. I don't want to known as someone who brings over inflated deals to the table. I want to do things the right way ethically and based on good principals.

@Norm Chrostowski welcome to BP! Before getting a mentor I suggest attending a few webinars here and checking out some of the BiggerPockets books and podcasts. I think you’ll find that this site has so many resources you may not need one. Good luck!

Thanks Kristin for the input. I have been reading a lot and watching webinars etc..maybe too much. One thing I know for sure is I need to pull the trigger SOON. Thank you again

@Norm Chrostowski Welcome to BP

I'm from Buffalo NY and i think it's a great market to invest in. There is a very high competition but deals can still be made.

I would avoid spending a second on the MLS as people are overpaying.

Also, you really need to know the market as it can change so much from one street to another or even on the same street (For example Eggert Rd have one side of the street in Buffalo and the other side of the street in Cheektowaga which means different price points and different taxes) .

My personal strategy is to invest in small multi family in GOOD areas. I'm currently house-hacking and own 2 more properties (Duplexes). I'm looking to buy a 4 plex this year. Not to brag, i moved to Buffalo less than 5 years ago barley speaking English, no credit, and 10k in debts... there are great opportunities in Buffalo! 

Also thank you very much for the post. Very cool to see and hear of your success so far.

I own1 duplex in the lovejoy area. Been good so far. Tenants have been there for a while, basically take care of the place and don't call with everything little problem. So, so far so good.

And yes I hear you on the difference in streets. I live off Eggert rd. buffalo Amherst border. Defintely changes from street to street. I'm pretty familiar with area so determining value shouldn't be an issue (I hope). I'm starting to put my team together and hopefully marketing shortly there after. It a lot of work but I'm prepared for that.

There's an REI meeting tonight at the Cove on transit rd in depew. I plan on attending. You should go, maybe we could chat a bit?

Thank you again

Norm