Investing in Buffalo NY - is it still a good idea?

Question

Hi all,

I am considering investing in a rental property (SFR) in the Buffalo area. Is it a good idea these days? Rents are high, compared to Ohio, for instance, and cap rates can be extremely good.

I would like to hear from investors who know the area well.

Also, had anyone had any experience with a company called Buffalo Turnkey Properties?

Thank you in advance.

Timothy Smith · Answer

I’m living and investing in Buffalo. Total sellers market right now, so be prepared for bidding wars and lower returns unless you’re willing to rehab — and even then you’ll be in multiple offer situations.

Best recommendation is find an agent who has access to off-market deals, like @Matthew Irish-Jones and @Khaled Morad

Jim Spatzenfeld · Answer

I haven't heard of "Buffalo Turnkey Properties" but get some good referrals before you deal with anyone, Buffalo is full of crooks. It's really bad, I could write a book conman of stories, even a real estate agent once took off with my deposit.

Account Closed · Answer

I'm a loco buffalo native born and raised. The market is competitive. I haven't been able to get any traction. I use a software and do massive code calling and it's lead me to a dead end. I'm thinking about doing virtual wholesaling 1. Due to not having any success in my market. 2. Changing of the seasons with my strategy is to wholesale and flip my property to a fix and flipper. ALL ADVICE WILL BE APPRECIATED!

Matthew Irish-Jones · Answer

@Mysonne Johnson wholesaling is a tough industry to break into. Lots of other ways to make money in RE.

If you are all in on wholesaling maybe you can find a local wholesaler to work with.

Khaled Morad · Answer

@Jim Spatzenfeld an agent should not be holding your deposit.
@Timothy Smith Thanks for the mention. Some reason I stopped receiving all notifications from BP. I believe I've fixed it. Always happy to chat and connect with anyone.

Matthew Irish-Jones · Answer

@Timothy Smith thanks appreciate the referral.

@Salvatore Spano we are still selling a ton of properties. It is definitely more competitive than it was last year, there is less inventory, and prices are higher but... there are some techniques we have been using to still find and get good deals under contract. Shoot me a message if you want to talk further.

Investing in Buffalo NY - is it still a good idea?

Investing in Buffalo NY - is it still a good idea?

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