Advice on investing partner in Buffalo, NY

Upstate New York, New York
Creative Real Estate Financing
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Advice on investing partner in Buffalo, NY

Jared Threat
Member since 2020 · 36 posts · 13 votes

Hi BP Family,

Been following the podcast and studying the forum. After doing research and building a small team, I think we are ready to start to align financing for our first flip in Buffalo, ny. Can anyone help me make a connection to lenders/investors that would work with a novice team? 

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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
4y

@Jared Threat there are tons of people that will work with a novice investor, some for the wrong reasons.

If you want to finance most of the flip you probably need a HML, you really need a solid agent who has deal flow for this type of property. Most agents won't screw around looking at a ton of 50-100 k flips.

However, investor focused agents will have some wholesale opportunities, know list agents that post flips, and have a few systems set up to generate leads that are solid and don’t take to much time to find and analyze.

Lastly, your contractor and his quote will make or break your flip. Beware the contractor who can do the work for 70% of everyone else’s price. He also has 70% of everyone else’s quality.

Feel free to reach out directly if you want a couple vendor suggestions, and some other tips.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y

    Hey Jared! 

    Will you guys be working with a licensed contractor? Also what is the purchase price for the property you are looking at? Most lenders have a minimum loan amount of $75,000. 

    [email protected]818-269-7983
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  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    @Jared Threat there are tons of people that will work with a novice investor, some for the wrong reasons.

    If you want to finance most of the flip you probably need a HML, you really need a solid agent who has deal flow for this type of property. Most agents won't screw around looking at a ton of 50-100 k flips.

    However, investor focused agents will have some wholesale opportunities, know list agents that post flips, and have a few systems set up to generate leads that are solid and don’t take to much time to find and analyze.

    Lastly, your contractor and his quote will make or break your flip. Beware the contractor who can do the work for 70% of everyone else’s price. He also has 70% of everyone else’s quality.

    Feel free to reach out directly if you want a couple vendor suggestions, and some other tips.

    Irish Jones Realty4.947 Reviews
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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    4y

    @Jared Threat Visit your local REI groups. There are many groups that meet across the country. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Even facebook will have some. Networking is always a great practice and you never know who you might meet there and what good information they have to share. Would certainly recommend visiting if one is close to you.

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  • Jared Threat
    OP
    Member since 2020 · 36 posts · 13 votes
    4y

    @Matthew Irish-Jones Thank you for the advice. I've seen your trucks around on the west side. Would love to potentially connect if you have time.

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  • Jared Threat
    OP
    Member since 2020 · 36 posts · 13 votes
    4y

    @Erik Estrada Purchase price will be around $100k-$125k and yes we will be working with a licensed contractor 

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  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    @Jared Threat sure any time, sent you a DM. Yeah we have been busy on the west side this summer.

    Irish Jones Realty4.947 Reviews
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  • Tasha Barnes
    Rental Property Investor · Charlotte, NC · Member since 2016 · 47 posts · 16 votes
    4y
    Quote from @Jared Threat:

    Hi BP Family,

    Hi Jared,

    Thanks for posting the question. I'm looking in the Buffalo market as well. Good luck:-)

    Tasha

    Been following the podcast and studying the forum. After doing research and building a small team, I think we are ready to start to align financing for our first flip in Buffalo, ny. Can anyone help me make a connection to lenders/investors that would work with a novice team? 


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  • Ricky Cassidy
    Contractor · Edgewater, Md. · Member since 2018 · 28 posts · 15 votes
    3y

    @Matthew Irish-Jones Looking to connect to discuss Buffalo markert, please reach out when you have a chance.

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