I'm interested in investing in buy and holds, in Buffalo area. I would like to purchase a single-family property for ~70K. Please share with me your thoughts and knowledge about areas/neighborhoods that are best for the investment return, and the ones I should avoid of.
If you want to make money renting a single family house, you will need to spend much less than 70k. Anything more than 40K (give or take) and the cash flow/cap rates decrease.
You can find SFH 40K and below in rough areas.
Or you can spend 70k in a decent area and get a duplex.
Its not that cut and dry in Buffalo. Areas change not only by zip but block by block and even street by street in some areas. You need to find some local "boots on the ground" and work with them for whatever your investment plans are.
Most people start off asking for "investor friendly agent, contractor etc etc" but to me this usually means someone who isnt serious and just getting started which usually means wasting time.
Anyone who is serious and has the funds and means to move forward will have no problem finding professionals to work with them.
Thank you John for your advice. You are right, but good tenants, that will pay on time, is somehow a great deal for me, since I'm a long distance investor. It seems to me that Buffalo missing good property management companies, and that might be a problem, especially if property is in a rough area. Do you manage your properties by yourself or via management company? Can you advice good property management company?
You are absolutely right about "wasting time", but that is the only way for me to learn the area remotely. I see you are in a construction business. Can I see your work/portfolio? You are working with property management companies, can you advice one, in Tonawanda and Amherst areas?
@Elena Velikotny yes I manage my own. I will private message you about property managers