Real Estate Investor from New York

Real Estate Investor from New York

Investor · New York, NY · Member since 2016 · 19 posts · 6 votes

My name is Marlon; I am an Accounting (with over 10 years of Financial and Managerial experience) currently living in Brooklyn, NY. My plans are to invest in multifamily property in the Buffalo NY area within the next couple of months.

Over the past couple of months, I’ve been doing tons of self education through BP podcasts, Internet articles and suggested books given by seasoned investors. As attractive as this industry may appear, I want to educate myself as much possible before making committed investments.

My general plans are to purchase property and have a management company take care of the typical day to day issues that may arise. I know it’s easier said than done, so I do expect to emotionally and physically be involved as I aim to be successful. As a “land lord” I hold the ultimate moral responsibility of providing a quality living environment and I plan to do just that.

I hope to give as much I take out of this community as grow though hands on experience. Thanks you in advance for any advice, I look forward to following to eventually lead.

Marlon

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Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
10y

Hey @Marlon Perez, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

BiggerPockets
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  • Wholesaler · Newark, NJ · Member since 2016 · 12 posts · 6 votes
    10y

    Welcome to BP fellow Brooklynite!!

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Marlon Perez, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    thanks for the kind words and I look forward to learning. 

  • Property Manager · Brooklyn, NY · Member since 2015 · 537 posts · 56 votes
    10y

    Hi @Marlon Perez, welcome to the Bigger Pockets community!

  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    Thanks @Chaim F. for the welcome and i look forward to exploring.

  • Professional · Brooklyn, NY · Member since 2016 · 20 posts · 19 votes
    10y

    @Marlon Perez I lived in Buffalo for seven years. If you have any questions about certain neighborhoods, I am somewhat familiar with the city. Feel free to message me. What made you decide on Buffalo, NY in the first place? And welcome to the community, fellow Brooklynite!

  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    Thanks a lot @Robert Lum, any advice would be greatly appreciated. I like Buffalo because the barrier of entry is low, which gives me the opportunity to make rookie mistakes without hopefully suffering as much financially. Also I see quality duplexes within the 60-100k range with rent rates that more than cover its expenses. I have my eye on areas around The Buffalo Zoo, but will have to take a trip out west this month to get a better feel of the community. If there's advice you can offer a newbie that wants to be successful in your old stomping grounds, it'd be tons of help!

  • Darren DennisPro Member
    Flushing, NY · Member since 2016 · 21 posts · 5 votes
    10y

    @Marlon Perez - in the buffalo area, including surrounding suburbs, watch taxes.  I was surprised at the taxes my friends up here pay.  I used to live there and considered staying there but home is where the heart is and my life up there wasn't exactly where the heart was.

  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    Hey Darren, thanks for the insight man. I've been running my numbers through Zillow and Trulia, which can be misleading when generate fixed expenses. I'll do further research before move forward.

  • Darren DennisPro Member
    Flushing, NY · Member since 2016 · 21 posts · 5 votes
    10y

    I'm still trying to get started.  I've been playing around with the calculators here on bp but i think one thing that i've been having a tough time doing is getting an accurate tax figure for properties i've been looking at.  Any tips?

  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    My only two tax cal sources are Zillow and Trulia, which are flawed. I'll keep you in mind as I look for more accurate options.

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Marlon Perez

    Welcome Take a good look at student housing see below.

    Go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

    You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it. 

  • Professional · Brooklyn, NY · Member since 2016 · 20 posts · 19 votes
    10y

    @Marlon Perez 

    The Buffalo Zoo area is very nice, especially since it is located inside Delaware Park. But properties around Delaware Park, one of Buffalo's nicest parks, fall on the pricey side. 

    If you're looking for potential, the University at Buffalo is currently developing a new medical center/campus in downtown Buffalo. It is expected to be completed by 2017 and will be able to increase enrollment of medical students, researchers, and development in the area. I predict that it will draw a lot of renters into the area as well as revitalizing downtown Buffalo. This, along with the fact that properties in the downtown area can be had for relatively cheaper compared to the rest of the city, it would be something worth looking into. Best of luck!

  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    @Robert Lum That is golden insight man. I'm going to research those development plans and mark price tags around that area. Where do you currently invest?

  • Williamsville, NY · Member since 2015 · 80 posts · 34 votes
    10y

    Being from the area is have to advise you if you do not have a local contact you need to be careful near the new UB medical campus.  A lot of the area is up and coming but if you go a couple blocks in the wrong direction the neighborhoods are very rough.  Those neighborhoods don't seem to be making the upturn in the area like most of the other areas.  If you are not careful you may end up with a house in the wrong spot that nobody wants to rent.  

  • Professional · Brooklyn, NY · Member since 2016 · 20 posts · 19 votes
    10y

    @Marlon Perez I am currently looking into NJ, PA, and possibly upstate NY.

    I agree with @Michael Karl. Buffalo was hit hard during the financial collapse, and the abandoned homes on the south side of Buffalo are evident of its economic trouble. Nonetheless, as we all preach, make sure you are familiar with your target market.

  • Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    10y

    Hello @Marlon Perez and welcome to Bigger Pockets. BP is a great place to be for real estate investing. At BP, you can get the answers you are looking for to get the deal done right while networking with other investors. BP has free online videos and courses for you to watch and learn from. You came to the right place and I wish you all the best. 

  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    I'll have to do ground work but the future development is work the research. Thanks for the insight!

  • Real Estate Broker · Bronx, NY · Member since 2011 · 597 posts · 341 votes
    10y

    @Marlon Perez

    Welcome to BP! I've been flirting with taking real estate investing to the next level. After reading a lot of books, being a real estate broker in the Bronx and Westchester, house-hacking my current home, partnering with a few other guys on a couple of property rentals in the Poconos, I have finally decided to step it up and to turn this into a true business. A couple of months ago I started a Bronx meetup which helped me meet some potential partners and helped me push myself to try my first fix and flip. All that to say, use this platform, use it's tools. Make sure to network with like minded people and pick a focus. Feel free to reach out if anything. Good luck!  

  • Specialist · New York City, NY · Member since 2016 · 97 posts · 24 votes
    10y

    @Marlon Perez there is wisdom in what @Ceasar Rosas tells. welcome!

  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    10y
    Hello Marlon Perez & welcome to BP! I've read some of the great advice from other members responding to your post. One thing that I would reiterate from another member's reply would be to check out the two books by J Scott (The book on flipping houses & the book on estimating rehab costs). Im also from NY (Queens) so some of the dollar amounts for labor don't translate to or market but may very well be somewhat accurate when translating to the Buffalo market. Best of luck to you!
    REbuild Team - eXp Realty5239 Reviews
  • Investor · New York, NY · Member since 2016 · 19 posts · 6 votes
    10y

    I can't speak enough on how insightful this stream is turning out. Thanks you for the welcome @Ceasar Rosas @Abel Curiel. Having constructive New York perspectives on investing is encouraging. I saw those books on the BP market place and will look more into them. I wanted to start reading "The Book on Rental Property Investing" first.

  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    10y
    I'm halfway through the rental property book, definitely recommend this one as well. After that im moving onto the book on managing rental props by Brandon Turner and his wife. You would love those too. Good luck in Buffalo! I've actually started checking out small multifamily deals in nearby Rochester, NY so hopefully all goes well for us upstate.
    REbuild Team - eXp Realty5239 Reviews
  • Wholesaler · Rochester, NY · Member since 2015 · 46 posts · 7 votes
    10y

    I'm a local Rochester investor as well used to own and operate a property management company,  from my experience  I believe Rochester has more options. If I was investing in Buffalo I would actually look at surrounding area such as Niagara Falls and Lockport both have less crime. 

  • Rental Property Investor · Toronto, Canada · Member since 2014 · 37 posts · 8 votes
    10y

    Welcome, @Marlon Perez. I also spent a few years in Buffalo and Rochester. Real estate is very affordable upstate indeed, but that also means a greater percentage of people are homeowners there, especially in the suburbs, than down here. There is the most demand for rental housing near the colleges like SUNY Buffalo as others have mentioned, as well as other smaller schools in the city such as Buffalo State and Canisius. You would probably want to target students and recent college grads.

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