All Forum Posts by: Alex Leana

@Jay Hinrichs

I was in the process of searching for my first rental prior to the outbreak (now on pause), but currently renting.

I usually pay between the 1st and 5th of the month, my landlords are not very strict/particular. We use Venmo which makes it easy, I specifically made sure to pay on the 1st this month because I wouldn’t want to be in the same situation when I get my first property.

@Dale Miller

Hi Dale,

Is this your first home purchase?

If so, I would recommend the Dream Program with Empower Federal Credit Union. They have a location on Walden Ave. They gave me a pre-qualification for $120k loan, 5% down, 3.75% interest rate with NO PMI. At closing they give you a $10k grant (if funds are available). It is a conventional loan, but for first time home buyers. I am unsure if your wife works as well, but if you already own a home in your name, maybe you could use this loan if your wife qualifies?

Regardless, I would definitely consider talking with some local banks and credit unions, because they have a truly active role in the community. I have not used Rocket Mortgage before, but I would think an online lender would not be the best place to find a loan in your situation.

I have had a great experience with Empower FCU in Syracuse as my bank, and plan to use them in Buffalo on my first duplex.

If you would like to connect once this whole coronavirus quarantine is over, I would be happy to.

@Timothy Smith some solid advice! I’ve been using the BP calculator and will be on the search next weekend in Buffalo. I would definitely appreciate the chance to meet when we can both find some time.

@Timothy Smith sounds like you found a great deal! I am searching for my first multi family rental property in the buffalo market. What would you say is your biggest tip for a first time buyer here in buffalo?

@Adam Wigdorski how’s your experience with tenants in the city? I assume you are pulling a lot of the younger singles crowd?

@Adam Wigdorski

Hi Adam, I have not completed my first deal yet so I may being more conservative than yourself. It also depends on what numbers were utilizing in the calculations.

I’ve been searching in the suburbs, Cheektowaga and the south towns mostly.

@Joe Aquilina yeah it's tough to make a property cash flow in buffalo's market right now. Message me if you would like to talk further about buffalo REI.

@Joe Aquilina

Hi Joe, I am living in buffalo as well. The multi family properties are extremely hot right now, properties selling at prices that make it difficult to cash flow every month. Many ones that are move-in ready range in the 130k-160k range.

My recommendation is to work with a local bank, see if they offer any first time home buyer programs (Empower FCU does but takes 2 years to qualify). They will also let you know how much you qualify for, based on your income from your job.

Hi @James Wise thanks for the welcome. I hope your 2019 was a success for you and your investments!

Looking for information on which kind of institutions offer 203(k) loans since my credit union does not offer one. Also the pros and cons, requirements, etc.