All Forum Posts by: Matthew Mckinivan

Hey @Charlie C.,

There's a few of us 20-somethings in buffalo who get together occasionally and end up talking mostly real estate. You should join us sometime! Buffalo is an awesome market to get started in, but it definitely can get tricky to find quality help regarding contractors. 

@Alex Scott I can finally make one! you'll have to skip band practice haha.

Hey @Paul Zackey and @Alex Cornwell,

I have Limited experience, but I know a few contractors who do it (I cant personally reccomend) and a mortgage officer who is very familiar with them.

@Kevin Co

@Mark Updegraff

@Mark Updegraff I respectfully disagree with the notion that anyone who's good at selling real estate has no interest in making "Peanuts" off of property management. I made top 7% of agents last year and will do better this year. The reason I started a property management company is because I need a functional, trustworthy one for MY rental properties especially once my portfolio expands.

I agree that top agents are not putting off selling homes in order to manage a rental for $50/mo, but there are other motivating factors that come into play.

 I love this advice! I'll be stealing this for future use thank you.

Hey @Ryan C.,

The meetup for buffalo took place last month for the first time and another on is scheduled for this month (I unfortunately couldn't make it). Definitely a good place to get localized infomation.

Everyone always says the best deals are off-market, and the only way to find those are to get out and look for them! 

There are a few Wholesalers in Buffalo who usually have a few available.

If you have a specific area in mind, walking door to door and asking to buy is a very powerful tool! If you're a little less comfortable with door to door there are always mailers/postcards.

If you have cash and are looking to renovate before renting, the auction in an option.

Finally there are occasionally deals on the MLS if you're consistently checking for them. If you want daily/weekly listing updates let me know and I'll activate them for you.

Hey @Michael Eng, 

Lackawanna has a lot of variance even on a street by street basis. Major difference in Tenants between a home off of McKinley and one 2000 ft away off of Electric Ave.

The area is a mix of blue collar and First/Second generation Immigrants/refugees. The one bedrooms may be a bit more difficult to rent out than the 2 br's due to demographics but I can't say I have personal experience with it.

I will tell you that the Lackawanna building department was seemingly less-than-honest with @Alex Scott when he was under contract for a property down there and did not find out about citations until he hired a contracter to go in and investigate for him so watch out for that.

Cheektowaga goes anywhere from (IMO) class C+ to class A neighborhoods so i cant address that specifically, and Amherst is highly sought after for rentals. Depending on the school district and proximity to UB, your renters will change.

Id be happy to talk more with you, you can pm me.

Thanks for the reccomendation @Alex Scott, were closing next week on a duplex VA loan and all is going very well.

@Brett D. what kind of information?

Hey @Sean Lauber,

Welcome to Buffalo! (Eventually)

One problem I see with the plan is purchasing multiple FHA houses. To the best of my knowledge, you many only use an FHA loan if you do not currently own any real estate and have not for the last 3 years. Someone more knowledgeable may correct me if I'm wrong.

If I were in your situation, my plan would look something like:

1) Buy a duplex where you are and focus on CASH FLOW. This will help you short term get a down payment for #3

2) Live on Ramon in your duplex and if possible, rent out a room you have in your unit for additional cash flow. Save all of this money for the next "12-18" months.

3) Use a 15% Conventional to buy a Duplex in Buffalo when you move (some companies have them). You'll need somewhere around $18,000 saved over the last 12-18 Months... ($1,000-$1,500/Mo.)

At this point, you will be positive on your duplex back home and living rent free in buffalo. Save money for the next owner occupied when you move back.

@Lisa Graesser I think I was referring to students in our city have not been moving out after graduating and if they are, they have multiple roommates. I think this is starting to change as job outlooks continue to improve in our city and across the nation and this group gains experience and seniority in their workplace. We had a shift from moving out on your own by 21 to moving out on your own by 26, this would cause a 5 year dip in the amount of renters available and i think now its starting to catch back up. 

This is admittedly speculation on my part from so many people I've talked to about their living situations. Having graduated college in 2015 I know far to many people who moved back home to save up and pay off loans.