All Forum Posts by: Timothy Reeb Jr

Hi BP Community,

We are looking to purchase a multi-family home preferably around one of the college campuses in Buffalo within the next 6 months. 

Could anyone share some insight about the area and/or professionals to connect with?

Hi BP Community,

We are looking to purchase a multi-family home preferably around one of the college campuses in Buffalo within the next 6 months. The property we are open to different property conditions, whether it is turn-key with renters, vacant in need of repairs, minor cosmetic damage or short sales. Ideally we will in total put down $40k capital to either buy out right or in addition to a mortgage. Our goal is to purchase 4 properties with this criteria over the next year and continue to grow.

- Could anyone share their thoughts on any neighborhoods that may be of interest to us?

 We are also searching for contractors, property managers, and knowledgeable real estate agents that are familiar with Buffalo rentals/buy and hold situations.

- If you meet this criteria or know someone you could refer I would greatly appreciate it.

Hi BP community,

A quick background. I am a recent graduate of Pace University in downtown Manhattan. I've been working as a real estate agent in NYC for the past year and have been studying non-stop in preparation to invest. I recently met with a classmate who is interested in partnering with me, he is bringing $250k cash to the table and I will bring Buffalo knowledge, agent licenses, property management knowledge and a few hometown connections. 

We are looking for 2-3 family homes near the universities, Buff State, Canisius, UB south campus, etc. in need of major or total rehab. Also build-able lots, double lots or multi-deal properties adjacent to each other that could be knocked down for a new construction to go-up.

First question, which MLS should I use and do I need to purchase access(similar to NYC).

Second question, can zoning permits for multi-story buildings be obtained in major 2 family sections and how would I go about doing so.

I am looking to speak with GC, HVAC, Roofing workers etc...  and I would love to hear from anyone who is interested in more business as I will be BRRRing for the foreseeable future.

In addition if anyone is familiar with new construction builders/architects in the area I would to speak with you too.

Thank you for the consideration and I look forward to hearing from the BP community.

Hi Zach,

Welcome to the BP community and congratulations on taking the next step on an investment property. 

My advice for you is to do your due diligence before renting to a tenant. What I mean is, have strict financial requirements, 40x rental income & 650+ credit or a guarantor, 2 years at the job, background check if necessary and most importantly you should write up a lease that transfers liability to the tenant for damages, problems, etc.. In addition I suggest requiring a one month security deposit and first months rent at lease signing. 

If you do all these things it is more than likely you will have a smooth transition as a first time investor and property manager. If you need any advice give me a shout.

Be well,

Tim

@Thomas Higgins

Hi Thomas, congratulations on your investment sale. Where are you currently looking and what is your price range?

@Leon Greene

Hi Leon,

Welcome to the BP community and congratulations on starting you investment search. NYC is a tough market to get in but it seems like you and your partner are ready to hit the ground running! I specialize with first time home buyers and investors in NYC. Please feel free to send me a PM or email in more detail about your situation.

Be well,

Tim 

Yonkers, NY - Park Hill - 7 units - $619,000

Property is located in a great South-Yonkers area and one block away from downtown shopping district. Each unit is a 3 bedroom 1 bath. Home includes basement & a 2 car garage which rents for $350($250 - $100 respectively)

Rent Stabilized(qualified to raise 1.5% annualy)

1b - $1150

1e - $1079

1w - $630

2e - $1250

2w - $1170

3e - $1373

3w - $1250

Total: $8,252 * 12 = $99,024

Taxes - $12,000

H.I - $2,400

Estimated Water/Sewer - $5,000

Utilities - $15,000

Estimated Maintenance - $7,000

Total Expenses: $42,900

NOI: $56,124

Purchase price: $619,000

Cap Rate: 9.1%  

Please contact for more information.

Hi Ed,

Welcome to the BP community and congratulations on starting your REI portfolio. It is vital, as you discussed in a comment earlier, to focus on a particular location, price range, and property type. Have you taken a look at investing in NYC or just NJ? Please feel free to send me a PM with more details on what exactly your investment plans are for the future!

Be well,

Tim

Hi Jackson,

Welcome to the BP Community! It is important for NYC investors to narrow their search to a particular location, price range, and property type. This will enable you to quickly analyze deals and work more efficiently while looking. Please let me know if I can be of any help, feel free to PM with details.

Be well,

Tim

Hi Tim,

Welcome to the BP community.

The first step in the investing process is to decide what you want out of it.(e.g. retirement, passive income, etc.) When you have decided on why you want to invest I would tally up your resources so you know what type of investment you can afford, as well as what your skill set is so that you can build up a team to balance out your weaknesses.(bankers, attorneys, real estate agents, contractors, etc.)  

I specialize with investors looking to find adequate properties, acquire them, and rent out the units free of charge. Please feel free to pm or contact me as your progress through the process, I will be more than happy to lend a hand.

Be well,

Tim