All Forum Posts by: Timothy Smith
Timothy Smith has started 9 posts and replied 138 times.
Post: Mixed Used Banrdominium Cost to Build in Buffalo NY ?

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
@Manuel Koschnieder a friend and contractor of mine is actually doing this for their personal residence and business, as well. I could put you in touch with them if you’d like.
Post: Maintenance help in Buffalo!

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi @Devon Huff. I'm also on the West Side and at the moment self-manage with the help of a great handyman and GC. I'd be happy to chat and throw around some names if you are interested. I haven't been interested in going with full-scale property management for many reasons, though I know several people around here that are good at it.
I keep trying to get to the Wednesday BP meet-ups, but it's just a very awkward time for my family. Maybe I'll make it next week. Otherwise, perhaps we can link up on the phone or around the neighborhood.
Post: Seeking mentorship in real estate

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi @Collin Sabers and welcome! What neighborhood(s) are you invested in? I’m looking at starting an off-shoot of the monthly BP meetup that would be mornings (especially for those of us with families or evening conflicts) and I want to keep it somewhat local to my immediate area — at least for now.
Best wishes on your journey!
Post: Looking to Start Real Estate Investing

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
@Kaja Baum if you ever want to sell to a neighbor here in Buffalo, let me know!
Post: Selling a half flipped house?

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi @Anneliese Kvashay, I'm sorry to hear about your stresses with this project! I'm betting you are in my neighborhood, or just next to it. Definitely connect with @Matthew Irish-Jones (who I see already replied) and James Wangelin if you can, as they would be some of the most knowledgeable folks on here from all aspects of your project.
This is a total long-shot, but I have some friends moving back to town who are actually looking at opportunities like these. They considered everything from buying a city lot and building, to turn key, and everything in between. Projects don't scare them. Shoot me a DM and we can connect. If nothing else, it's another resource.
Good luck!
Post: Inheriting a tenant paying under market value

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi @Nicky Venditti, I'm also in Buffalo and consider myself familiar with NYS landlord/tenant legislation. I usually buy vacant properties, but the few times I have inherited tenants, I've used the following to bring rent to (or close to) market.
1) Make sure you put eyes on their current lease. See in writing when the term ends, and when their tenancy began. If you are familiar with the 30/60/90 day notice structure, great.
2) Find out if they are on any rental assistance programs. If they receive Section 8/Belmont/etc, there may be a delay or further review to the increase. I'm not experience with this, but definitely is worth finding out.
3) Once your deal closes, meet with them and ask them to show you any maintenance issues that need to be addressed. Show them that you want to respect their home and make it a better place for them, while possibly also making some upgrades that increase their standard of living. This makes the rent increase an easier pill to swallow. Simply taking over then raising rent is a bit abrasive.
4) Consider an escalated rent period, where you make the increase steadily over a few months.
5) Make sure you do it before the NYS legislature takes another run at GCE with a rent increase cap!
Good luck!
Post: Help needed creating self directed roth ira in Buffalo NY

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Following as I’m looking for the same in Buffalo
Post: Beginner in Buffalo, NY

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi @Athena Cave, and thanks for asking, but I'm not into STRs. I may convert one this coming year, but so far all of my holdings are LTR. Best wishes!
Post: First Rental Property in Buffalo Area

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi Nathan, and welcome to the Buffalo market. There's a number of active Buffalo locals on here. @Matthew Irish-Jones is a fantastic resource, and I can recommend a few others if you want to send me a note. Personally, I don't buy turn-key as I am into the value-add opportunities, preferably buying vacant buildings and bringing them back to life. I don't know if you live in NYS or out-of-state, but familiarize yourself with landlord/tenant law in NYS. Or hire a fantastic property manager. For a first-time investor in the Buffalo metro area, I would emphasize that the housing stock here is on the older side (many homes build pre-1900 or right around the turn of the century) and maintenance/cap ex is something to consider. Turnkey or not, there will be things to keep up on that you simply don't have in newer builds. If you are buying someone elses flip project, look well beyond the finishes and dig deeper. Many folks out there are cutting corners in rehabs and you don't want to be on the buying end of "lipstick on a pig". Again, one of the reasons I like buying projects rather than turnkey, but to each their own.
Post: How to partner with an existing property owner?

- Investor
- Buffalo, NY
- Posts 143
- Votes 105
Hi friends, looking for a creative solution here as I've never heard of this being done. Apologies in advance for my lack of clear articulation.
I would like to come in as a partner on a property already owned by a colleague. This is a small multifamily that he is reluctantly selling to free up funds to make improvements on his primary residence. He is not looking to 1031, so capital gains will be factor, and he would rather sell than refinance into more debt and less cashflow. More importantly, selling means he no longer owns a cash-flowing asset. I proposed coming on as a partner in the property. We would boost the value through AirBnB-ing 1-2 units, increasing rents, and also using the detached garage for our own purposes -- storage, workshop, etc. He loves the idea, as we would both benefit from long-term appreciation, cash flow, and using the property as space for our businesses.
Question #1: How would I come in as a partner since he already owns the house? We would form an LLC to hold the property, then ideally refinance into the LLC. A sale to the LLC would trigger capital gains and increased property taxes, so that would defeat the purpose altogether.
Question #2: How do I figure out how much cash I should put in the deal to make it 50/50 ownership and profit-sharing moving forward? His current mortgage is 40% LTV, so a refinance would automatically put cash in his pocket. Figuring out how much I need to bring is what I can't wrap my head around.
Thanks for your creative thoughts.
- Tim