All Forum Posts by: Timothy Smith

By "both units", do you mean the combination of one heating unit and one cooling unit, or are you talking about a duplex? Who is paying the utilities? Is this more for your own comfort or for your tenants? Sure, you may be able to collect a slightly higher rent for central air, but you also have increased maintenance and eventually replacement costs. Should something go wrong with it, you are obligated to fix it (unless you write verbiage into your lease regarding repair/replacement being "at your discretion", which is still kind of crappy to do). 

To me, I see more value in central air in a flip than in a hold. 

Sadly, I agree that the moratorium in NYS will probably be extended. I personally don't see a fire sale of inventory, but rather once people are evicted (a big if, rather) screening criteria are going to go way up. I've already raised my income threshold and credentials significantly, and I know several folks around are just keeping units off-market and going by word of mouth. 

@Chris Martone Hi Chris, and welcome. There’s a really great community of investors here and I’m sure you will gain some value from these connections. I haven’t been going to the meet ups as frequently as I’ve had schedule conflicts but they are also a great resource. They have been primarily attended by newbies but there are also some excellent more experience contacts there as well. I’m primarily focused on the west side but have also dabbled in South Buffalo and I am always keeping my eyes open for opportunities. Reach out if you ever want to discuss.

There is a monthly Bigger Pockets meetup, 2nd Wednesday of the month. So...it was last night. I wasn't able to make it, but they usually bounce around locations. Pre-COVID, we met at Thin Man Brewery on Chandler Street. Eric Winstanley sets it up -- he's on here and also administers the BP Buffalo facebook page. Most of the attendees are new investors that are either looking for their first property, or folks with 1-4 units. 

I have tenants sign the form linked below along with their lease. To my knowledge, this is the extent of what the city requires regarding notices. I have not had to deal with remediation, but there are several painters on the "Buffalo Contractors - Where Contractors Find You" facebook page.

https://www.buffalony.gov/Docu...

Hi Patrick, I'm also here in Buffalo. Who is charging you $11K in closing costs on a $140K mortgage? I just did a cash out refi that closed 2 months ago for $136K and my closing costs were maybe $7K, which was high as it was an out-of-area lender (only reason I went with them was no prepayment penalties and I don't anticipate holding this property very long). I think you are getting burned on the refi costs, but maybe I don't know the whole story. 

I have been researching 2nd mortgages on investment properties for a while and have yet to find a local lender willing to be in 2nd position. Perhaps your primary mortgage holder with allow a LOC on the original property?

@Account Closed good morning and welcome to our corner of the state! There are some great people and resources here. The market is insane right now and hopefully you are prepared to do some rehab work. Even the dumpy duplexes that need $50-100k or more are going high. Find yourself a knowledgeable and responsible contractor and go from there. Some of our toughest growing pains were in that arena, and I anticipate will continue as we grow! Best wishes and hope to meet up sometime. 

Looking forward to getting back to this. 

Hi @Kyra Waters - nice to meet you. There is a BP meetup the second Wednesday of the month (or is it first Wednesday? I haven’t been in a while) and it’s a great opportunity to network. I live and invest in the West Side and nearby. Feel free to reach out should you ever want to chat. 

@Ryan Sweet just saying "hi" as another Buffalo resident and investor. Khaled and Matt above are not only great resources but great people. They know the numbers investors use and know neighborhoods very well. I'm not an agent, but have a few years of experience living and investing around here, so if you ever want to chat, let me know! Best wishes.