No luck finding first investment property in very hot market.

[Account Closed]

Me and my wife have been shopping for our first investment property in the Buffalo, NY area. I am very familiar with the area and I am excited to see the area growing. Our immediate goal is to buy a multi-unit and house-hack so we can move back to buffalo and live for free/cheap. We have found some good deals and submitted aggressive offers on several properties. These houses sold well above asking price. Other properties go under contract before we've had the opportunity to view them.

As someone who grew up in the area (and moved away to pursue better job opportunities) I am confident that this hot market is temporary and very, very inflated. We are working with a realtor as we are out of state. We have primarily been using the MLS to find leads. I know that in a hot market, speed is important. Since we're in Austin, Texas I can only do so much.

Does anyone have any tips on more effective ways to find opportunities? 

 Should we put contingent offers in on any properties that makes sense numbers wise before viewing them?

Should we look for properties that have price dropped, or came back on the market?

Should we wait it out and hope that the market cools down?

I'd greatly appreciate any advice you guys have! I am very excited to get that first property under my belt. 

[Kris Wong]

"As someone who grew up in the area (and moved away to pursue better job opportunities) I am confident that this hot market is temporary and very, very inflated."

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If that's the case, I'd say you need to wait it out. You could use a more direct approach by marketing to motivated sellers, but that's not going to work for you unless you have someone local. I feel the local market in Austin is also very inflated right now, so I have started pursuing other areas of the country based on relationships I have in those areas. As many people have said before me, you make (or lose) your money on the buy. Don't overpay just because everyone else is overpaying.