Rental Property Investor · Amherst, NY · Member since 2016 · 40 posts · 17 votes
Hello everyone,
I am currently closing on a single family property for which I had a 35% down payment. Will be getting back an estimated of 50k which I am planning to invest on a multi-family. I also have a passive investor that is willing to co-sign and add additional funds as necessary.
My question to you all is what suggestions you have for getting me started on smaller apartment complexes. I am looking for 6 to 25 units in the Western New York Area B class units. I have looked on loopnet and run some numbers and I don't like at all what I am seeing.
I will be closing soon on my sale and I have already arranged with a QI in order to setup a 1031 exchange. Any tips recommendations to get me started would be great. I am looking in the Buffalo / Rochester area as I want to actively manage the properties.
I know someone that specializes in 1031 Exchanges here in Buffalo. I'll be happy to introduce you. Also based on the Neighborhoods in Buffalo, Dbles offer more return on your investment if you're deciding to do Holds.
For my first deals I am leaning more towards investing in my area as I want to learn the as much as possible. If however the numbers make sense and the deal is great why not @Chris Tracy?
@George T., I don't want talk you out of investing out of state, per se, but considering where you live why would you? There are tons of deals from Buffalo to Rochester and especially since you mentioned wanting to manage yourself I would stick to Western NY. Where I live I am lucky to find a 0.3% deal and you have 1.5% - 2% deals all around you. Do you have a local broker working with you now? You are generally going to just see stale deals on loopnet (I only have a free account so maybe not if you pay them the hefty monthly fee). Have you done any networking, marketing, mailers to try and find good deals in your backyard? My dad grew up in N Tonawanda and I recall seeing lots of mixed-use commercial/residential apt buildings when we went to visit my grandparents. I would say the buildings and deals are there still, you will just need to work to find them.
@George T., I'd echo @Will Chamberlin 's comment about LoopNet - in the WNY market, I think a large majority of the viable deals are done off-market, and the stuff left on LoopNet is either listed already under contract or a dud. Broker networking is the way to go in a smallish market like Buffalo / Rochester.
@Will Chamberlin I completely agree with you. I will be moving there next week and I am planning to start networking and get in touch with some of the local real estate experts. I am also planning a marketing campaign that will be launching next week.
@Steven Pierpaoli Thank you. I tend to agree on that after doing some research.
Binghamton isn't too far from you, and it's a great market for investors! It's not over-saturated yet, and has a lot of plans for growth. Rochester is my hometown, and I know you'd do well there too!
Let me know if there's anything I can do for you down here in the 607!
I know someone that specializes in 1031 Exchanges here in Buffalo. I'll be happy to introduce you. Also based on the Neighborhoods in Buffalo, Dbles offer more return on your investment if you're deciding to do Holds.
Hi to everyone in this thread! In "research phase" and Buffalo and Rochester are high on my list, are there any deals left or do you think I have missed the boat on this market? Looking for duplex / triplex or smaller MF's with good rental returns.