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Upstate New York Real Estate Forum
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Updated over 3 years ago on . Most recent reply

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Caitlin B.
1
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8
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WNY - looking for words of wisdom for a newbie thrown into RE

Caitlin B.
Posted

Long story short, this year we refinanced our primary and paid cash for a little 2 bedroom fixer-upper for a family member who then passed away. So, decided to hold and enter the rental market. Recognizing the economies of scale and being in a good position to pursue more property (can refi the rental plus additional capital) we'll be exploring that more in 2022. We're well positioned to BRRRR and we basically started already on the current rental, but the biggest obstacle is not having any sort of contractor connections. In this market/climate with people struggling to get work done even on their own homes, is it even a realistic option to come in fresh as a small fish, find a contractor, and get work done promptly? Or is it better to pay current market prices on a more turnkey property to avoid having to hire and coordinate fewer cooks in the kitchen?

Would appreciate any thoughts or local words of wisdom! We'd be looking at self-management, a smaller portfolio, and primarily in areas like Lasalle, Tonawandas, parts of Amherst and similar just due to our comfort level and familiarity.

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