Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

2
Posts
0
Votes
Nick Gay
  • Investor
  • Clarence Center, NY
0
Votes |
2
Posts

Help building Buffalo rental portfolio needed

Nick Gay
  • Investor
  • Clarence Center, NY
Posted

Hello, after putting in a great deal of hours reading, attending local meetings, studying the market, ect. I have finally made the plunge and purchased my first Duplex. The property is located in the town of Cheektowaga , a suburb of Buffalo and is set to close next week. Both units contain 2beds/1bath and I have estimated the numbers as follows. 

Flip

Purchase Price: $76,000 (cash)

Rehab budget: $15,000 (private loan)

After repair value: $135,000+

Rent (don't expect much appreciation)

Potential rental income: $19,200

County/school true tax: $4,190

Insurance: $815

Water/Sewer: $500

Management/ Repair/ capex/ vacancy: $5,760 (30%?? will be self managing/ property will have newer fixtures/roof) 

Estimated NOI: $7,935

My goal for the time being is to get to 60k annual cash flow and I am having a hard time deterring what strategy would help get me there quickest. I will be basically tapped out of cash if I hold onto the property and was thinking the BRRRR strategy might be my best option considering the amount of equity I will have gained through rehabbing. However, I am now starting to question if i would be better off taking the proceeds from the sale and purchasing in less desirable neighborhoods (such as niagara falls or less developed sections of the westside) where rental returns appear to be more lucrative on paper. Any guidance you are able to offer would be greatly appreciated!

Loading replies...