All Forum Posts by: Carley M.

The city and county each have their own real estate auctions, separate for Niagara Falls (city/county) and Buffalo (city/Erie County). You would need to check their government webpages for the exact dates. I know Erie County is late September.

I didn't have a realtor because I bought a FSBO, but I live in New York so we both had real estate attorneys. Mine was a NACA attorney, paid for by the bank, I believe.

Check out the NACA program. It might be a good fit for you. www.naca.com I just completed this program and bought a 4 unit property and I have several friends that are going through the process now as well. Good luck to you!

Eric James the lower property tax is Mayor Brown. He has held or lowered property taxes every year for the past several years as an incentive to encourage people to move back into the city.

My information won't help you. I'm in a totally different market with different drivers, different housing prices and different rental considerations. You need to do your research in your area. Look at deals that have closed in the last 6 months. Sales are public information and so are property taxes. You can easily get a ballpark on what insurance would be (more expensive for multifamily) by asking for a couple estimates or talking to a broker. Once you're able to estimate the more standard expenses, then you can look at area market rents or even google specific properties to see what their last advertised rents have been for. That should give you a fairly good idea of your net profit. A good listing will provide you with an income statement as well to show the profit of the building but take that with a grain of salt as well. These are sellers who want you to think it's a good deal, not accountants or good businessmen, and how you run the investment could yield different results. I am managing the property for right now because I live here and I'm getting familiar with what all needs to be done. I'm grooming my adult son to run the property eventually.

Oh - and as a side note, all those questions about leases and finding tenants, that's how I found BiggerPockets. This has been an invaluable resource because the forums are all searchable, bringing me instant answers to general questions that have already been asked and answered by others.

I can't speak as to the quality of the staff or agents where you live, but I can tell you that if you're not satisfied with whoever you get assigned, you can ask for someone else. Another friend is going through the process and is on his 2nd realtor. The first just wasn't a good personality fit. Some of the basic landlord stuff you can learn online and the legal stuff will be covered in the required landlord training class. Just a thought about numbers .... A triple will pay for itself (management, repairs, etc) but a quad will throw off income - even when you build in a repair/replacement reserve. If you have the lifestyle to swing a 4-unit (usually 1-2 bedroom apartments, at least here in Buffalo), I would absolutely recommend it. My plan is to reinvest the most of the income back into the property until I'm satisfied with its condition and then start putting away for a downpayment for another income property - since that one will require 10-20% down.

I just closed on a 4-unit with them in November. The process can be frustrating if you don't stay on top of your file, but in the end it was totally worth it. Saved me almost $40k just in closing costs. Currently doing the rehab piece and getting an experienced NACA contractor has made all the difference. A girl at work is struggling to find a new contractor because her original one backed out AFTER SHE CLOSED so she's stuck with his $$ amounts. ☹️ My contractor handled all the paperwork and is almost done my required repairs and there's money left in the budget for one or maybe two of my wish list. Once this part is done, I don't expect to have any more direct dealings with NACA. What is your concern for future?

My best friend is currently looking to buy a 3/3 or 3/2 double in the West Seneca, NY area. The realtor previously assigned to him by NACA was not a good fit and he needs another realtor. The Real Estate Department at NACA said they would try to find another referral for him, but no indication on how long that process will take (not a priority since he technically HAS a realtor assigned). Figured I would post here and see if there are any Buffalo/West Seneca area Realtors that have NACA experience and would like the referral.

If you know of any leads as well, that's always appreciated.

Welcome to BP! I just finished the purchase process with NACA (closed in November) and got a 4 unit with them PLUS rehab costs to make some needed improvements/upgrades. There were a bunch of hoops to jump through, but if you know that going in, the frustration can be manageable. It saved me about 40K in closing costs and I didn't have to put any money down. One of my friends is going through the program now and will be buying his first home - a double - and moving toward financial freedom. Congrats on making it this far!!