All Forum Posts by: Shaun Carl

Michael Sherwood I currently have my house loan through First Niagara, but will definately check out M & T. I have also heard that smaller banks or even credit unions would probably go lower than the 50k norm.

Lior Solomon I have a family friend that owns a few properties in the Buffalo area and has now expanded his business to property management also, so I would probably be using him. I think he verbally quoted me around 7%.

Kristopher Raepple I was looking around the Cazenovia park area. I have a buddy who is a Buffalo Cop that lives in that area and can let me know of the bad spots.

Thanks for the quick info.

I am hoping to get pre approved soon.

I have been doing so much reading on here and finally decided I should start to post some things.

This site has helped to answer so many questions and hopefully will continue to do so.

I currently am a product test engineer from Buffalo NY. I love my city and the people here.

I would love to use REI to eventually retire by 45 and have enough passive income to buy a sailboat and start traveling with my wife and eventual kids.

I love feedback and constructive criticism as I feel you can always get better.

I hear lots of talk about real estate clubs in their home cities. Where would I go about finding these? Anyone from buffalo here?

Hey guys, I am new to here and have been reading a ton getting ready to jump in. Was wondering what you guys thought about a potential deal.

House is in south buffalo where many properties are going for around 30-50k depending on what needs to be done. Most rents are 400-600 per unit

Place I am looking at:
2 unit: asking 33k, was recently updated so will not need any major repairs that I can tell without an inspection.
Unit 1: current tenant is sect 8 with gov paying 450/m
Unit 2: regular tenant paying 475

So total is 925

Using the 50% rule it should cash flow a little over 100$ per unit.

Can I get a regular loan for this from the bank? Is there a minimum?
Anyone have any experience with section 8 tenants?

I do not want to drop all my cash into it if I can find others similar in the same area.
Seems like a good cheaper deal for my first, but again I am new to this.

Thanks!!