All Forum Posts by: Darren Kresge

Have not used this program... I am from Buffalo, NY. However, I do recommend the NYSERDA energy efficient program to pay for energy improvements like furnaces, H2O tanks, insulation, windows, etc.

https://www.nyserda.ny.gov/All-Programs/Programs/Home-Energy-Efficiency-Upgrades

The question of whether or not the FHA property is his primary residence will come up... The appraiser will look to make sure the property is not occupied. As long as we state his intentions to live in the property and it is vacant he should qualify for FHA. There are other loan options as well that might make sense... for example a renovation mortgage that will allow you to include the improvements to the property. There are FHA and conventional options to do renovations... that are typically needed in older Buffalo homes. Let's brainstorm some ideas!

Here is the site for the upcoming auction:

http://www2.erie.gov/ecrpts/

Chris Naugle invited me to table/present my funding options for investors at his Flip Out Academy networking event last week and the guest speaker was Joseph L. Maciejewski, CCD, Director of Real Property Tax Services for Erie County, NY. He did a quick presentation on the upcoming auction 9/28/17. Are you interested in investing in Western New York?

I actually just attended a Erie County Tax Lien seminar and thought of these tips.. I don't have any experience myself yet. Seeing the property is always best obviously. Although securing the assets is key in this seller's market so hopefully they will be profitable for you... depends on your use of the property - flip or buy/hold, etc.

How much of the back taxes will the new owner be responsible for?

At least a drive-by inspection but trying as best as possible to determine the condition of the property without trespassing.

Communicate with the Auctioneer your questions ahead of time, the day of the auction is not a good time to ask questions.

Option 1 might make sense if you want to Air-Bnb and/or charge high rents in those nicer areas and maximize the income potential. I'm concerned that neighborhoods like Elmwood and Hertel have reached their value potential... You might be risking lower gains than the equity you made on the properties in emerging neighborhoods. I believe there is still a ton of growth potential in Larkin, South Buffalo, First Ward, West Side (Niagara St), Medical Corridor, Black Rock, etc. where you might still see those 20 - 50 % increase in value over the next 3 to 5 years... And income from properties in these emerging neighborhoods is creeping up towards the established neighborhoods.

Is Auction.com a good source for Tax Sales? There appears to be regular auctions at the Erie County Clerk's office listed on auction.com.