All Forum Posts by: George T.

@Michael Lester  Work, grad school and real estate. I am planning on starting to build a real estate portfolio. How about you? I see you are in the Buffalo real estate business?

@Dave Foster thank you for your quick reply. I did not know the exact name of the qualified intermediary. Would definitely like more information. thank you

@John Lenhart thanks a lot for your response!

Hello everyone,

I am selling my Memphis property  (purchased 2 years ago) and planning to purchase a house in Buffalo. I have a really bad mortgage deal on the current house as I lived in Canada when I purchased it (all interest - 8% 5yr balloon pymt 35% down) - was the only one I could qualify for.

I will now be moving to Buffalo NY attending graduate school.

As I am looking for properties here should I try to qualify for another mortgage or is there a way to transfer my current mortgage to a new property?

Are there any other creative tools I can use?

Any suggestions / tips highly appreciated.

Thanks

Hello everyone,

I have owned a property in Memphis for two years now which has been rented from day 1.     2 weeks ago I have decided to sell my property as my tenant's lease was expiring and I want to purchase another property in Buffalo NY where I will be moving.

The tenant has offered to purchase the house and we are currently in the closing process. As this is my first deal and I would like to do a 1031 exchange so I can defer the taxes i do have some questions:

1. Any recommendations for any specialist that can assist in this process?

2. What is the deadline that I should know about? (I believe is 180 days from the closing date)

3. Is there an issue that the property is closing in TN and the property I want to purchase is in NY?

Any other suggestions / advice highly appreciated.

George

Hello @Ashley Kehr,

Would love to learn more about your duplex purchases. I am currently moving to Buffalo end of August and I am interested in starting investing in the BUFFALO market. Any suggestions / tips would be greatly appreciated.

George

Hi Neil,

Yes if you could give me your mortgage broker information would be great. Seems like the NO Credit history did affect the rate.

Thanks for getting back @Neil Da Silva

@Andrew Chesnutt I was interested in the multifamily as well in the Amherst, Williamsville area, but there seems to be more 3/2 type houses. Which area are you focusing on for the multi-family? I am trying to avoid some of the dangerous ones where most of the duplexes seem to be...

Hello @Andrew Chesnutt

Wish you best of luck ahead. I will be moving to Buffalo in August and I am planning to jump straight to it. I am also currently looking for multifamily and single family, but the market seems to be quite hot right now...

Thank you Melvin. Will do!

@Melvin List

@Shawn Pappas Thank you for your recommendation.

@Kyle A. Indeed not so many duplexes. I know both South Campus and North Campus as I lived in Buffalo for 5 years. The market as I heard is pretty crazy right now so getting a short term lease might be the best choice. Any recommendation you might have on this?

thanks again