All Forum Posts by: Oz Radiano

It takes time to find a good team with excellent market knowledge, which you will have a click with. 

Moreover, you can always switch to another member.

Lastly, I use two methods to check rehab quality: hire boots on the ground to ensure the project is on track and pay inspectors before releasing funds.

As an out-of-state investor in Buffalo (and in two other states), I agree that it's not the most landlord friendly. This is an important factor you should consider, but I want to add few more thoughts:

1. If you grew in Buffalo, you have a big advantage of knowing areas and neighborhoods better than any other out-of-state market you will invest in

2. You might have family members that can help you should you need something urgent, check someone's job, or be present for you.

3. There are ways to mitigate the risk that comes from a non-landlord-friendly state. To name a few: rent to section 8 and the rent is almost guaranteed, purchase B+ properties - tenants tend to stay longer, have pride of ownership, and pay rent, and, lastly, have a good property manager that can navigate swiftly with the tenants to prevent turnovers, evictions, etc.

Whatever you choose, good luck!

My rentals are in Buffalo and in the surroundings! Not sure how STR will work there as I rent for the long run, but other than that - what are your questions? (:

 I was out of the country in my first 4 years of investing and purchased 20+ units, so def doable. Moreover, I invested I n upstate NY so ask me anything

Would love to  discuss further! Shoot me a message with your phone number and availability and we can take it from there ✌️

Hey,

I invest in Buffalo for the past couple of years. I’ve seen good and bad areas, but it’s all relative to your price point and target returns.

Please share more details and I can help further.

Welcome to Buffalo!

There are two ways to look at this situation:

1. As a son. This means that you are helping out your father and yourself, keeping the house you grew in in the family, and creating a steady cash flow for your father. In this case, you are not an investor buying a deal, and the decision is personal and not based on calculations.

2. From an investor standpoint. This means you need to analyze this deal in an excel sheet and make sure the property makes sense if you had no emotional attachment to the situation. 

Good luck!

Here are my thoughts after having a bad tenant that took me several months to evict (and now to redo the house):

1. Have your property manager calling them to ask them to leave, door knock, and leave notes on the door. Every week.

2. While they stay at the property, expect them, and remind them that they are expected to pay rent regularly.

2. Send them a formal letter of "cash for keys", acknowledging the difficulties in moving in such a time. Offer them $ amount (my general rule of thumb - 20% more than monthly payment) and a deadline (exact date of 30 days from today i.e.) and what will happen if not (I will have to pursue legal actions.)

3. Be consistent. It's a matter of who is breaking first, and it should not be you.

If you're looking at this renovation from ROI perspective, assuming your numbers are solid, its one of the best deals I have ever heard of..

$300/Month addition to rent = $3,600/Year

Cost = $900 vacant + $2500 renovation = $3,400

So, in less than 12 month, you return all your investment.. 100% ROI? I'd take it every day...

add to that appreciation, and new value of house, and it’s a no brainer to do it.. good luck!

Hey, @Joshua Esplugas,

I own several properties in Buffalo and I hope I can help you understand it better.

Every investor's situation is different - I live out of state and I have PM to deal with everything for me.

Based on my experience, the gross rent can reach and pass the 20%, I actually don't by deals that are less than that and I purchased several in the past 2 years.

The issue is what is left for you. After all expenses and reserves (PITI, capex reserves, PM, etc.) I get to keep 40-60% on average.

Hope this helps!