All Forum Posts by: Pamela DeLorenzo

@Dan Call, thanks for taking a minute out of your day to remember so many who made the ultimate sacrifice for others, the victims and all the families and NY'rs in general.  The entire nation was touched by this tragic event, let us pray those who served others was not in vain as another generation is growing up and it seems many have already forgotten!  Carry the torch!!

@Dave Holland, Upstate NY? as in Pittsburgh or Buffalo?

sending a pm also

Whats small @Robert Car?  I don't know of a builder, but I do know of a 3 bed cabin with 6 acres for sale 70k.

Hey There Jacob, welcome to BP.  Lots of good info here, set up your keyword of interest to receive emails that fit those filters.

BTW, feel free to connect with me and check out the link for the next meetup:

http://www.meetup.com/BuffaloRE/events/231807081/

Ha, I thought @Kisha Ulysse was going to say the broadcast suggested getting the list in order to find out more about tenants!  This may simply be an area I'm not interested in and for you it could be a lucrative avenue.  However I completely agree with @Rick H. to proceed with caution.

Chris I know you said it's family, but the numbers might be a little more attractive say if you could purchase it at say 48k..  Remember, if they do put it on the market, your offer of 47 or 48k may be more than what they'd net or very close to it anyway.  And unless you're paying cash what sort of interest on your loan would you be making?  I'm all about family and making big sacrifices for them, but in this scenario don't feel that less than a 50k offer is anything less than what a buyer (from a listing) would at the # they're hoping for of 55k.

Plus if they list it, they could have 4+ months of holding costs which will reduce their net and increase their stress - so by working with you they'll have that advantage among others.

Have you looked at the comps?

Bye-the-way, I've seen some high-end properties in high-end neighborhoods and several have been 'move-in-ready' but still needed a coat of paint in one or two rooms and/or new carpet or fresh shampoo, clean-up in the yard - maybe a new microwave, etc. You get the point. Move-in-ready is a dream find, but I always find a little touch up is still needed. It could be as little as $500 - 1800, but every expense decreases your ROI.

As @Jaysen Medhurst pointed out you'll possibly see 12% ROI if all the numbers work as projected. I agree that you won't see much appreciation - in fact it may De-preciate; I know that area and you're correct in saying @Chris Lofstrand it's not prime so I wouldn't factor that in just yet.

Now don't get me wrong, I'm not suggesting you get greedy or be cheap (there are enough of those investors in the falls already), just be investor savvy.  You will have the property and the responsibility of maintaining it month after month for a small return of hopefully $50/mo.  On the other hand, you'll have the opportunity to gain experience as an investor, help a family member move on and get your first deal!! If you're sure of the numbers and are comfortable then go for it!

I'm looking for some referrals for the Niagara Falls, New York and Niagara County region.  After attending a few meet ups with a few other investors locally once or twice a month in the Buffalo, Erie County New York area, I'm ready to put together a team of local business people I can work with.  I mean Buffalo's not that far, but closer to home would be even better since I'm certain their are some good people in Niagara County as well.

First I need Real Estate attorney's ( for all the deals I'll be making soon) who are willing to do wraps fairly quickly, a CPA who is familiar with real estate investing of course, qualified contractors [meaning reputable, honest and reasonable] and Realtors who are willing to help out a new investor.  

If you have worked with any of these business people that and can make recommendations to me I would love to get the ball rolling.  Thanks in advance.

Best of luck @Thomas Shultz, I love the Tampa, Cape Coral, Bonita Springs, Naples area.  Well in reality the west coast, but Tampa is central and we fly in there to spend to r & r once in a while.  I would so love to pick up a place down there [no $ down would be a dream] so I could spend a LOT more time there.  I'm from WNY and still learning the ropes.  Let me know how things work out for you down there; you never know - I might need to build a team when I'm ready to make a move.

I think the US is headed the way of Greece.  We can't sustain this debt and it looks as if there's no plan to stop the spending.  That being said, it's hard for even the 'experts' to predict and so we simply have to be certain to proceed with caution - in our personal and business endeavors.  Remember too - no matter what the economy, people need a place to live and if you are investing and have not over leveraged your holdings and have bought smart to begin with, you should be able to weather the storm.  It may be a rough ride, but you'll be okay if you buy well.