All Forum Posts by: Pamela DeLorenzo

any other recommendations out there for the Buffalo/Niagara region?

State regulations make things complicated so I'm skeptical that it will ever replace the agent; however, technology is taking the place of so much human production that it wouldn't surprise me to see some platforms simplify the process for the even the casual browser.

I looked for the app for my Android, but only T-Rex apps displayed.  I also looked for 'real estate rex' and a few came up but didn't look too promising - yet.

Anyone else use apps for RE transactions?

First off @David J. Dachtera, I appreciate the quote you posted from DJ Benedict and I agree - one must consult your attorney/CPA or estate attorney to get advice concerning your individual situation.  

As s for overkill on the subject, It seems NYS is a very litigious culture and I lean toward the advice from @Calvin T.  But If you do not have any properties or just a few, you could just put them in your name with an umbrella policy and when your portfolio grows - form a C-Corp LLC and then utilize a trust and really good Insurance coverage.

An S-Corp may not even be necessary but the bottom line is that we all have varying needs so doing your homework getting one-on-one advice from your attorney/CPA will help clear up some confusion along with doing some of your own homework.

Interestingly, if setting it up BEFORE going big alleviates concerns for a claw-back, it might be worthwhile doing.  You know, "pay me now/pay me later".

@Chad Jarrah, we all want to avoid the taxes, but also consider as an investor you may not have other income and as such lose any SS considerations by avoided taxes.  New Yorkers get slammed with taxes so it's easy to see why people try to avoid therm.

What I'm most curious about is whether or not the issues universally apply to NYC and NYS residents or they differ a many statutes do.

This is a common ploy used by several companies.  National Association of Professional Women use this same tactic.

Yes @Steve Babiak you bring up another big factor to consider and that is other casino's popping up everywhere. It used to be a big deal to go to a casino, but now you can get to one with a short car trip or a bus group tour. What happens is the pot gets divided up among more players [casino's that is] as there is only so much money people have to 'spread the wealth' around; thus each one's profit may be diluted as other casinos are built.

As for taxes going down @Austin Wark and @Ryan Vienneau, good luck with that.  Once Albany get a hold of a tax, it only goes up, not down.  Ha! And love your pun Ryan about speculating that an investment might be a gamble that pays off.

@Jay Hinrichs, why can't us East coast investors use a title company from out on the West coast!?

As for the 'Times' article - @RodY. - can't say I completely disagree with you, buuutt......@Nicholas Varner hit it right on the head stating that not every article they print is suspect anymore than any other media outlet.  I know editors (and the owners, stakeholders, etc) play a huge role in how a story is slanted, but they also need to fill those pages and make sales therefore one has to assume some valid research is written in any given article.  Just like we should, a reader needs to be open enough to listen and savvy enough to use their own discernment and research.

Anthony, I concur with Garret but would like to add to his comments 'keep a watchful eye out'.  Buffalo is seeing a lot of development; including a billion dollar high-tech, medical, and tourism businesses along with waterfront development and more, so housing could see more of a surge too.  I would certainly think there would be room for growth in executive rentals as well.

The big question is how many seasons before Buffalo sees that cup!! ?

No worries Austin, glad I could help.  My sister lives in Cohoes and I've visited a number of times - including the Saratoga track - quite lovely in fact, so I'm a little familiar with that region.  The housing is nice out your way though.   --Pam

Hello Austin, let me first disclose that I am an amateur investor yet I do have the experience of living near a number of casino's.  Here in the Niagara/Buffalo NY region there are at least 4 casino's within 30 minutes of one another.  Albeit two are on the US side and are Seneca nation owned, another two are just 5 minutes across the US/Canadian border.  Then there are a few other scattered gambling venues (Ft. Erie race track, Batavia downs) nearby as well.  It was my opinion prior to their opening in 2002 that a casino would not help us out and might possibly hurt other businesses nearby.  I'm sad to say that in fact has proved true.  Many smaller businesses have closed their doors, leaving vacant buildings not on the tax rolls.  It seemed to invite a lot of 'absentee landlords' too as there appears to be more rentals than home-owners. I cannot validate the veracity of my claims apart from watching the blight creep into what was once beautiful neighborhoods across the city.

That said, the city/county receives casino monies via an agreement negotiated with the state between all the parties resulting in some work on the parks, roads and infrastructure in general along with increased police presence.  

What's missing is the promises of wealth pouring into the city; the job creation, lower taxes due to the coffers being full, increased tourism and of course, the housing boom.  To be fair there are pockets that continue to expand and improve, but it seems most of that has happened outside the city.  Buffalo has seen some marked improvements as of late and it appears that it will continue.  The Buffalo casino is not a full-service operation and it is the investors/developers who can claim the credit for the turnaround there, not the casino.

I wish I could tell you to expect housing prices to rise and people flocking to the area but alas that has not been our experience here.  I think you'll find similar scenario in Atlantic City.  In my estimation, banking on the casino for a windfall is not the answer you're hoping for, however don't let that deter you; there are deals out there you can benefit from in any market and I hope you can write me down the road and tell me how wrong I am.

So for those of you who are in NYS, can someone tell us if who is allowed to negotiate a short sale?  I know NYS has a kajillion regulations so I wouldn't be surprised to hear only negotiators (or only RE brokers, etc) can do this verses your attorney or the interested party or investor.

My second question would be if the interested party or investor cannot negotiate with the bank, then how do you go about finding the right person for the job?