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All Forum Posts by: Pamela Maduro

Pamela Maduro has started 5 posts and replied 25 times.

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Bonnie Low:

Welcome! You should be really proud that you're getting started early. Every investor says they wish they'd started earlier. Here's some advice for you: 

- don't count out your local market. In almost every market, you will find people not from that market investing there. You may or may not find a niche that you like and that works for you there. Starting closer to home can be a little bit easier. 

- be careful taking advice from people who are not doing the thing you are trying to do. If they tried and failed, they probably have some valuable lessons to share. If they never tried, then it's just conjecture.

- stay focused until you get that first deal under your belt. If you're trying to pursue too many things you'll probably close on none. 

- your first deal doesn't have to be a homerun. Base hits are ok, too. It's easy to get sucked in to other people's success stories and think that's the bar you need to hit. But they usually don't tell you about all their base hits (or strikeouts) along the way.

- join a local REIA even if you don't intend to invest locally because you'll learn so much from others and you never know who they'll have connections to.

Good luck to you - you're already off to a good start by building relationships!


 Yes! thank you for your comment, we absolutely are soaking up a lot of information and feel like its almost better to jump in with one strategy so we don't have shiny object syndrome. 

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Matthew Irish-Jones:
Quote from @Jonathan Cooper:

hey Pamela, congrats on your little one! I would not invest in NY, very difficult market. If you want to invest out of state then LTR is way more easier to manage remotely!


 Buffalo NY was just voted #1 city to invest in nation wide by Marketwatch.com  

I own over 60 LTR, MTR, STR units in WNY and manage 700. Our property management company is growing 10-15% a year from out of state and out of country investors.

Eviction laws suck in NY.  Buying quality units and properly screening tenants solves most of these problems.  We have a 93% collection rate on tenants we screen.  There are all kinds of problems doing business in NYS, but if you know what those problems are and plan for them, investing in WNY is lucrative.  


 wow that is very impressive, hopefully one day we will be in the same position! I would love to connect and possibly work with you in the future if this is something you are open too?

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Matthew Irish-Jones:
Quote from @Pamela Maduro:

Hey all! My husband an I are deep diving in everything real estate! I've loves realestate ever since highschool and got extremely side tracked by moving up in a corporate job, at this point we have a 10 month old baby and I'm feeling the urge pressure tk get into something else that will allow more time with my family while creating a solid future! We're currently looking into doing a LTR or out of state air bnb and going to be doing the BRRRR method! We look forward to hearing stories and getting some good feedback from everyone!


 Why are you thinking of investing out of state if you live in Buffalo?  Buffalo is a great market to get started in with a low barrier to entry.  It also has both cash flow and appreciating neighborhoods.

Doing out of state BRRR's is really complicated. You need great vendors or a company that specializes in this. They can be very hard to find. The out of state AirBnB also has some draw backs. You have to furnish the property which are funds you are spending unleveraged and management fee's are easily 20% of revenue.

If you can buy close to where you live to keep an eye on vendors, projects, etc.. you are in a better spot in my opinion. 

Hi, thank you for the comment. I've lived in myrtle beach in my early 20's and still have some really good connections down there and i am still somewhat familiar with the cost of things. Plus we were thinking it would be a great area to invest so that we can take our family vacations. I think we are leaning more towards a LTR and then eventually doing an Air BNB

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Andrew Syrios:

Welcome to BiggerPockets Pamela!


 Thank you!

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Stephanie Jacobson:

Hi @Pamela Maduro, and welcome! Where upstate are you? The markets here vary widely. Binghamton has been historically economically depressed but has a growing university, so it tends to have low property values with high actual cashflow (and no appreciation). Ithaca is opposite, where the cashflow is low and prices are high, but it appreciates pretty reliably. Syracuse is somewhere in between those two, but is experiencing a sudden boom in values and interest thanks to Micron. Rochester and Buffalo I don't cover, but I know they've both remained fairly stable over the past couple decades.

Depending on your goals and longterm strategy, you have many markets to choose from here with different strengths and weaknesses

 Hi Stephanie! thanks for the info, We are in fact in Buffalo, I'm originally from the Hudson valley so I'm still trying to get acclimated to the difference in cost of living and value in Erie county!

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Kiernan LaFaver:

Welcome Pamela! I agree, NY can be a tough market, especially regarding tenants since ny is very tenant friendly. I'm in the Syracuse area which is very popular with investors due to hospitals, universities etc. I agree, BRRRR can be difficult if you're not local with the rehab. If out of state, I think mid to long term rental is more of the play and may be worth looking into a reliable property manager. I'd be happy to have further discussions if you'd like to know more about the area!

Kiernan that would be great! We are eager to make the move and start our portfolio, just normal nerves to get started. Are you an agent or an investor?

Post: New to the investor's side

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Jonathan Cooper:

hey Pamela, congrats on your little one! I would not invest in NY, very difficult market. If you want to invest out of state then LTR is way more easier to manage remotely!


 Thank you! Do you have a few markets you would recommend? 

Post: What are must have software/apps

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6

Thank you!

Post: What are must have software/apps

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Zach Lemaster:

buildertrend an appfolio are great starting points for accounting and PM.


 Thank you!

Post: What are must have software/apps

Pamela MaduroPosted
  • Investor
  • Buffalo
  • Posts 25
  • Votes 6
Quote from @Eric DeNardo:

@Pamela Maduro,

I have an Airbnb and I like Turno to hire a cleaner because it syncs with Airbnb and makes it easy for the cleaner to manage timelines. PriceLabs is great to help you price your STR with its algorithm that uses other airbnb prices, events, and general demand information. Pricelabs also syncs well with Airbnb.


 Thank you!