All Forum Posts by: Ryan Greene

@Matthew Irish-Jones

Thanks for the feedback everyone!! Like I said I’m new to RE so I really appreciate the advice.

It seems here in buffalo we have a lot of old 3/3 duplex’s over 2,000 sq ft that are mostly renovated, good mechanics, they go for around 180k-220k. Some of them were about 70-100k just 2 years ago. I’m assuming some flippers bought them in rough shape and did some renovations? Like you guys said no one can predict the future, but I think these homes will be more expensive in the coming years. @Matthew Irish-Jones do you think we’ll see these duplex’s increase in value to the 300-400k range? Or am i being to optimistic? Depending on location and conditions obviously. It seems to me that 3/3 duplexes 2,000-2,600 sq ft fully renovated in other smaller cities similar to buffalo are at least 300k?

@Tchaka Owen

Thanks for the feed back!

My down payment is low because it will be as a primary residence, I have to live in it for the first year. I do have higher closing costs like you said, I just learned that in talking to my agent yesterday. I adjusted those numbers and I’m only cash flowing $119 a month when I move out and have all 3 units rented, so doesn’t really look like a good deal. Also talked to the lawyer and NY has some laws about giving a notice to the tenants before raising the rent, depending on how long they’ve been living in the unit you have to give them a 30-60-90 day notice, before raising the rent. The eviction laws also changed because of COVID you can’t evict until September right now I’m told.

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1st time buyer in Buffalo NY. Houses have been selling for 10k to 20k over asking price. I have to move into the property so it wont cash flow the first year, but running the numbers it should cash flow $420 a month with the rent that it gets right now, when I move out. The triplex is all updated selling for 200k, I will need 10k down. My goals are to buy and hold rental properties. I manage one now that I don’t own so not to concerned with repairs. With all the uncertainty in the world do I wait another year to invest?

@Ashley Kehr Yes the Ellicottville market is pretty stacked but I still think it’s a good location. Rent is going up in the surrounding towns to. I got some friends remodeling to do a air bnb in greatvalley it will be interesting to see how they do. I think as long as your close to the ski resort you should do well.

@Edward Jones I live in Buffalo and have commercial and residential plumbing experience. I also have home renovations experience. I’m looking for investors interested in the buffalo area that need my time and skills. I’ve been running some numbers on property in the south buffalo to Ellicottville NY area, maybe be can partner up and I can run some air bnb rentals right by the holiday valley ski resort?

@Micah Ng I have a single family home in Ellicottville NY ( south of buffalo) I see a lot of Canadian investors in my area. My property is 10 min from the holiday valley ski resort and properties do well on air bnb short term rentals. I have commercial and residential plumbing experience as well as all around home rehab/property maintenance experience. I’m looking for investors in my area that need my time and skills. Housing prices are affordable in Ellicottville and the surrounding towns, I just don’t have the capital to invest and buy more property myself, looking for partners.

@Asad Halai I like the idea of Airbnb by casino I think it will do well. But I’m not sure any new mayor can change the falls. For whatever reason it’s always been a crazy area 103.3 the edge talks about it a lot for a reason. But I think if you run the numbers you could do well with short term rentals. Also I know it’s a lot further but have you looked into Ellicottville ny area? I manage a home 10 min from holiday valley that rents for $1,400 monthly. I think it could do way better short term rental air Bnb tho, maybe look into that? Also I live in buffalo and have commercial and residential plumbing experience, I’m looking for investors that need my skills and experience.