All Forum Posts by: Account Closed

My wife and I are very excited to attend and get to know like-minded people!

Any recommendations? 

@Brian Ploszay that's great insight. I've considered starting in Austin since i'm here for the time being. However, The market is very expensive in comparison to Western New York. Thank you. 

I appreciate the tips. We have gotten pre-approved and have a realtor in the Buffalo, NY area. After speaking with a few people i've realized that it's a matter of locating the deals and responding quickly. Thanks for the credit card idea as well!

Me and my wife have been shopping for our first investment property in the Buffalo, NY area. I am very familiar with the area and I am excited to see the area growing. Our immediate goal is to buy a multi-unit and house-hack so we can move back to buffalo and live for free/cheap. We have found some good deals and submitted aggressive offers on several properties. These houses sold well above asking price. Other properties go under contract before we've had the opportunity to view them.

As someone who grew up in the area (and moved away to pursue better job opportunities) I am confident that this hot market is temporary and very, very inflated. We are working with a realtor as we are out of state. We have primarily been using the MLS to find leads. I know that in a hot market, speed is important. Since we're in Austin, Texas I can only do so much.

Does anyone have any tips on more effective ways to find opportunities? 

 Should we put contingent offers in on any properties that makes sense numbers wise before viewing them?

Should we look for properties that have price dropped, or came back on the market?

Should we wait it out and hope that the market cools down?

I'd greatly appreciate any advice you guys have! I am very excited to get that first property under my belt. 

My wife and I analyzed some small multi-family units and the numbers looked pretty good. A two unit and a four unit with a potential 45% cash on cash return and a duplex with a potential 36.5% cash on cash return. We were very conservative while making our calculations and we are very familiar with the areas that we are looking to invest in. 

The market is crazy right now and we initially assumed the best thing to do was to wait until things calmed down a bit. After a little research, reading your posts and listening to the BP podcast, we decided to practice running rental numbers. Too our surprise, all three of the properties we analyzed were cashflowing and seemed to have a decent ROI.

My question is: What is a reliable way to get an estimated value on a property you are looking at? (To see if there is equity)

If you have a property that you may need to raise capital for (5-10k) when is the best time to get it? Do i make an offer with contingency first or should i raise the money before i think about putting an offer in?

A little background.This will be our first investment property. The rental analysis were calculated using the asking price. 

Thanks!

*By the way the properties are located in Western New York not Austin, TX