Exiting the Buffalo Market

JJ&JO

The best way to get out is to probably sell it through a good agent. I am doing so with mine at the moment also.
Did you pay retail for your properties? Depending on there condition and how long ago you purchased them will all depend on what you can get for them.

Also you have a better chance of finding an owner occupier at retail prices if its a single family as apposed to a duplex.
My first property purchase in bufallo was a retail purchase. It was a single family home which i paid $39k for and it is on the market for $45k so as you can see there is not much in the game.

We have had to do some repair work on this home as well so once all is said and done, we will definately be making a loss on this home.

I think anyone buying retail in this market need to be 100% sure the home is in sound condition.
As i have said many times before, to make this market work for you, its essential to buy properties under market value.
Buy homes that need some rehab work and then rent them out. Thats what the locals do. Local investors do not buy retail in these markets.

You need to create it so that your ROI is at least 30% gross and above. Taxes are high, tenants are vulnerable and maintenance can also be high.

I am still making money here but i am doing it with a local and i have an excellent property manager that i found myself "

For Aussies though without the contacts, i recommend to stay away from this market or if you are going to enter it, make sure you dont pay retail "because you dont need to" do your numbers on a minimum 30% roi also otherwise you will probably end up losing in the long term.

Now that i understand this market in great detail, I would advise people to spend time on the ground there and developing there own relationships. Its definately not a market in my opinion for the light harted and its a very difficult market and lots of things to contend with for the returns you get.

I will continue to do a couple of flips pet year over there with my friend who lives there, but thats about it. If it wasnt for that relationship I would stay away for sure.

Long term you would do better buying in Australia than over there if we are talking paying retail.

Hi CSIMONS.

I am in the same boat.
I currently own a 5br single family home in Lockport NY (near Buffalo and Niagara Falls).
Im looking to sell to fund my own home purchase.

I bought through Chad Simons and now I need to sell up quickly as well.

Hi Luke,
                All of the problems were caused by Chad Simons and his US partner when they did the rehab on my property and this has nothing to do with maintained/managed.

Since the property was rehabed by the above parties about 18 months ago I have spent every cent in repairs to this bursted arse property. Around about $15,000.

You can say again that overseas has not been positive for you.

I have got myself a great Property Manager over in Texas who if it was not for him I would not have any idea where I would be rinth now.

You have spoken to my wife about the dealings in the past (Jo)

Regards,

Cory

P.S. I have know Chad Simons for 8 years, so how well do you think you know him?.

Becarefull out there.

Hi Luke,

WE are trying to off load this property ASAP but still have some work to do to fix up the problems that have been caused during the rehab. I have somebody over there taking care of that for me.

I'm looking forward to getting the hell out of Texas and looking around back here.

Chad goes to great lenght, they are not all the right ones. Us you say there is only so much you can do from over here and this should be remembered when dealing with people over here.

Just remember that great intensions pave the way to hell and are not always what they seem.

Regards,

Cory.

try this lady for selling in Buffalo she doen't work for polis anymore I know she is still selling as another mate of mine told me he had tracked her down

the guy I used in Rochester is a fire sale guy he is very effective but doesn't sound like you are that desperate

Hey Worldchanger,

Thanks for that dont worry about me to much I am more concerned for those that are still trying to get out as it truly is the "death of a thousand cuts" when you are exiting but once you get out your right like I am now.

At the end of the day we aint talking sheep stations with respect-to losses I am looking at it as the most-expensive and effective property investing seminar that I have ever attended shame I cant offset the cost of it.

I heard that Seth turned out to be a crook as well, DASA seem to be  the only ones that didn't stitch anyone up other than extortionit repair prices.

Kim will sell your property no upfront costs she sold mine and some other aussies and is currently selling two for a guy I know who bought two of of Dan for 80K US she reckons only worth 25 each……he didn't believe her and got a valuation which showed she was spot on….. like he said to me if only he got an appraisal up front rather than buying on a yield that he never got anyway.

I was buying foreclosures of the market at least I didn't overpay. My mistake was having to many rehabs on at one time, my guy going bad on me after Ihad paid him and realising that it would cost me 20k roundtrip including loss of earnings here as I was a contractor then to take time out of work and go out there to sort it out. With no guarantee that the next guy wouldn't go south on me as soon as I jumped on the plane to come back enough was enough it was a hard call to bale as a solution was possible but no regrets that I did. 

There is a lot to be said for touching things, seeing things, hearing things and smelling things (like rats) first hand this unfortunately you cannot do over the Internet or by email.

I take it that god willing no one is buying houses from Dan and James anymore.

Hi John and bardon ,guys

Yes mate I think yr right in regards to the valuations.I think it depends who you use too.

I had a valuation done on one of mine at $45K but on the market its impossible to get this much for it.I have tried for 12+ months

I just had a realtor value it apparently as "realistic sale price in the market"and she says 20K tops.(realistically i would say its worth around 30K)
So there is so much variation in this market between "valuations" and "actual worth"(as you said the price someone will actually pay is very different)

Bardon it is so true to never underestimate the ability to feel ,touch,push ,sort things physically in  investing.

John,
Seth came good for you in the end??
I know of other people who still dont have their up front deposits back from him, from june 06.
When you add up all yr fees etc to get the houses mortgaged are you breaking even?
When i did the figures on getting mortgages for some of my wny deals it worked out at a loss. Interested in yr findings after the fact.

Regards guys