Bought in Buffalo – Help!

Sorry for your situation, there was a post on another thread where an investor just bought in Rochester NY. I fear the same will happen to him.

When you invest in a city or town in the US and the neighborhood turns or in the case of upstate New York where the market has turned years ago, unfortunately you have little to no options. The only people investing in these markets by and large are foriegners because they do not know any better and in the case of this Rochester investor he was lured in with promises of some huge return, that is just not sustainable over time. and more than likely in 5 years will loose most if not all of there investment.

I am sure you were promised some huge return by the folks that sold you the property, The whole reason I post my opposing view point is to warn people of the HUGE RISK there is in US rentals if you do not buy the right properties in the right areas.

ITs all a risk even the areas I invest in. But there are areas that its obvious to a US citizen and investor to avoid, and unfortunately you picked one of those and Rochester is the same along with Detroit, Fort Wayne, Toledo, Most of Cleveland etc etc. its the upper rust belt, these towns are going through a metamorphosis where  they have peaked and they are sliding down, in the next 20 years fully 20 to 30% of the exisitng houses will be demolished as there are vast areas of empty houses.

Wish I could give you better advice but for now I think your best bet is  to walk away. Do not put another dime into the houses no one can come after you for back tax's just let the state take the house.

JLH

You stop paying the property tax's, the lender will either pay the tax's and then do a foreclosure or the lender may decide its throwing good money after bad, and will just let the property go to tax sale. Either another investor will buy it at tax sale or it will revert to the state and be sold off as surplus property or like many parts of these citys that are dying they bull doze the houses and the land goes back to whence it came a "field or Park or farm land"