Is it a concern that all the homes for sale on the net i saw under 100k in Buffalo were between 75 to over 100 years old?
RoboWow nice reading I like coming back to this forum great article on flipping if the cop from Boston got screwed what chance do you have if you are a a gardener from Melbourne you would have to have rocks for brains if you bought of ebay. I am doing okay in good old Buffalo and know some others that are to we are just plain old buy and hold investors looking out for each other. My advise is go there yourself and buy of the market and make low ball offers the sellers are very negotiable. The problem with the buying promoted on here is that you end up paying to much for the houses with all of the layers of profit, referral fees and commissions added to the price. The houses are much cheaper than you think you would be mad not to buy undervalue as it is a buyers market I was looking at a duplex for $41,000 and got an inspection report that identified about 3,000 worth of work I went off the deal and the vendor came back and dropped there price to $30,000 cash its the Brady Bunch alright. Watch out for things like rental guarantees as this stops when you get a tenant and they might not be the best tenant and if they don’t pay the rent it will take you about two months to evict and say a month for a new one and then the property manager will charge you one months rent to find a new tenant that is four months…33%!!! my property manager reckons the months rent letting fee is extortion he charges $125 letting fee and insists on vacant possession and will renegotiate with existing tenant if suitable on new lease, so far the money is coming in, have a good lender and sitting back raising funds for another cheapie…and watching the interest grow even though it is the good the bad and the ugly
Hi Piggy,
No wonder there are so many vacancy problems. 63 Murders in 2003. and between 1990 and 2003 only half the 60 odd murders each year are solved which means that 30 murderers go free each year to re offend.
74 percent of the working age population has a high school level education. 203 rapes in 2003, nearly 4000 burgularies and nearly 2000 assaults.
http://www.city-buffalo.com/Police
http://www.phillyburbs.com/pb-dyn/news/1-09302004-374388.html how would you like this billboard outside your IPhttp://www.city-buffalo.com/Police/My%20Webs/Buffalo's%20Most%20Wanted.htm check to see if your tenants appear here.
If you have a look at the site you will see violent crime is on the rise. Property crime is also on the rise.
Murders 32 39 64 43 63
per 100,000 10.9 13.3 21.9 14.7 21.5
Rapes 176 176 229 185 203
per 100,000 60.1 60.1 78.3 63.2 69.4
Robberies 1,473 1,555 1,600 1,627 1,625
per 100,000 503.3 531.4 546.7 556.0 555.3
Assaults 1,562 1,887 1,816 1,902 1,810
per 100,000 533.7 644.8 620.5 649.9 618.5
Burglaries 4,428 4,194 3,965 3,857 4,154
per 100,000 1513.1 1433.1 1354.9 1318.0 1419.5
Larceny counts 10,018 9,831 9,669 9,115 9,180
per 100,000 3423.2 3359.3 3304.0 3114.7 3136.9
Auto thefts 2,990 2,566 2,551 2,288 2,528
per 100,000 1021.7 876.8 871.7 781.8 863.8Read the column left to right the last year is 2003 as you can see not a very nice place to live if you can survive long enough to pay your rent!!!!
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Property Finders living in NZ .
We are active in this market and buy Properties directly from the public. Maybe you want to sell?
Email now for information sheet and current deals.If you have joined the list since 16 Oct Please re send information.
Don & Liz, its just like the Brady Bunch but hey at least they will stay tenants forever
Hey that is my hand picked investement team !! the one on the left is my realtor, the middle is my property manager and the one on the left is my attorney….
Mic, the latest National Association of Realtor Median House Price Reports has Buffalo rising by 1.6%over the last 12 months. I thought that is better than this can you post the summary of the report that predicts steady growth?
Hi Don & Liz,
We all like to joke about the crime rate in Buffalo, but not all areas are bad. Believe it or, but Amherst (a suburb in Buffalo) was voted the safest city in the USA a couple of years back. It has since fallen down the ranks and is now the 3rd safest.
http://www.buffalonews.com/editorial/20051122/1026210.asp
I was there recently and it is a nice area, great country feel to it! The homes are also nice, but you won’t get the high cashflow everyone is talking about!
Regards,
OziBuffalo’s positives
• Cashflow yield, compared to NZ/OZ residential rental returns in regional cities you must compare like with like, Yes buffalo is a much larger city than virtually any regional city in NZ /OZ for accurate comparisons you should be comparing it with the likes of industrial cities in NZ/OZ
• Low cost of entry
• Large rental population due to Cities current demographics & historical Blue collar workforce
• Relatively low Maintenance rates for tradesman
• Non resident tax status ( actually applies to all offshore investments)
• Diversification opportunity, allows your property money to perform in a country that may be out performing your own country’s property performance
• A lot of low quality rental properties in the city which give you the opportunity to buy quality or rehab to high standard in order to attract the better tenant.
• Despite the hype on this forum and talk around others actually even for the quality properties it is not “act fast market†occasionally you will miss out on an opportunity, this in my experience has normally been to a owner occupier happy to pay near full asking price, or a “fresh out of town investor†who has not got a feel for the market yet and just want to get a property under their beltPS Donandliz as you are a buying agent I think u have a hell of a cheek to ask the question to people who are not using them, but there again I like cheekiness, NZ with its woping population of 4 million only offers a finite scope. Especially if you are investing their remotely i.e. from OZ. and i ma a kiwi who still holds NZ IP’s but am not aquiring more their at the moment, but also am not selling them
PS Ozi Orchard Park also relly nice, but same problem with amherst re returns
when the going gets weird the weird turn pro
Hi Kiwi, Ozi
It’s all in good fun but demographics, education levels, employment and sadly crime set the tone for an area.
Kiwi – I am pro NZ which is obvious. I am also pro Oz and pro other investments not only property. This includes the US (just not this place) Although the only payment I ever receive is from a client directly after finding them a property. No tiers or levels. Just me, the property and the client.
The further you are removed from the deal the further you are from the truth.
Every time it is passed through a level in the sales structure more people are effectively passing up the deal in return for a commission. Or in other words the deal is only valuable as a source of a fee and has little or no intrinsic investment value.
You have to be carefull that you don’t end up with a product rather than an investment.
With a product the manufacturer adds to the price at each level of production until the break price is reached. Ie the point where the greatest fool can’t find another fool to sell to.
What I am finding on the forum lately is that you get those who benefit such as spotters (I guess I am in that category) talking on a topic. Anyone who is not affiliated with the right crowd just gets drowned out. Lets here from the buyers of the buyers agents. You can comment if you use one just not if you are one. That was the point of the post. Just trying to get the consumer of the products to voice opinions. Let them speak up without getting shouted down.
[email protected]
Property Finders living in NZ .
We are active in this market and buy Properties directly from the public. Maybe you want to sell?
Email now for information sheet and current deals.If you have joined the list since 16 Oct Please re send information.
If the returns are so good why are they looking outside of the USA??
I have never been much of a post type of member…Now however I feel the need to say something. I have dealt with Mic at House Hunters and had an excellent buying experience.
I have purchased in Buffalo and have been very happy.
If anyone has spoken to Mic, you would realise that he doesn’t say his service is for eveyone, it is mainly targeted at time poor people.
So for those of us who can’t travel, this service proved to be excellent.As for rental gaurantees, this is not like ones offered here. This was to make Australian investors feel more secure with their investment. The company he deals with wants to ensure a continued relationship, so they are not putting in bad tenants. It doens’t make sense for them to.
As for the stats, oh no, 30 murders still around, someone tell me how many in Sydney,or any other city.
Stats should be read in context, most quoted refer to Buffalo CITY and not outer suburbs.
Why can’t people be positive for once.
There is so much negativity that it is not even educational.So, I am very happy, I am getting approximately $50 a week in my pocket.
If you can go there yourself, more power to you, I think it is fantastic and congratulate everyone who has.
For those who can’t go, but still want to purchase, then why not use someone that can help you!I also don’t have time to mow the lawns at home and get a gardener to do the work. Love the outsourcing…….
pinotcat, have you accounted for buying costs and loan costs in the $50 +ve cashflow per week ?
Hi Piggy,
yes it includes everything including accounting fees.
Thanks
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