Is it worth investing in real estate (Buffalo, Amherst: rentals, condominium)

[rac717]

I am from Buffalo originally, I now live overseas but still have family in the area. I am looking at buying a rental property in the US to hold for long-term investment purposes.

Right now I'm considering areas like FL & NC but I am thinking about Buffalo as well. I know the market didn't skyrocket like other areas during the bubble but at the same time, property has held its value pretty well.

Are there other people here who have bought rental properties? I would be looking at condos to rent to professionals so am thinking the allentown,elmwood/etc area. But I can't say I know how much of a market there is for (relatively) high-end rentals - do people just buy houses instead?

Thoughts? Pros & cons?

[CAugust]

When they rent high end rentals, its usually a home. Its when a professional couple comes to the area with the family and wants a year to look at the area, before buying. East Amherst is a big one due to the schools - I know some guy that was getting 3k a month for a home in east amherst - but you have to remember, taxes are high there - of course you pay no utilities, tenant does all of that.

Some condos will NOT let you rent it out, there is one I am looking at buying myself, great area, and would be doing just what you are thinking of, however they are tenant occupied only.

I would invest in doubles in either South Buffalo or North Buffalo by the zoo - they usually are easy to rent out - you need to remember that since you are not here to collect rents and do repairs, you should hire a property manager to do that, and if you do, make sure they are licesned agents or brokers, its against the law to collect rent money if you are not one of the above. You can manage a property without the documentation - but you cannot collect rents - no one tells you any of that when you call, do they?

[Coraggio]

Originally Posted by CAugust

When they rent high end rentals, its usually a home. Its when a professional couple comes to the area with the family and wants a year to look at the area, before buying. East Amherst is a big one due to the schools - I know some guy that was getting 3k a month for a home in east amherst - but you have to remember, taxes are high there - of course you pay no utilities, tenant does all of that.

Some condos will NOT let you rent it out, there is one I am looking at buying myself, great area, and would be doing just what you are thinking of, however they are tenant occupied only.

I would invest in doubles in either South Buffalo or North Buffalo by the zoo - they usually are easy to rent out - you need to remember that since you are not here to collect rents and do repairs, you should hire a property manager to do that, and if you do, make sure they are licesned agents or brokers, its against the law to collect rent money if you are not one of the above. You can manage a property without the documentation - but you cannot collect rents - no one tells you any of that when you call, do they?

Colleen,

Is that only true if you are an absentee landlord (i.e. living out of town) or is it true even if you live here? I know a couple of people who have doubles in North Buffalo where they no longer live, so now they rent them out, but as far as I know, neither of them are licensed agents or brokers!

[CAugust]

Originally Posted by Coraggio

Colleen,

Is that only true if you are an absentee landlord (i.e. living out of town) or is it true even if you live here? I know a couple of people who have doubles in North Buffalo where they no longer live, so now they rent them out, but as far as I know, neither of them are licensed agents or brokers!

I am sorry, I am so tires that I dont get your question completely? If it isn regard to the condominium - it depends on which condo association it is and if they allow you to rent it out - mobile homes and manufactured are the same way - I wanted to pick up a bunch for 20k and rent them out - no way jose - you buy - you have to live in them.

You can own a double and rent it out or a home and rent it out, but when you are dealing with a condo - you have an association to answer to

I hope this answered your question.....

I am surprised they didnt sell their properties in North Buffalo - those are pretty good if they are in the right areas.....

anything else, let me know...

[CAugust]

Originally Posted by Coraggio

Colleen,

Is that only true if you are an absentee landlord (i.e. living out of town) or is it true even if you live here? I know a couple of people who have doubles in North Buffalo where they no longer live, so now they rent them out, but as far as I know, neither of them are licensed agents or brokers!

OH WAIT - I GET IT - ITS THE MANAGING THING - duhhhhhh

Ok, if you own the property and YOU collect the rents, then anyone can hire anyone to manage the property (cut the lawn, do repairs etc) - but the only person who can legally COLLECT the rents are 1) the property owner and 2) a licesned agent or broker - hopefully that cleared some things up - i told you i was tired

ok now that being said, they may have someone collecting and managing rents for them that are not licensed - it gets done all the time - but - it isnt legal - - - - - - - - - - -- - - - - - - - -

[12buttons]

Originally Posted by CAugust

OH WAIT - I GET IT - ITS THE MANAGING THING - duhhhhhh

Ok, if you own the property and YOU collect the rents, then anyone can hire anyone to manage the property (cut the lawn, do repairs etc) - but the only person who can legally COLLECT the rents are 1) the property owner and 2) a licesned agent or broker - hopefully that cleared some things up - i told you i was tired

ok now that being said, they may have someone collecting and managing rents for them that are not licensed - it gets done all the time - but - it isnt legal - - - - - - - - - - -- - - - - - - - -

Hey there can I ask you a few related questions?
I know the yoy DOM is higher now..is it more than 90 days? And when do you think the market will bottom? Also which areas have the highest inventories right now - generally speaking..like under 100k buffalo all areas..etc or is there a website I can query?.. Besides Amherst/Wiliamsville and Clarence, Orchard Park, which area has seen the most house appreciation in metro Buffalo?
thanks!

[SERENAEV]

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