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Old 10-09-2007, 09:24 AM
 
18 posts, read 90,836 times
Reputation: 12

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Hi,

I have read many investment forums, and after all, investing in rental properties in upstate NY area seems very good decision.

I am new to this forum, and right now leaving out of the country. When I come back I am plannig to buy some rental investment properties.

I was wondering if is there any real estate investers can share their experience.

Thanks.
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Old 10-10-2007, 12:43 AM
 
18 posts, read 90,836 times
Reputation: 12
Nobody ?

Strange! I can get more information about investing around upstate NY from U.K forums.

Here is the one:

Buying in the US - Page 11 - Somersoft Property Investment Forums
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Old 10-10-2007, 05:16 AM
 
Location: WNY
1,049 posts, read 2,544,135 times
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What type of investments are you specifically looking for? Commercial or Residential, that might help us with your question a little more.
Colleen
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Old 10-10-2007, 09:09 AM
 
18 posts, read 90,836 times
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I am interested in single or multi family houses investment.
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Old 10-10-2007, 09:33 AM
 
Location: WNY
1,049 posts, read 2,544,135 times
Reputation: 244
Talking investing in buffalo

Quote:
Originally Posted by bayberay View Post
I am interested in single or multi family houses investment.
I am not an investor, I am an agent. There are areas that will always be in high demand because that particular community has a strong base that wants to stay connected to that area. One specific area, that I recommend is South Buffalo, its relatively safer than all the other areas of Buffalo and there are two family reasonable homes there. If you want to go out into the burbs, then Cheektowaga, Depew and Lancaster are good bets too. Williamsville and East Amherst are in high rental demand, due to the schools system being so great - however those are your higher tax homes and of course you could never buy a double or duplex in williamsville, east amherst for what you would in south buffalo -

Feel free to ask anything else

Colleen
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Old 10-10-2007, 10:02 AM
 
Location: Skaneateles
142 posts, read 557,227 times
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Like Colleen, I too am an agent. I am just outside Syracuse. We often get calls from investors about the Syracuse area. Many choose to do so, I just haven't worked with them, so I cannot give much information. There are very few 2 family homes in my immediate area, another reason to stick closer to the cities like Syracuse and Buffalo. Like Colleen said, people who grow up in Upstate NY seem to stick around upstate NY. I can't imagine there is a shortage of renters (now commercial renters are a different story--lots of buildings, stores, for rent)
Good luck. Keep researching and asking questions on this forum.
Jo
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Old 10-10-2007, 12:02 PM
 
491 posts, read 1,020,072 times
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it is a very good area for rental properties. the rents in the apartments are not terribly low, but rental units are very cheap in the area. $$$
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Old 10-15-2007, 02:11 AM
 
18 posts, read 90,836 times
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I have mostly interested in Rochester area. I can see house prices around 50k and rents goes like 1k. Think that I don't understand is why people who can afford 1k rent but don't consider buying house.

Is there something wrong?
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Old 10-15-2007, 06:18 AM
 
Location: WNY
1,049 posts, read 2,544,135 times
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Talking rentals

Quote:
Originally Posted by bayberay View Post
I have mostly interested in Rochester area. I can see house prices around 50k and rents goes like 1k. Think that I don't understand is why people who can afford 1k rent but don't consider buying house.

Is there something wrong?
I dont understand that either, as an agent. Many times people want to check out an area when relocating, not enough money saved up for closing costs, bad credit etc etc. I would be weary of homes that are 50k though, that seems really really low for that area and you have to undersand, that in Rochester and Buffalo, as in any area, there are areas you definately want to stay away from. The homes in the area of South Buffalo go usually between 60-100k each and in the two families, rents range from 400-600 for each unit. You could expect a two family decent home in south buffalo that you purchase for lets say 75k, to get 1,000 per month at least in rentals. Obviously utilities are the responsibility of the tenant.

I would'nt have much info for you inregard to Rochester, as I am an agent in the Buffalo market - but as far as your question goes, I too do not always understand that.

Colleen
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Old 10-20-2007, 09:53 PM
 
3,977 posts, read 5,710,138 times
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I live on the Alden/Lancaster border and I am NOT an agent. Depew, Lancaster and even Alden had multiple houses. If I were going to do this, I'd look at Lancaster village and Depew in the Lancaster school district. Check the Lancaster Bee, the Metro Pennysaver and the Buffalo news for prices things are renting at. Lancaster and Alden are lovely and safe, as is much of Depew ( lower rents there) People like to rent closer in, so I wouldn't go out beyond Lancaster village.
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