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What do you think about a kid out of college buying property in buffalo, ny?

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June 08 - Buffalo

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J M Management
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J M Management

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The answer depends on your debts and your cash on hand. If you have no consumer debt (credit cards, school loans, car loan) and 6 months of mortgage payments in the bank after you settle, you are in a good position to buy. Try one property first, because you will need to find good subcontractors and a general handyman to call when you are in NYC (and that takes time - years!).

Look for the neighborhood with the highest rated school system you can find. Don't flip, plan on holding it as a rental for 7 years. Sell during a presidential election year as the rates always go down then. You'll need a very high credit rating to get a mortgage now. Or you'll need owner financing. Figure out how much it will cost you to rehab and add 50% to that number. My first two purchases were owner financing.

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July 22

LEE FERENC, "WNYADVICE"
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LEE FERENC, "WNYADVICE"

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Plenty of areas outside of the city of Buffalo in the suburbs that you can invest in as well like Amherst, Clarence, and Lancaster to name a few that appreciate consistently and have a fair share of distressed properties. Just be prepared to sink some of your investment into rehab and prop mang. fees.

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June 25

mrlgeorge
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mrlgeorge

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Well, I live in NYC and the market is just to much to start in, so I'm thinking should I buy 2 properties upstate that need rehab and fix them up. Since, I'm a construction manager making a good salary more then most people my age and flip it. Once, the market bounces back sell it in 5 to 10 years and be able to invest in the city. What do you guys think?

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June 09

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Visit with a mortgage person (or two) to determine whether you can afford buying a home. There may also be qualifications as to how long you have been employed before you can get a mortgage.

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June 08

Michael Russell, "real estate mike"
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Michael Russell, "real estate mike"

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No matter where you are, know the comps and pay as little as possible. also remember to get a home inspection soon into your option period so if there are issues there's time to negotiate.

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June 08

SoCal BubbleBrain
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SoCal BubbleBrain

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AHhh as i suspected. Tap is youngin. Nothing wrong with that. Just keep your ears and eyes open.

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June 08

Tap012
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Tap012

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Good deal if you have a stable job. I just bought my first townhome about a year and a half out of college.

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June 08

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