Zillow Advice: Home Buying - What do you think about a kid out of college buying property in buffalo, ny?

The answer depends on your ...

Wed, 22 Jul 2009 21:44:00 GMT

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.

Plenty of areas outside of ...

Fri, 26 Jun 2009 01:40:00 GMT

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.

Well, I live in NYC and the ...

Wed, 10 Jun 2009 02:54:00 GMT

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?

Visit with a mortgage person ...

Tue, 09 Jun 2009 03:33:00 GMT

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.

No matter where you are, ...

Tue, 09 Jun 2009 03:26:00 GMT

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.

AHhh as i suspected. Tap ...

Tue, 09 Jun 2009 03:12:00 GMT

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

Good deal if you have a stable ...

Tue, 09 Jun 2009 02:43:00 GMT

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