Why Are There So Many Owners Selling Their BUFFALO Property?
Hey everybody....whats going on. It appears that EVERYONE is trying to sell their BUFFALO new york property. I read that eventhough poplulation in the area has been declining, things appear to be looking up but everyone that I speak with is trying to Sell.....WHATS GOING ON !!! I wanna buy several properties in the area strictly for CASH FLOW ...but..I dont want to make the mistake of buying a property that is 100% occupied today and VACANT in a year with no tenants to be found.... I look forward to hearing from you ALL
thank you....i LOOK FORWARD TO MORE COMMENTS...
OH BTW...Bentz, What about Rochester, NY....same situation pretty much ?
So, why upper NY?
Why not Md...If you are here.
CEI...just looking for a better deal...BUT...some of the investments in the Buffalo area (if you wanna call them investments) just seem to be too good to be true. My primary interest is purchasing low and then renting the properties.....It is SOOOOO hard to find a reasonable Duplex in Maryland where I can get positive cash flow...The rowhomes here are going for almost 75000 (in very so so areas) where there may be a tenant in place paying 650.00 a/month (the positive cash flow is just not that positive). I was going to roll in the direction of PREforeclosures when that new bill was introduced (that scared me away)...not really sure how I wanna deal with Maryland. I DEFINITELY WANNA STAY HERE as far as investing..just dont know how to make things work in my favor.... HELP !!!!
I have recently been using lease to own investment strategy and it is working very well lately in Northern VA and Maryland which as you know is a very expensive area. I have found this strategy works very well when you have someone coordinating between investors and tenant/buyers. They are willing to pay a higher monthly payment since part of their monthly payment are going towards purchasing the home.
thanx Vlynn... are you doing preforeclosures, sub- to or what? just curious
I started birddogging/wholesaling properties and doing a lot of preforeclosure, out of state, neglected properties etc. The truth of the matter is that all of the above are highly competed in my area so I have been focusing on l/o for ppl with credit issues and from the hispanic community. I now work hand in hand with what used to be my competition and we all come out ahead. If you ever have a hard time finding investmets, struggling with tenant issues etc. , are open to hoping on to turnkey investment oportunities, and plan on investing in the North VA, DC or MD shoot me an email or check my profile and check out the website. Currently remodeling the Phoenix one but you are welcome to bowse thru the other one.
Carpe Diem,
Veronica M.
As a investor in Buffalo I think I can speak about what is going on up there. Once a year there is a tax auction where the city goes and auctions off several hundred houses at a time people go to these auctions buy up a bunch of them then sell them off little by little then next auction comes around they do it all over again. One of the things that happens is that people buy some of these houses and there so bad there better off being ripped down then repaired so what happens once they have boughten one of these auction houses and find out it will cost way more then it is worth they turn around and put it back up for sale.
There is great places to make deals up in Buffalo but as in any city the big thing is location there are some places in Buffalo that no matter what you do to the houses your not going to get someone to live in it due to where it is in the city.
I have done well in Buffalo my places hardly sit vacant for more then a month. If you do your homework you can do very well in Buffalo but if you dont you will lose your shirt. Btw the diffwerenace between Rochester and Buffalo is about I would say 500% more on the taxes then in Buffalo for the same place.
This is just my opinon and my experience everyone may see things in a different light.
I think that you are fine. The lease follows the property after a sale and must be honored by the new owner. In California, when the lease period is up, it reverts to month-to-month. When you have been a resident for a year, the landlord must give you a 60 day notice to terminate tenancy.
In addition, there are communities in CA (Oakland is one) that have rather strong eviction control ordinances. You did not state where you live, but you might check--particularly if you are in Santa Monica, San Francisco, Oakland, Santa Cruz ...
I would ask for more as well, $4,000 to 5,000 sounds right + a gaurentee of all deposits back + maybe a moving company (get it in writing and have the money, including your deposit, in hand before moving). If granted, be nice, pay the utilities through June but transfer them to new owner yourself to ensure they are done and out of your name, and clean the place well (you can hire a service to do it for a few hundred), etc.
But look at it this way, you would have to move anyway a few months later so why not get paid for the inconvienence rather than fight to stay? This is assuming that you can find another suitable rental at the same, or lessor, price of course. Can you find something down the street? If you make it too difficult the landlord may try to withhold your deposit, try to evict, etc. Even if they do not prevail it will not be pleasent for you. Consider moving voluntarily for a substantial fee, your deposit, and some help moving. In my opinion this would probably be less traumatic on you and provide you with more cash, than waiting and fighting the landlord regardless of who is "right" in a lease/legal sense.
Is there a service that can find you suitable places to rent on short notice? It may make it easier on you to pay a hundred or so for their help.
Good luck and try to make the best of the situation.[ Edited by Mantis on Date 06/05/2005 ]