Quote:
Originally Posted by thom123
Hi,
I went over to Buffalo around May this year having heard of the yields on offer. I have since bought 4 places there.
I've got mixed thoughts so far. Buying them took around 6 months. That was partly coz of the sub-prime crisis which meant that the lender pulled out just before completion.
The whole process of getting finance and purchasing was painful tbh. The US and, in particular NY state, seems obsessed with paperwork. I guess it's coz it's a litigous society over there.
Buffalo itself has its nice areas (very nice, in fact), some not so nice ones (very not nice, in fact) and some inbetween. It's the inbetween ones that have investment potential. Having a good set of contacts out there is essential to finding them.
The yields you see advertised of 20% or 30% are realistic. Mine all yield between 25-35%. But this is the gross yield and expenses are higher there than investing in the UK. There are higher finance charges and lots of taxes. I personally wouldn't buy anywhere there with less than a 25% yield.
I've held the places for a couple of months now and, income wise, I'm down because I've had to pay out for repairs. I'm hoping that these are just the initial teething problems rather than what I can expect going forward. It's too early to tell whether Bufflao will be a good investment for me. I have mixed feelings so far, but haven't ruled out further investment.
I'm thinking of setting up a site about my experience of property investment in Buffalo. If you're interested in joining it, send me a message.
HTH,
Matt
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HI Matt
Its great to hear from someone who has actually invested in wny.I also have been looking at buffalo,rochester and syrause..i was abit waery of buying through online agency.
when brennan property give you the total all in price..is that really the total price..including solictors ete,i know some need work and Im hoping to find one or 2 that need very little work done.I would be intersted in your site if you go ahead with it.any more info you have woukd be great.thanks evey