Opinions on buying HUD homes in Buffalo, Ny

[Brian Barringer]

I am seriously considering investing here. Good idea or bad idea?


I would like to buy to make it cashflow, maybe sell at a later date to another investor. I know that the market there is really depressed. I bet there are a lot of out of state owners.

My research into the area started 6 months ago when I checked out the residental properties on E-bay(another topic for another day). The city was fully developed in the late 60's now it seems that the population is declining. The job market out there is not good at all. It snows alot. There seems to be a pluthra of abandon homes that would just cost too much to repair so the owner stops paying the taxes. A lot of homes are demolished by the city.
To me it seems that this place is at the rock bottom and can only go up from there.

I have been looking at buying the home through HUD. I like their website because they post all reports on-line so you can research how much repairs may cost. I am also registering to become a HUD realtor so that I can submit e-bids myself. I cant concive an agent wanting to take the time to work with me to submit a one time bid for a home that is 10k, what would the commisson be like $100 or somthing?

[Just Information]

You are looking at a good market area, especially if you are looking towards owner finance and or lease option purchase them out - For me in this local HUD Properties are going fairly close to retail but I have found the http://www.bid4assets.com/ a great source for this area!

I have also found that the local lenders are willing to short sale.

Work with the county and city as they can get a little cantankerous on vacant properties.

[EllieW]

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Work with the county and city as they can get a little cantankerous on vacant properties.



Want to expound on that John? I would like to hear your experience, opinion.

Thanks!
Ellie

[Just Information]

I have seen an upswing with county and city governments exercising their ordinances to condemn empty properties and therefore taking control of the subject properties and wholesaling them out, by working with county and city governments one can delay this type of activity by letting them know of one's intent to improve the property.

[kenmat]

Make sure when you buy a proprety that needs fixing, Fix right a way other wise you may find your self in court. And please do show up in court otherwise they will send a warrent out for your arest.

[Brian Barringer]

This is a interesting blog with lots of good info about the housing situation in east New York with local prospective.


http://www.fixbuffalo.blogspot.com/