Buffalo Landlord / Tenant Relations
Most investors will eventually ask the question “how are the landlord laws in Buffalo, NY?” I’ve been a Buffalo Landlord for over 10 years, I’ve researched other areas too, and in my opinion, our landlord laws are entirely fair.
A good Buffalo Landlord can absolutely have a bad Tenant removed within about 4-6 weeks providing they’ve followed the legal process for eviction.
That’s great news for Buffalo Landlords because FAIR Landlord Laws help us to KEEP THE CASH FLOWING! So, if you plan on being a GOOD Landlord, I want to go over some of my properties and share with you best practices on how I maintain over $500 per door.
If you plan on being a BAD Landlord, you will not do well here….so please, try a different city…or try being a good landlord.
Keeping the Cash Flowing
Would it surprise you to learn that some of my best properties were sold by Buffalo investors who COULDN’T make them profit as rentals?
It’s true. I’ve picked up properties on the MLS, at auctions and from craigslist at deeply discounted prices simply because another investor couldn’t turn a profit and wanted (needed) out! So many investors think of one thing and one thing only and that is: The Purchase of a Property. They invest zero time, zero dollars and zero effort in what comes AFTER their purchase. I.e. – Making it Cash-Flow
And that’s why when I examine properties, I rarely consider what the current owner is receiving for income and I recommend you take the same approach. The old saying “past performance does not guarantee future earnings” works both ways.
Two Top Performing Buffalo Rentals
This 3-Unit, now mine, was sold in the MLS by a group of investors who couldn’t make the numbers work. They actually wanted to dump the property because it was losing them money every single month. But, I didn’t let their performance discourage me. This 3-Unit is in a fabulous neighborhood and cash-flowing over $760 profit each month right now. At the end of this year, it will be profiting $1,300.
Here is another example: The Seller of this house couldn’t get decent tenants at $400/per month. He was tired of the headaches and just wanted to get rid of it. I was able to rent it for 3 years at $675 per month and had amazing tenants. The Cash-flow profit was nearly 500 per month. Then, I sold it for 3x what I paid and I’m holding the note.
Finding Property is Only 50% of the Equation
These are REAL examples of what you can achieve as an investor in Buffalo, NY real estate. However, in order to actually realize these types of returns, you MUST be willing to learn and implement the 3 Golden Rules every single Landlord needs to know in order to keep the cash flowing.
In the 2 examples above, those Landlords did NOT prepare themselves for anything beyond the purchase. All of their focus and energy was on the “Property” and that’s only 50% of the equation. In fact, I bet that if I sold my amazing properties today, to an investor who didn’t care enough to learn the 3 Golden Rules, of being a Landlord, my properties would quickly revert back to the duds they once were.
This is why it’s so important for Landlords to Learn & Follow the 3 Golden Rules.
Screen Tenants Thoroughly
In order to preserve your cash-flow, all Landlords must learn how to separate good tenants from bad tenants. Believe me when I tell you that applicants will lie. I will take you through the application and show you what their answers reveal. This is truly step 1 in making sure you cash-flow over $500 per door.
Use a Rock Solid Lease
After you hand over the keys, the only thing protecting you from major cash-flow problems is your lease agreement. Buffalo Landlords: Do not use verbal agreements or generic, off the shelf bad leases. Here, I will show you my exact lease, word for word. You are free to use this to make your own, Rock Solid Lease.
Non-Payment? – ACT FAST
Nothing destroys an investor’s cash-flow like a non-paying tenant. When this happens, it is critical that you respond quickly (and legally) so you can get back to earning money. When you’re a Buffalo Landlord, you can’t just lock the doors and threaten eviction. I’ll show you my 3 Day Notice and explain how I proceed.
Good Habits Start Now
Unfortunately, many Buffalo Landlords will give up on their dreams simply because no one teaches them how to make their property perform…and that’s a shame. If I can turn a losing property into a cash-cow by applying the 3 Golden Rules, so can you. It’s never too early or too late to form great habits and keep your dreams of wealth alive. No matter where you are in your investment career, these materials will keep your rental properties on track.
If you’re just starting out as a Buffalo Landlord, picking the right tenant will have the most impact on your success. Learning what their application answers reveal and applying Golden Rule #1 will empower you as a landlord. In very little time, you’ll learn how to identify the best tenants who will keep the cash flowing.
If you know your weakness is your lease (or maybe you don’t even have one) seeing my lease will help you apply Golden Rule #2 . Certain statements MUST BE included in a lease agreement if you want to hold tenants accountable and keep the cash flowing.
Maybe you’re an experienced Buffalo Landlord, but are having problems with some non-paying tenants. It’s not too late! Jump in with Golden Rule #3 by serving them a 3-Day Demand for Rent and get the cash flowing.
Here they are again. Click each pic for more information.