Finding Deals in Buffalo NY
There are 3 ways for us to be consistently finding deals in Buffalo NY and they are:
1-Through Private Sale – Off-market properties between buyers and sellers
2-Via MLS Search – On market properties requiring Realtors and Attorneys
3- By Attending Auctions – Property sold by a referee to satisfy some kind of default.
If you are serious about Finding Deals in Buffalo NY, you will incorporate all 3 methods. If you depend on just one method, your rate of acquisition will be very slow and you will absolutely miss out on some of the best deals that Buffalo has to offer. Let’s get into the specifics of each Method!
Plentiful MLS – Especially Bank-Owned Properties
The MLS is still a great place for finding deals in Buffalo NY. I continue to have much success:
- Viewing and bidding on hot properties as soon as they hit the market
- Stalking the properties that have been slow to sell.
Both strategies have worked really well for me and both have produced properties.
Ask your Realtor (not just any Realtor) to set a few different alerts for you such as:
- Sellers looking for cash only buyers – including banks
- REO properties (Bank Owned)
- HUD as Seller
- Sellers looking to hold a 1st mortgage.
All of the above are searchable fields in the MLS and will lead you to discounted properties and sellers who, for some reason, need cash only or need to get creative. Using these search fields, Your Realtor can Narrow Down the Results so you receive alerts on properties that are willing to deal!
And ask your Realtor to include alerts for when the price drops. (This is another option they can select).
Regardless of how you use the MLS to Finding Deals in Buffalo NY, you’ll definitely need a Realtor. If you have a Realtor, you’re in a great position. If, on the other hand, you’re having difficulty getting a Realtor to call you back, trust me; you are not alone. It is the #1 complaint of investors who can’t get deals off the MLS and it’s the reason I, myself, became licensed. Do your calls to Realtors go unanswered? If this is you, I highly recommend my book Getting The Realtor To Work With You. These methods of finally securing your very own realtor can be used across the nation, regardless of where you’re looking to invest.
The most important part of buying “hot” investment properties off the MLS is having a fast acting Realtor. There is no point in having hot properties delivered to your inbox if you’re not working with someone who can get you inside as soon they hit the market. Check it out!
Amazing Deals at Auctions
There is no short supply when it comes to Finding Deals in Buffalo NY and our acutions are incredible! Auctions in and around the city of Buffalo is where 50% of my properties come from. Even though they draw large crowds, investors who are committed to performing due diligence prior to each auction, can walk away with 1 or 2 incredibly priced properties per auction. Multiply that by 3-5 auctions per year, and you’ll have a rental portfolio in no time.
Aside from the annual auctions, Western NY is full of daily court step auctions, sometimes 20 per day! These court steps foreclosure auctions have HUGE, HUGE, HUGE differences from the annual tax auctions and you MUST know what you’re doing! The difference between a Tax Auction and a Court Step Auction can be compared to a Skunk Vs. a Lion…
If you had to choose between getting into a cage with either……choose the skunk.
Both could do some damage, but one could absolutely destroy you.
Whether tax foreclosure or courthouse steps, both types of auctions are very risky, but very rewarding, and I’ll show you what to watch out for at each. Click the book or this link for more information: Auctions – Buffalo’s Best Real Estate Deals.
Private Sale Off-Market Deals
The final key to Finding Deals in Buffalo NY is to pursue private sellers. Some of the best deals will be found off market, meaning no one else knows about them. One day, you’ll hear about a person who has a property and they just need it gone. Or, if you’re like me, you’ll put effort towards finding these sellers. As amazing as they are, these deals, unfortunately, are few and far between.
When off market opportunities come your way, remember: it still has to be a good deal. There is a big difference between someone who needs to sell fast and someone who sells off market because they don’t want to pay a Realtor commission. Make sure all the numbers add up and meet your strict criteria.
So where do you find off-market deals? The first thing you should do (if you’re local) is tell everyone you are looking to buy investment property. When you meet people at parties and they ask “what do you do?” you say, “I buy investment properties.” You can also place ads on craigslist, advertising your desire to buy – cash or creative financing. And never underestimate the power of bulletin boards.
Use all 3 Methods to Finding Deals in Buffalo NY
In summary, if you’re serious about growing a passive income portfolio, incorporating all 3 methods will produce the best results.
Use the MLS and Use it Wisely – Your Realtor CAN weed out properties so you receive property of sellers who want to Deal. If you don’t have a Realtor – Here’s how you get one – Getting Your Investor Friendly Realtor
Attend Foreclosure Auctions – Learn How to WIN the Best Properties at Buffalo Area Auctions – If you’ve hesitated to attend or if you’ve attended and lost, you would benefit from some education. This tutorial is a Tell-All. You will learn how to find these amazing auctions and how to stay safe while bidding. For More information, Check out Buffalo’s Best Auctions HERE
Pursue Private Sales – they will be few and far between, but well worth the effort. Tell everyone you know that you invest in Real Estate and make it a topic of conversation when meeting new people.
To Your Success!