Being a successful Real Estate investor in WNY (or anywhere for that matter) takes a lot of hard work. Real Estate Investment cannot be achieved by just showing up, with little money or effort.
Potential WNY investors call all the time from around the country. They heard from a friend of a friend that they could make buckets of money investing in rental property in the city of Buffalo by the college. They wanted to purchase a $10,000 home in move in condition that nets them at least $900 a month after expenses. They wanted detailed analysis on all the homes available, and they were not the first ones. They all hope to do the same thing – make lots of money with little effort or financial investment on their part.
Seth Godin’s Blog wrote something that is an important reminder for those Investors that think that they can make a quick buck easily:
Times are tough, and many say they are going to be tougher. That makes some people more focused, it turns others desperate.
You may be tempted at some point to try to make a million dollars. To do it without a lot of effort or skill or risk. Using a system, some shortcut perhaps, or mortgaging something you already own.
There are countless infomercials and programs and systems that promise to help you do this. There are financial instruments and investments and documents you can sign that promise similar relief from financial stress.
There are four ways to make a million dollars. Luck. Patient effort. Skill. Risk.
(Five if you count inheritance, and six if you count starting with two million dollars).
Conspicuously missing from this list are effortless 1-2-3 systems that involve buying an expensive book or series of tapes. Also missing are complicated tax shelters or other ‘proven’ systems. The harder someone tries to sell you this solution, the more certain you should be that it is a scam. If no skill or effort is required, then why doesn’t the promoter just hire a bunch of people at minimum wage and keep the profits?
There are literally a million ways to make a good living online, ten million ways to start and thrive with your own business offline. But all of these require effort, and none of them are likely to make you a million dollars.
Short version of my opinion: If someone offers to sell you the secret system, don’t buy it. If you need to invest in a system before you use it, walk away. If you are promised big returns with no risk and little effort, you know the person is lying to you. Every time.
Shortcuts will cost you money in the end
Do I need to say any more? Real Estate investment in Western New York is part of the success plan. Western New York need visionaries and those willing to do the hard work for Buffalo and Niagara Falls to turn the economic situation around. That means that you will need to do some serious homework before you start investing in WNY Real Estate.
Seriously? You believe everything you read?
Not sure where they got the idea that it is easy to make buckets of money here in Western New York by purchasing rental property here. It is not by purchasing a $10,000 rental property. Just ask anyone of the investors that want out of their WNY investment properties and their homes were purchased for far more.
Are there great opportunity for tremendous return on investment in WNY? Positive Cash flow? Absolutely. Doing it with little capital and/or effort? NO!
If you are in California, Arizona, or even Europe with visions of making lots of money and all you have is $10,000 to invest, you will be so much better off not coming here. In fact, we don’t want you, we have enough of those types of investors that are creating a huge problem in Buffalo and Niagara Falls.
Now if you live in Western New York, willing to do the hard work yourself or you have more money to initially invest the Buffalo Niagara Real Estate market is full of great opportunities. Those opportunities take great research and you need to be working with a Real Estate professional that will tell you like it is. If you are not in the area, it means having an incredible Property Manager working with you as well. Good Property Managers do not come cheap.
What About One Of These Homes?
All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information, call our J. Philip Real Estate Team at (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2016 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.