how are things looking for american real estate as potential rental properties near the canadian border? homes in buffalo, rochestor and watertown NY is where i'm looking to buy a place, rent it out, have it appreciate over time and sell it

i see something like this and with the price/sqft i wonder if it's too good to be true but i don't know if it's as much of a pain in the ass being a landlord in new york compared to being a landlord in ontario
https://www.realtor.com/realestateandhomes-detail/1440-Harlem-Rd_Buffalo_NY_14206_M44511-48188

5 bedroom 1.5 bath? sounds like a college house.. prob want at least another full bath in there

not saying that house in particular but just the city's in particular that i mentioned

the cost of the properties compared to the rent that can be charged seem incredibly good compared to trying to do the same in the GTA where i'd have to add a 0 to the housing prices but I can't charge proportionally more rent

a look at buffalo

housing prices



rentals


This post was edited by duffman316 on Jan 23 2022 07:24pm

Coin flip

Both rental and housing are at all time highs

If u buy with intent to rent, just make sure u got a correction accounted for

Also Renters in US also have huge amount of protection right now, my brother is actively being screwed by tenets and he has no recourse but to wait 6 months and then cover all the damages that have occurred at his rental home

Wtf, i thought this is america
Land of the free

yes and the people freely voted for politicians who would ensure this would happen. even one of Trump's Supreme Court nominees (Kavanaugh) ruled in favor of dirtbag freeloader tenants by saying that even though eviction moratoriums were unconstitutional, they were temporary and thus it wasn't a big deal.

pretty much 80% of Americans think all landlords are some corporate conglomerate monopoly man and then vote in a way that ironically allows massive real estate firms to swoop up land from your 1-4 unit investment property owners (like yourself and soon me) for peanuts and then turn them into cookie-cutter rentals that rent way above the local average. and because they are so big they can afford vacancies.

i do not recommend owning rental property unless you have an enforcement mechanism or you plan on using it for short-term stuff and plan on cleaning up a trashed place after every weekend.

It's easy to blame the housing investors, and to a degree they play a role in inflating the prices when the overall market has low supply and increasing homelessness. It's not all bad for them... there is a boat load of tools between tax and legal that landlords can utilize, and ultimately it's an investment which entails risk. So have your box of tissues ready when your small scale air BNB enterprise implodes, I'll have no sympathy for you. Most are way ahead on equity despite missing rent and damages they'll have to pursue later from shit pandemic tenants.

Rant aside, hope US jurisdictions address root cause to supply problem.
Legalize ADU, THOW, streamline permitting, reduce union corruption in licensing, reduce minimums, reduce setbacks, open up vacant lots. Often times, established business owners and real estate investors will lobby against this though to preserve their leverage and portfolio. Same people who rub shoulders with city council and gov/city planners frequently.

This post was edited by RedFromWinter on Jan 25 2022 06:29am

I live in Buffalo, have lived here for a long time. My advice to you is to be familiar with the area you plan to buy a rental in. Don't just look at the price, go drive through the place, try to figure out the demographics, incomes, etc of the primary renters, etc.

The neighborhoods you posted pics of aren't particularly good. Some of those places are pretty run down, and the homes are old. It's mostly inner city with no large shopping centers, nor businesses, etc. At the risk of sounding too forward, those houses are in neighborhoods that are overwhelmingly black, many of these people receiving various form of government subsidy and the median salary is <40k. So you won't get the 25-35 year old college educated, 'safe' tenants that you would in other places.

If it sounds too good to be true, it probably is. It's not as if you're the first guy that had this idea, a lot of smart people are probably passing on these 'good opportunities' for a reason mate.

I much rather buy a duplex where I plan to live and basically have a tenant pay for most of my mortgage payment.

This post was edited by ofthevoid on Jan 25 2022 10:57am

Driving through is definitely important. If you just look at maps you would think that all the negatives you listed about where I live, but it's a really nice place with lots of residents who are very family oriented and have lived here for 30+ years. There's the occasional bad house or break in, but that's the same no matter where you go.

This post was edited by NetflixAdaptationWidow on Jan 25 2022 04:54pm

My neighbor owns a ton of property in DC and rents to government programs that pay for the renter’s rent. It’s below market, but they get guaranteed income off the government and slap a new coat of paint after each lease. That’s the way to go instead of renting to college kids or families that can leech off eviction laws