New Member Rochester, NY

[Stephen Boronczyk]

Hi everyone,

Excited to be here. I've been listening to the podcast for some time now, and finally decided its time to become a little more engaged. My name is Steve and I am a chiropractor looking to get into real estate in Rochester, New York. I am very new to all this but my ultimate goal would be to start with a multi-family duplex and do an owner occupy to get started. My girlfriend and I have very little of our own capital to invest at this time, so any advice with creative ways to get into the game would be greatly appreciated. I am also super interested in the BRRRR method, but again am worried about costs for rehab, and how people have been able to build rehab costs into a loan, if that is even feasible. Anyway, thanks in advance for any advice. I'm looking forward to meeting people and getting the ball rolling.

Have a great day. 

[Eric McQuistion]

Welcome to the group! If you need any assistance with anything please let me know.

Eric

[Account Closed]

Hi Steve - welcome to BP.

I think a great way for you to get started would be to invest in exactly what you said.

An FHA loan allows you to put down only 3.5% of the purchase price for 1-4 units. You can always live in one unit and rehab it while renting out the other units.

If you have any questions, please let me know.

[Account Closed]

@Stephen Boronczyk - Welcome to the exciting world of Real Estate Investing and the Bigger Pockets Community. Although there are loans via Hard Money or Private Lenders that will fund all or part of the rehab in addition to the purchase, I would have to agree with @Account Closed on the FHA loan, especially if you do not have a lot of capital up front and are looking to house hack/reside in the property. It's also a great way to cut your teeth on Real Estate Rentals, become familiar with Property Management, and the Rehab process. As you scale your business in the future, you may want to consider hiring a property manager and forming an entity to put your rentals in. In terms of rehab, I recommend having a solid General Contractor on your team. J. Scott also has a great book called The Book on Estimating Rehab Costs. You'll just need to adjust the costs for the market you are investing in. Hope this helps you on your journey.

Charles  

[Stephen Boronczyk]

Thanks everyone.  I guess I just need to find a deal and take the leap. 

[Mike Cumbie]

Hi @Stephen Boronczyk and welcome!

Sounds like you have a good plan started. If you are looking for in the city don't hesitate to give @Eric McQuistion a shout. He knows the area and what the value is in the different sections. 

Jump in and ask questions as you have them!

[Account Closed]

@Stephen Boronczyk, also be sure to use the Bigger Pockets calculators if you have access to them. They are a great way to analyze your deals and mitigate overlooking any financial criteria that can make or break your deal. 

[Dmitriy Fomichenko]

@Stephen Boronczyk

Welcome to the BP family! Good to have you here! Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Check out BP Podcasts: https://www.biggerpockets.com/podcast

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best!

[Timothy Young]

Welcome from another Rochester new guy :)

[Shane W. Chapin]

Welcome Stephen! I am also here in Rochester NY and have just purchased my first property. I am currently rehabbing it and hope to have it rent ready by April. My big focus this year as a new investor is networking so if you have any questions or would like to see my current project in person just let me know. Also, there is a local REI group that meets up here locally. Look up FFREIA and you should find it. The first 2 meetings are free and they are having a meeting this Thursday night. There is also another group that I have found on here that meets up in Rochester. If you follow @Rebecca Lebowitz I believe that she coordinates the meetings when they happen.

Best of Luck to you!!

[Stephen Boronczyk]

Hey Shane would love to come by your new place and pick your brain a bit.  I also think I'm going to the meeting this Thursday so maybe I'll see you there.  Feel free to message me if you're interested in setting up a time to meet.

[Jack Butala]

Hey @Stephen Boronczyk and welcome! Bigger Pockets is the way to go in today's real estate investing. It's the only place to connect with seasoned investors and learn about the real estate industry. Congratulations. Wish you the best.

[Martin Grizzanti]

Welcome.  My advice is education and networking.  It's a numbers game. Make embarrassing offers and talk with investor-friendly realtors. 

[Andrew Syrios]

Welcome to BP Stephen and best of luck investing!

[George Blower]

@Stephen Boronczyk

Welcome to Bigger Pockets. This is great place to connect with others.

[Aqil Dharamsey]

@Stephen Boronczyk

Hey Stephen welcome and congrats on taking the plunge. You will be hooked once you start investing. I understand it’s

Overwhelming in the beginning on how where and what to buy. Things will flow once you buy something. Get the financing in place and start looking. Find a really good investor friendly broker, lender, and some basic handyman. For advise ... well you will always have BP to fall back on. Goals are just wishes unless you put them in action...good luck!