Rochester New York Rental Properties

[Timothy Stolyaroff]

Hello everyone,

I have never bought a house or a rental, but I have started doing research and looking into what I would want. I just started my corporate career making an average salary. Looking to buy a cheap property to start my path to financial freedom via supplemental income. I came across Rochester, NY as a place with cheap houses, I am from Portland, OR. I was looking at houses at around $50,000. I figured I could hire a property management group to run the rental. My question is this, is this feasible/worth it? Looking at putting down 20% with a 15 or 30 year fixed mortgage. Would be in on this with a buddy probably so money is not super tight. 

[Matthew Drouin]

@Timothy Stolyaroff I just listed a single family in the 19th Ward that might be interesting to you.  It needs rehab but mechanicals are good.  Seller is willing to hold a short term mortgage with 20% down.  Price is $60k.  

https://nys.mlsmatrix.com/matr...

On another note, finding a turn key property, fully rehabbed in a decent area is going to be very tough for 50k.  I would budget $75k+ all in for a worthwhile property that will maintain it's value, cash flow, and not have nightmare tenants.  Remember, even high quality lower income tenant prospects aren't stupid.  They know the good from the bad areas.

I recommend that you come to Rochester, spend a few days here and tour the area; get educated, before potentially putting yourself and your partner in harms way.  I see out of town investors get enamored with the bargain basement prices of some of the housing in the city of Rochester, buy them, and then lose their shirt, get heart palpitations, earn some gray hair and then sell at a disadvantage.

Let me know if you are interested in more information about my listing on Gardiner.