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Updated about 4 years ago on . Most recent reply
Just moved to ROC and getting started
Hi All,
I moved home to Rochester (from San Diego) in November and getting started in REI! I'm interested in the Buy & Hold and/or BRRRR strategies.
Currently under contract for a SFH home in North Winton that I intend to fix up and rent. I had to overpay but was living with my parents until I found a place and I was a eager to get out of that situation :)
Goal is to acquire at least one multi-family this year in one of the B city neighborhoods. As others have said it's a tough market on MLS. The house hack multi family option is now unavailable for one year due to above mentioned SFH.
What type of REI networking opportunities are in Rochester? I have met one wholesaler with a team in ROC but they operate primarily in Buffalo so far. Pandemic hasn't allowed me to get out and meet people. I've been away too long (15 yrs) for my high school network to be large. Since I'm new I think building a network is number one on my TODO list.
Also, I'm curious what people think of buying one of those multi-family properties (South Wedge, Swillburg, Monroe, etc) at this point, given the increasing prices and the propensity for tenants to defer rent. I expected prices to not rise as fast during pandemic because many wouldn't be paying rent and overextended landlords might need to unload property to cover, but boy was I wrong. And I really have no idea if people in those neighborhoods are deferring rent at all.
Thanks for reading and good to meet you all. See you around!
- Greg
I moved home to Rochester (from San Diego) in November and getting started in REI! I'm interested in the Buy & Hold and/or BRRRR strategies.
Currently under contract for a SFH home in North Winton that I intend to fix up and rent. I had to overpay but was living with my parents until I found a place and I was a eager to get out of that situation :)
Goal is to acquire at least one multi-family this year in one of the B city neighborhoods. As others have said it's a tough market on MLS. The house hack multi family option is now unavailable for one year due to above mentioned SFH.
What type of REI networking opportunities are in Rochester? I have met one wholesaler with a team in ROC but they operate primarily in Buffalo so far. Pandemic hasn't allowed me to get out and meet people. I've been away too long (15 yrs) for my high school network to be large. Since I'm new I think building a network is number one on my TODO list.
Also, I'm curious what people think of buying one of those multi-family properties (South Wedge, Swillburg, Monroe, etc) at this point, given the increasing prices and the propensity for tenants to defer rent. I expected prices to not rise as fast during pandemic because many wouldn't be paying rent and overextended landlords might need to unload property to cover, but boy was I wrong. And I really have no idea if people in those neighborhoods are deferring rent at all.
Thanks for reading and good to meet you all. See you around!
- Greg
Most Popular Reply
@Matthew Drouin thanks for the reply! My instinct is that the worst is behind and there's going to be an invigoration of economies like Rochester because of dispersion of remote knowledge workers from places like NYC and CA.
That's good to know about tenants. It's tough to get a good pulse without knowing many people in the area, what you see on the news doesn't always tell the whole story.
@Keith Moon looks like I missed it due to slow feet responding, but I'll be checking it out in the future.