Rochester, NY

[Chris Welch]

Hi all,

I'm an RIT grad, now living in greater NYC, and have a new real estate partner local to the Rochester area. I'll be flying up to Rochester in a couple of weeks, with the goal of looking at target neighborhoods for multi-families with strong cashflow. I'd love to connect with fellow investors or brokers in the area while I'm up. Hit me up if you'd like to meet!

Cheers,

Chris

[Shannon Sadik]

@Matt Ward  it really depends on where you buy and the deal you get. The houses with higher cap rates are usually going to require more work in my experience because you get them cheaper. However if you spend more you will in turn get higher rents/ higher quality tenants. Buying a house already fixed up usually is much higher priced so we tend to buy low and put in the equity ourselves. But buying a house in park Ave for example will have a super low cap rate, sometimes they don't even cash flow at all at the prices I've seen. 

You also need to factor in local taxes as they are much higher than elsewhere. The MLS listings usually give you a general idea of what those are currently but then assume more if the asking price is much higher than their current appraisal value. The city is slow at everything but collecting money! Lol

All the investors I know here have a slightly different model and area they invest in. What is your typical model? What kinds of houses/tenants are you now comfortable working with?