First Rochester Investment

[Ian C.]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Rochester.

Duplex in Beechwood

What made you interested in investing in this type of deal?

I was interested in investing in a buy and hold property with good cash flow in an area with lower property values.

How did you find this deal and how did you negotiate it?

I used a local agent and found the deal on the MLS

How did you finance this deal?

conventional mortgage with 30 year fixed rate, 75% LTV.

How did you add value to the deal?

The rents were below market value at the time of purchase. I turned over and renovated one side of the unit to make cosmetic improvements and add value. Renovations included full kitchen renovation, full bathroom renovation, paint, new flooring throughout.

What was the outcome?

Following renovation the unit was rented out at a price that is at or near the top of the market rent for the area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

yes

[Andrew Gingerich]

Nice job Ian! I've long been interested in upstate NY. Taxes are high but the numbers are seem so good. Buffalo turning a bit. Prices drifting higher. Still can do well over 1% rule in most parts of upstate NY. Syracuse, Buffalo, Finger Lakes, it all looks nice from way out West. 

Keep it rolling.

Andrew