All Forum Posts by: Adam McQuiston

Purchasing large converted hotel to studio apartment building. Completely remodeled and vacant. It is on main strip and could still do hotel operations if needed. I understand and operate rentals but need help in best use and direction for this.

I have a few out that way. I have 3 good ones over 11 cap for 201,000. Two complete remodel and one partial all rented top dollar. 

Surprised the first is for sale the Hells Angels own several of the others in that pocket.

I have a few connections for property management depending on area. Also if you are looking to sell I’m interested.

Hey Peter, I would love to discuss the Rochester potential with you more. Every investor has their Own qualifications and things they look for hence being referred to things like West Avenue etc. Not all areas are horrible as said couple blocks over can be varied greatly. I average 33% cap rate with my returns but I also don’t do the high-end areas and have great tenants.

I live and invest in Rochester. The answer to the cheap prices are as they said earlier with the downturn of Kodak, BUT other areas have had similar downturn and not maintained a low sorry super low value. That being said we had a 20% increase in March from a super hot winter and Investor friendly market last year. The low market have remained because of poverty and slumlords. Year after year people have done very minimum to make repairs throwing later on layer etc. We will have another upturned coming up most don’t see this because I’ve lived here forever and have not seen it. The age of the house and the updated codes are requiring more and more updates which will eventually slowly passed to the buyer from repairs having to be done causing the market values to go up. So it will have another increase as more and more work is being done. I have been able to push my rents because the upgrades I do increasing my cap to averages of 33%.

If you have a contract and receipt ( which may be unlikely since you wired the money) you will have to go to small claims court in that county or pay to break his legs, haha. But it is not easy either way.

Rochester is in growth and there is still some more to come. It did jump about 20% on city properties. Lots of investors came in because of people like BiggerPockets and other souces acknowledgement of it being number one in in investing return. There was also an increase across the nation that bumped it. Rochester itself has also acquired federal funds and its own for developmental purposes. Some areas had been undergoing research for the last six years for development for the next six. Be prepared to see some better neighborhood amenities and whatever they decide on. They are putting the plans together now.

Hey Lior,

That price and rent on a double it has to be a bad deal and bad area. Retail on even something livable and manageable would be closer to 60,000 min. You can find deals but a double assessed that low with super low rents bad news. They are owner financing to unload the problem.

Also owner finance deals can be a great thing but be careful, it’s a marriage. You are partners and must trust the person.