All Forum Posts by: Beverly Anderson

@Matt Honeyford has some good points. @Beverly Anderson I've worked with an agent and the deals he can provide me access to are usually a bit larger budget than I am ready to jump into. Say a 4 plex in the south wedge at $250 needing maybe $100k in renovations for an ARV of $450. While this is a deal, and he got me into see the place, I wasn't comfortable jumping in that deal right now. I just closed on my second deal, a $35k place on Norton that needs maybe $15k and will ARV for $65k. This will be a tight budget BRRR deal. This is a budget I can work with for now, learn a few more things in this deal and hone my skills. I found this by networking in the Rochester Area and connecting with some people who have been wholesaling for 20 years here. I highly recommend going to the RREIA meetings and meeting people there. That helped me find my property manager, wholesaler, lender, and my first two deals. It also helps learn who is trustworthy and who isn't very fast because you can get referrals.

The other advice I have is to walk as many properties as you can. MLS, Wholesale, off market, occupied, vacant, etc. This will give you a really good feel for a property if it is a good deal or not. I walked two houses in one week both priced at $35k. It was very easy to see which one had a good chance at being a deal, and which one is just a project someone is trying to get rid of.

Thank you, that makes a lot of sense! So I found the RREIC (Rochester Real Estate Investors Club) which I will be attending. What is the RREIA?

I see there's a lot I don't know so I'm going to hit pause to become more informed through books and networking!

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Upstate New York, New York

Originally posted by @Matt Honeyford:

@Beverly Anderson that's right! If it were as simple as logging on to the MLS to find great flip and rental properties then everybody would be rich. The brutal honest facts are that you have to establish yourself by networking and marketing to find these deals. Once you've done that the deals will come to you. Almost every week somebody send me over an off market opportunity.

Now, here's where working with an agent (or being one) has its advantages. Once you have a deal you can quickly run comps using the MLS. It can also give you an overview of the markets, helping you identify areas around Rochester NY that may be in front of the path of progress.

Thank you for all the info, much appreciated! So where/how exactly do you recommend I start "establishing myself by networking and marketing"?

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Upstate New York, New York

@Austin Welty I agree I have read quite a few of books and they all advise to find the "right realtor".

@Matt Honeyford I could see how what you're saying makes sense. I have been house searching for a bit and at times I feel like I'm one of those people. My realtor always suggest I offer my max (which of course maybe necessary to close the deal) but I didn't agree the home was worth that much, but followed his advice. After the inspection we realized I definitely over paid in the offer yet the buyer wouldn't accept less and the deal fell through.

So basic point I can see how for the best deals work with someone who themselves searches for the best deals! (Of course realtors are easier to find than investors, especially established ones who wants to guide a newbie).

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Upstate New York, New York

Originally posted by @Chase Romine:

@Beverly Anderson

Well I’m currently living with my in-laws rent free and I make roughly 35-60k a year depending on over time and have no bills. So I’m not really worried about living quarters at the moment, just want to build an empire (so to say), something that I can work at for the rest of my life making money and managing everything without worrying that my boss will call me into work tomorrow.

That sounds AMAZING!! Very convenient and beneficial to your goals. I'm just starting out so I don't have much advice on the process but good luck on that empire hopefully I see you at the top :)

1 Vote

Originally posted by @Benjamin Burket:

@Beverly Anderson non-investors are always warning against the risks of investing (that's why they aren't investors). People fear what they do not know. A good question to ask is do you want to have a financial life and career that look like theirs? A good tip is to only listen to advise from those who have been where you want to go. Otherwise, you're looking at the wrong map :)

Thank you, very true! That's the reason I signed up here. I don't personally know anyone successfully investing and I was tired of the negative advice from folks who exactly like you said "don't have the experience to tell me if it would work or not!"

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Upstate New York, New York

Originally posted by @Jerry Padilla:

@Beverly Anderson

I have to completely agree with every other post. There is no need to get any other investors involved in a house hack and you should be looking at Multi-families. I know some really great agents that I can refer you to if need be. Have you been pre-qualified? What purchase price can you go up to? If you are going with a multi-family, you should be able to increase your max limit and count the rental income on the other units at 75% to help you qualify. The market is competitive here!

Yes I am pre-qualified, I actually almost closed on a single family home but I'm redirecting to a duplex/multi-family. I was actually wondering if that was factored into the max limit so thank you for that information. Please do send me the contact information, i'll take any help. Thank you!

0 Votes

Upstate New York, New York

I was lost but I am.. a bit more found!

After some sound advice I have decided my best choice to start off is with house-hacking in Rochester!

I'm having some difficulty finding a good duplex or multi-unit in a decent area within a reasonable price range. My current realtor was helping me locate a single family home so maybe that's one of the issues (any recommendations)? & I have been reading into real estate investing and a lot say one mistake is people choose to do it alone. Yet, I feel as though it would make no sense to link with an investor for something like this but maybe I'm wrong? Any feedback..

1 Vote

Upstate New York, New York

@Chase Romine I'm in the same situation. I'm actually house searching but i realized after a few podcast and advice from the awesome folks on here that I want to "house-hack" and find a duplex, live on one side rent the other side. That being said, the prices are UP THERE! So that makes me a bit hesitant to such a big commitment.

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Originally posted by @Nick Rutkowski:

@Beverly Anderson

@Tim Burke is right, have you tried looking into buying a duplex and house hacking? Kill two birds with one stone.

To answer your second question, you need to do it and not let the lack of experience stop you. Remember, we all started out with no experience, money, or idea of what we are doing. Good luck!

I really appreciate it that. When I tell people I rather rent and invest instead of buy my own home they say I’m crazy and it’s too risky (which may be true) but I believe greater the risk, greater the reward! But when you put it like that seems like a better idea I will start looking into multi-family units available. Thank you!

0 Votes

Upstate New York, New York

All Forum Posts by: Beverly Anderson

Beverly Anderson has started 2 posts and replied 15 times.

Post: 51 Units at Age 23 (& Counting)!

Post: Questions about house-hacking in Rochester NY

Post: Questions about house-hacking in Rochester NY

Post: Questions about house-hacking in Rochester NY

Post: Help getting started?

Post: Buying or Investing?

Post: Questions about house-hacking in Rochester NY

Post: Questions about house-hacking in Rochester NY

Post: Help getting started?

Post: Buying or Investing?