All Forum Posts by: Chuck VanDyne

@Shane Foster  HI Shane, When you refer to "my software to find the vacant" is that something that you developed yourself or something I could use as well? 

Welcome. Long time, no see.

Angel Ortiz I have done a few wholesales in the area. I would recommend reaching out to John Marchioni. He has done hundreds and was able to be patient with me as he walked me through the process for the first time. If you are interested I can have him reach out to you. PM me for details. Chuck

Warren Engineering is fantastic. I use them for all my purchases and recommend them a lot to my clients. Reasonably priced and they're licensed engineers not just inspectors.

Who was the real estate agent who recommended the improvements on your house and what were the improvements? It sounds like some good advice I could use.

@Shannon SadikSouth of Brooks is getting extremely competitive - I completely agree! I have seen several multi's being scooped up there that were well below the average return in the 19th ward. There must be a lot of optimistic investors in the area! 

The way I see it....The more people who realize that Rochester is a great market to invest the more demand will continue to climb. Rochester right now is experiencing a shortage in supply because less people want to sell their rentals since they are increasing in value. High demand with low supply means that investors are willing to pay more for the rentals. This means your duplex is going to continue to increase in value. Sounds pretty awesome to me! 

Once the market is saturated and the returns become too low for some investors (like us) to invest in we can transition to a new market. The same thing happened with South Wedge and its bound to happen again and again. @Mark Updegraffhas seen it first hand.

In Rochester, we have a...

3 bedroom on the corner of Winbourne and Scottsville rd that is rented to students for $1200

Two 2 bedrooms that rent for 800 each on the corner of west high terrace and wellington

a 3 bedroom on Monica Street that rents for $1050

A three bedroom on Devon road that rents for $1200

There are 5 houses listed on Zillow for over $1200 on S. Plymouth and Barton. All of which are currently rented to students.

http://www.zillow.com/homes/for_rent/house,condo,a...

Below is a list of 48 homes that have sold in the past 3 years that have sold for under $66k in the area. These are just the NORMAL Single Family on MLS sales, not including REO, multi-families, or off Market deals...

http://nys.fusionmls.com/DotNet/Pub/EmailView.aspx...

Streets like Devon Road, Winbourne, Genesee Park, Weldon are minutes away from the University. Although it is rare, I have seen students as far as Brooks and Genesee Park Blvd but @Shannon Sadik is right in the sense that you will not find many students who will rent North of Brooks Avenue. As of now, student rentals are limited to South Plymouth, Barton Street, Winbourne, Devon Road, Weldon Road, and in random spots South of Brooks Ave-closer to the University. 

I have found some pretty good tenants in the 19th ward including a couple who both work for the UR and rent on Midvale Terrace, a single mom who works for UR that rents on Wellington, and a few groups of students who rent near Winbourne.

You will find better tenants in the South Wedge/Highland/Swillburg area but you have to accept a lower return on investment. It is a lot harder to find enough profitable deals in the area to accumulate a sizable portfolio. 

@Shannon SadikWhere have you found success? What areas would you recommend investing in?

Hey Preetham,

I am familiar with the rental market near RIT and I have represented a few investors on the buy and sell side. 

You will want to look for homes that are $125,000 or less. Depending on the the square footage and condition of the house you can usually get $350-$500 a room.  The best places to find RIT rentals are near East River Road. Another great place to find RIT rentals are in the neighborhoods near Calkins Road and Bailey Road (closer to RIT). Inventory in this area is getting increasing more scarce. 

If you are interested in renting to students I would also recommend looking into the 19th ward where more and more U of R students are calling home. Anywhere South of Brooks Ave is a superior location for UR rentals. Students are even going as north as Monica Street, Barton Street, South Plymouth, Elmdorf and even north of Genesee Park Blvd where you can find places in great condition for under $60k that rent for $1000-$1100.

Placing students can get difficult since the turnover is high and the likely hood of damage is a bit higher. 

It is definitely manageable to invest from out of state for we have many of those type of investors. I recommend you shop around for some management companies in Rochester and see if they have a lot of experience in the area you want to invest and dealing with out of state investors. I know we have had no problem managing student rentals for out of state investors. A management company should allow you to invest pretty passively. 

@Dawn BrenengenYour strategy is the same as mine. I am posting on Facebook as a means to "remind" my sphere of influence that I am in real estate but I am rarely posting about business. I am not a huge fan of posting listings unless they are interesting or rare properties. I am also not a huge fan of posting real estate related articles about contracts or buyer beware type articles. I just post and comment to my friends and when the DO need an agent hopefully they choose me since they remember I am an agent. 

@Dustan MarshallThanks Man. Ill search for the podcast and give it a listen!

@Bob MaleckiThanks. Very useful information. I guess I just need to get the word out that I'm interested in buying/selling notes... I will be contacting you for more information. Thanks again

@George FryeThanks! A local investor was just telling me about PPR on Saturday. He said I needed to check them out as well. 

@Bob E.WOW! That really is a fantastic idea! You don't have to worry about bank appraisals, thats a huge plus. I will be calling you to hear more. Thanks so much!

@Tim FitzgeraldA lot of useful information here. Thanks so much for the reply! I already work with a lot of real estate attorneys as a real estate agent. I can start spreading the word to them. Thanks again!