All Forum Posts by: Dave Savage

@Jesse Doyle welcome to BP!   Feel free to post any questions about specific properties/areas  you are looking at in Rochester to the forums as there are a number of us on here that will be glad to help you out.  When you get back to Rochester make sure to check out FFREIA to meet many of the local investors. 

@Tou V. there are definitely deals here in Rochester, but I have seen a lot of Out of State landlords getting burned by their property managers here.   You can PM me for some recommendations of who to interview as that will make or break you being a profitable out of state landlord.  Personally I would build in one trip/year of expenses and time to check on the properties yourself to ensure the living conditions are acceptable and there isn't any defferred maintenance.  

You could also look into a blanket loan once you buy the properties to lower the mortgage expenses but increase your leverage to allow you to buy more properties.  

As @Alan Diamond mentioned do not plan on any appreciation in house value, and slow appreciation in rental rates, but things are very predictable in Rochester as evidenced by the last real estate crash that did not affect our market in any significant manner.  

If you start looking at particular areas in Rochester, post them up and there are a number of us that will give you ideas on where to focus.   Good luck with your decision

@Stephen Matusick good to see another investor seeing the benefits of the Rochester market. That house on Sherwood could be promising as it is in a good area, but you better be ready to pull the trigger on Day 1 when it goes off the OO list of homepath as that area is hot for other investors right now.

There are a lot of other deals on the market right now if you know the areas to look.  It probably makes sense to connect with a realtor that owns investments in the city like @Mark Updegraff or @Rebecca Lebowitz to get a sense of the market and where you should look to be buying.   Keep posting potential deals up here with the tag Rochester, NY and we will give you our advice.  

@Ed Rose 

 Welcome!   As Tara mentioned there are quite a few of us from Rochester on here, so feel free to post any questions you may have as you are getting started and tag it with Rochester, NY and we will be sure to answer them.  Check out FFREIA if you are interested in networking with other local investors.  

Big Thank You to @Rebecca Lebowitz and @Scott Speer for a great event tonight!   It was a good turnout and mix of investors.  Looking forward to seeing everyone from BP in Rochester, NY at the December 3rd event.  

For all the former Rochester BP Meetup Members - @Kent Stauffer @Mike Ware @Derek Carroll @Mark Turner and those I have forgotten come check out this meeting if you are free.  

@Sherry Morris if you only want to wholesale to start I would consider not getting your license.  The broker you work under will have serious reservations about you wholesaling, and you will have more disclosures than other investors that may hurt your chances at closing deals.

Realtors do wholesale in many cases, but in general I would say 80% of wholesalers (with that as their primary business) are not licensed as it gives more freedom to work out deals. 

Do your research, talk to a few brokers in your area(they are always looking for agents so they should be very approachable) ask them about what you want to do and get their opinion as well.   

@Sherry Morris the answer to this will depend greatly on your long term goals.  Let us know if you want to wholesale properties, or hold properties, etc

@Kortez Walker Most landlords won't want to rent condos as they don't have control over the HOA - I think @Joshua Dorkin loves to mention this on the podcasts.  

Might be a good buy at a wholesale price to "wholetail" it as Michael Quarles likes to say to relist with doing very minor updates if you can find a short term lender.

@Christopher Salazar spend 2 weeks reading every BP forum post in the wholesaling forum and then listen to 20 of Sean Terry's Flip2Freedom podcasts and that will be a good basis of education for wholesaling.   Don't pay anyone to learn about wholesaling - you can learn a ton from BP and other free sources