All Forum Posts by: Dennis Callaghan

I have college rentals in the Rochester NY area and have had very little issues with students or getting paid and I don't even have the parents cosign. I think a lot has to do with culture of the school, if its is a known party culture and known for the their "great times' then you are going to most likely incur more damage to your properties. If you have serious students like engineers, medical students, etc like we have around here, most stay serious and are model tenants. Not many parents are going to take the chance of not paying their child's rent from 3 states away so np problems getting paid. I do 1 year leases but I know many small towns with SUNY schools do by the semester and also some of the towns have stopped allowing homes to be converted to school housing and only grandfathered homes are allowed to rent to students and they sell for much more. Most schools around here have a rule as well that don't allow more than 3 people who are not related to live in a house with each other to slow down college homes. Every college town is different so do your home work when deciding location. Good luck

@Jacob Northfield where is it in Edgerton? I am here in Rochester as well and some of that area is definitely not up and coming, its been depressed for as long as I remember but around Jones Park is decent. The good thing is picking up a 80k duplex anywhere in Rochester is a deal especially now that rents are up. I think you are on the right track with house hacking to keep your money out of pocket low.

Hi Christian,

Feel free to DM me. I have some but not in Geneseo, but a friend of mine does have some in Geneseo.

Hi Giulia. I'm here in Rochester and The Upstate Bank will do a Line of Credit against a rental property for 80% LTV. I was just looking at property in Jamestown online for the first time. Mind if I reach out if I have any questions ever?

I have a half dirt floor in one of my rentals due to it having an old cistern. Have never had an issue ever in 8 years....and I'm in a flood zone. I would be more nervous about adding concrete and it expanding and subtracting and moving your foundation at this point since its so settled.

Pretty sure UR has a Facebook group to post on. I've had success on Craigslist and Zillow. 

I think anything above 600 a room is too much personally but you could try and yes college students like all inclusive, they don't have to chase down roommates for RG&E and water bills. Another thing you can try which they do in other college towns but not in Rochester too much is charge by the semester. (2 (5) month semesters) which you could then get away with charging prob close to 700. Never tried myself with by semester but always an option

For a 3 bedroom you could probably push $600 a room and being lightly furnished like Alyssa said will be more appealing to college students. If you went 5 bedroom you may be able to get $500 a room but harder of course to keep filled where 3 bedrooms usually get rented pretty fast. Make sure you have an egress in basement if going to add bedrooms.

How many bedrooms? Is it walking distance which I would say is any road south of Highland Drive between Mt. Hope and South Ave?

I am trying to figure out how to structure LLC's in NY. I currently have an LLC with 3 properties in it and I have a total of 6. I am currently thinking about refinancing other properties into LLCs so I need some advice on how to do. I could have each property in their own LLC or I could put two Properties in an LLC as long is there is not alot of equity on them. In the end I have always been told that I should have a "Holding Company" LLC and then have the LLCs that the properties are in to point to the holding company. Now that NY state does not allow owner of LLCs of 1-4 unit realestate to be anonymous I think I would want to avoid that setup?? It seems as though one LLC could eventually lead to my others through the holding company if I am not anonymous...or am I thinking this out wrong?

Thank you, Dennis (Rochester, NY)