All Forum Posts by: Dennis Callaghan

In my opinion, I do feel we can do things to right the wrongs of the past and the sure best and lasting way is through mentoring and education. I grew up on welfare for the majority of my youth and knew nothing about finances so when I got my first job I spent it on all the things I could not get from a single mom with 5 children and a waitress job at a diner. I continued that way well in my late 20s before I took interest in saving money and later with money from a Roth IRA I got my 1st rental property at 38 years old. I am 46 now with 7 rentals. I wish I had known about finances in high school I would be way further along. I am white and I grew up in a diverse area and the core friends I have black and white who applied themselves are successful and homeowners and the ones who did not are still struggling. Money should be spent on programs that the poor can go to or mentors can come to thier homes and go over their specific finanances and to help achieve goals they want for themselves and their children.

Water bills in Rochester are pretty cheap compared to other parts of the US. I only own single family homes with 4 adults in each and the bill is approximately $55 per quarter year.

I'm here in Rochester and I have been struggling with getting a line of credit i own outright. The reason is that almost all banks/credit unions have made PPP and SBA loans priority and most are tied up doing so and pretty soon all the PPP loans will be up and all new set of paperwork will have to be done. They have also warned me they are going to be getting tighter when they get back to normal business.

I am happy here in upstate NY with college rentals even with the higher taxes. I don't do any rentals at SUNY schools but have looked into it after NY passed free tuition for Poor and Middle class students. Most of the smaller towns/cities that have the SUNY schools do have some restrictions as mentioned above and one area specifically I know doesn't issue anymore permits and you have to purchase homes that were grandfathered in, and if it ever becomes a traditional residential home then that permit for that address is taken away, yet people still buy up the homes. As @Stephanie Jacobson mentioned above, with the purchase prices low and very decent rents it offsets most taxes when purchased correctly. I myself prefer single family homes for renting to families (if needed but haven't yet) and also a good exiting plan if I ever want out. 

Which Town or is it city? If city, I would lean towards saying no as well because with a bunch of city workers getting furloughed as of today I would guess that no one will be there anytime soon since they are not entering homes currently as well. If you say yes that may trigger something saying that you cannot have it occupied until inspe turn is done....and again how long is that? If anyone ever notices once things get going again you can always say you tried to reach out but couldn't get through.

Hi Clifford, 

Is it near Strong I take it? If so I know UR Med and College internally look for housing for their students/interns or you do just Zillow, Craigslist etc?

Hi Jake, I like yourself was in my own head and wasted several years of being too nervous to jump in but a house came along and my brother and I together made the leap and took money from our retirement to make the move. After we got that one under our belt and rented my brother grabbed more money from his annuity at work and bought another house close by, keep in mind he was the bread winner from his house with one kid in college and twin girls going to college the following year so he was on edge for about 5 months but we fixed the house up and got a cash buy out mortgage against the second house and paid it back and was still making a great profit. Honestly after that moment we had a mind shift and it has been going great ever since and have added 4 more SFH. We like the SF homes because we feel it is a great bail out plan if we needed to get out because they sell faster. I feel Joe Villeneuve gave you the best advice, if the house is being paid off by your tenant and you are able to save 75k over two years (which you would of used to pay down house) then that is down payments for multiple homes with that money at those prices. 

It would all depend on the type of aerosol cans they are storing. If they are paint, etc I would just wait the few months out and let the lease end, but is they are products made to make weed oil (butane,etc) or even worse drugs then I would get them out of there before they blew the place up.

@Mark Updegraff is correct, B&L Wholesale Supply is the way to go.

I work just south of this area and it would very much depend what street it is on. I personally would only except between Carter and Portland north of Norton...near hospital. There is some right on or just off St Paul but in pocket areas.