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All Forum Posts by: Derek Roche

Derek Roche has started 3 posts and replied 15 times.

Post: Multifamily Mastermind Group

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

I would be very interested in a virtual group. My 5 year plan is to lay ground work to move into apartment complexes in about 5 years. Would love to listen in and build realationships!

Post: Rookie looking for right neighborhoods/partners in Philly

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

I can put you in contact with my brother. He's a construction Project Manager in Philly. He's also done Property Management for some large properties out west. Shoot me a private message and I can get you his contact info. 

Post: Property Management software?

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13
Quote from @Nathan Gesner:

I use professional software, but I've tested TenantCloud and it's pretty good and free. Just start by testing the ones mentioned in this thread, see which one works for you.

You need to get this tenant on track or get rid of them. That should be your #1 concern. If they are on government assistance and still can't make rent, they are a disaster waiting to happen. I hope you're inspecting.


They are near the top of my list. I told her last week, that I would start preforming monthly inspections. This is is response to the exterminator saying she needs to clean more. She has a cockroach problem that is starting to spread to the vacant upper unit. However, she did not respond to me regarding the appointment and has been combative via txt since then. I'm trying to get connected with an eviction attorney in my area. 

Post: Property Management software?

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

Thanks for all the replies everyone. Sounds like I have a little bit of leg work to do on playing with the couple of platforms mentioned to see what works for me. 

Post: Property Management software?

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

Hi all, 

Working on rehabbing my first property. Duplex. I have been saving all my receipts so its about time to go back and start organizing them. On top of that i have an inherited section 8 tenant who has been late on rent almost every month. I am living at the property in my RV as I rehab the one vacant unit. Im also self managing/ and repairing the property. 

My question is: Is it worth looking into or paying for a property management software? I want something to track and organize receipts better than shoving them in a folder. and i want to be able to track and record rent payments- whether late or on time. 

I just looked around on apartments.com and this might be helpful. Anyone using this or some other software. Would love to hear pros and cons.

Thank for all the help BP community. 

Post: First Property, Personal housing cost slashed!

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $115,000
Cash invested: $13,000

Duplex property that had been severely neglected by previous owner, Both section 8 units and the whole property were in need of several repairs that were ignored C of O violations. As well as generally ill kept and need of rehab on the interiors. This is my first property and Live in rehab duplex. PITI $966. Old rent was $975. Section 8 Tenant in one unit pays $950. Rehabing 1 unit at a time for LTR. End goal should cash flow $1000.

What made you interested in investing in this type of deal?

I wanted to get out of renting an apartment and spending $975 for my own housing. I knew I could get a duplex that provided myself housing while having a tenant cover most if not all the mortgage. Additionally, I felt I needed a garage for personal property/ tool/ workshop space. I also needed a properrty with a large enough driveway to park my 35ft converted school bus on. - I currently live in the bus as I rehab the property. 

How did you find this deal and how did you negotiate it?

MLS, Worked with a realtor. Local market had very little interest in the property. I was able to make an under asking offer which the seller originally rejected. The seller crawled back several weeks later and accepted my offer and contingencies.

How did you finance this deal?

Traditional 30 year fixed mortgage @ 4.875% with 5% down.

How did you add value to the deal?

Currently, working on the rehab of the upper unit. Replacing fiberglass top and surround with steel tub and tiled shower, new tile floor, vanity and lighting. TO DO: Kitchen- Will replace cabinets and counters. Whole Unit: new flooring (budget of $7k)

Lower unit will need similar rehab and budget.

What was the outcome?

Still in the process of rehab. But personal housing cost are slashed. I just pay my utilities. Hoping to refi after rehab and pull capital back out and repeat.

Lessons learned? Challenges?

Make low ball offers if I know there is little interest in the property. Hire a painter and cleaner next time. This section 8 tenant is proving difficult to get payment out of and is combative.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, please contact for realtor or lender recommendation.

Post: Tenants in place, no lease. Leave them or send them?

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

Check if your community has opted for rent control. Here is Rochester ny, the city did not opt for rent control last year. So I was able to increase the rent from 650 to 950 with my inherited (section 8) tenant. Are they on section 8? Do they have a lease? or are they month to month? 

Also, if the building needs repairs and updating - you wouldn't be able to get market rent for the units as - is. So asking to raise the rent to what ever your post repair comps are seems unsavory... 

If they have a lease, i dont think you can do anything with rent until the term is up. Then offer to renew at the higher price. If they are month to month you should be able to serve them 90 day notice of the increase. and that's that. Anyone, correct me if im wrong? 

Post: How much earnest money for a duplex?

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

I put 1k down earnest with my offer of 115k in Rochester NY. how confident do you feel about the property? And how serious are you on the deal? How much would you be able to walk away from if an inspection came back poor? As stated above, You might have to walk away and loose your earnest money, inspection fees, etc "cost of business". But that might not be the worst thing in some scenarios. 

Post: Getting Rid of Tenants Junk/Trash

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13

I personally took two dumpsters full of stuff out of my property (10 and 20 yarder). Sweaty work but it only cost me about $400 for the dumpsters. Call around to some vendors, do you have any other REI folks in your network to tap for a vendor recommendation?

Post: How is everyone house hack going?

Derek RochePosted
  • Homeowner
  • Rochester, NY
  • Posts 15
  • Votes 13
Quote from @Brenden Mitchum:

@Derek Roche, now that's what I call house hacking! Props on the creativity and sacrifice! Although, maybe you're not sacrificing too much living in a bus...that tv is bigger than the windshield...

hahaha its only a 55" tv, What was i supposed to do? buy a smaller one!? And thank you!