All Forum Posts by: Derek Hansen

Are there any real estate websites that allow agent reviews from the other side of the transaction? For example, if I'm buying a house reviewing my experience with the listing agent? Zillow, Trulia, and HomeLight all don't allow this type of review.

When purchasing a property, I'd like to have honest reviews what other's experience is with the listing agent from my side.

I second using John Marchioni! His costs are very reasonable and his office has always kept me up to date and in the loop from contract accepted to the closing table.

@Mark W. that would make sense and something I'll definitely pay more attention to in the future. After striking out twice in a row on the appraisals I'm probably just going to go on the other side of the line and find some new deals until more houses sell for conventional loans in that area :)

Unfortunately they stated it was company policy. The reduction I'd need is a bit too drastic for the seller :) I appreciate your insight! If I remember correctly some of the cash sales needed renovations to make them live-able and total amount invested would've been > 60k. So I suppose its a waiting game until other sales in the area support the prices.

@Steve Santacroce it could be charging differently or denying service. If an appraisal comes in low due creating an artificial boundary it has the same effect as charging a different amount or denying service in the end. At least in my opinion :) The property is right off of Genesee st on Shelter. Agreed that the prices can change pretty drastically street to street.

@Jon Holdman The properties lie on the border of the 19th ward and Genessee-Jefferson neighborhood. I would argue there is no difference between the properties under contract and west comp.

Currently have a deal falling apart because of low appraisals and was wondering what other's thought. Have 2 duplexes under contract in Rochester NY for 60k each. They are fully rented and make the 2% rule. But.. I was unlucky enough to have both appraisal companies have policies against using comps West of Genesee St (180ft away).

Appraiser comp: July 2013 .55 mi NE, $36k cash sale in a part of town with higher crime.

West Comp: 3/31/14 under .2 mi W sold for $90k

When asked about redlining, they say houses to the west are not considered comparable sales. One of the houses under contract was refinanced for $65k a couple years back. I was pursuing a conventional 25% down mortgage and they came in at 38k and 41k. Has anyone ran into this and overcome it?

@Russell G. Ok. I'll shoot you a PM!

Right now I'm doing all buy and hold. I just closed on my first property in the South Wedge at the beginning of this month. It's a 6 bed 4 bath duplex and I'm living in half. Last week I got 2 duplexes under contract on Shelter St!

Was able to get all 3 under contract for a great price before they were listed thanks to @Mark Updegraff 's guidance and killer networking. Maybe wholesaling is in his future too? :p

We'll definitely have to grab some coffee or beers in the near future!

Welcome @Russell G. ! We may have met back in the day, I joined Phi Tau at RIT in Spring 09. We'll have to catch up sometime.

When do you plan on starting your wholesaling adventures?

Thanks for the welcome everyone!

@Joel Owens Will do!

@Dave Savage FFREIA caught my interest before. Life is calming down in Feb and I'll try to make it out to a meeting! Does FFREIA belong to any larger associations? The flagship product at the company I work for is Nimble AMS, an Association Management System. Easily the best one in the world in my opinion ;) haha

@Brandon Turner I'll be jumping in for sure. I work in the cloud applications field and used to be a front-end developer, so if you ever need a second opinion on something for the site feel free to reach out!

Hello BP!

I'm a new investor who lives in Rochester, NY and works full-time as Lead Software Engineer for a local company. My focus is buy and hold in the South Wedge and Brooks Landing neighborhoods, with a longer-term focus on providing student housing for aspiring Software Engineers.

I'll be closing on my first duplex in the South Wedge as an owner-occupied next month! I got a killer deal thanks to the help of @Mark Updegraff, who's been invaluable in starting my REI business and assembling a team of professionals that is a pleasure to work with.

As someone who is very driven and loves to self-teach, real estate provides a great medium for investment while not detracting from my day job. I plan on purchasing at least 30 units over the next 8 years, and at that point transitioning to discounted notes if I wish to be more passive.

I've listened to all the podcasts and read just about every post in the last couple years, and look forward to networking and continuing to learn from the great community here on BP.