All Forum Posts by: JD DiGiacomandrea

So specifically in the Rochester NY market I feel if you invest following some simple guidelines you can still be successful. I invest with the purpose of providing good housing for good people. I enjoyed a nice, stable place to grow up and want to help provide that for people who don't want to own, or can't own. While the rent control laws are enacted, and the tenants rights rules are flushed out in court (how judges rule on cases) we will have to wait and see, but as it was said before, the majority of tenants are good, and you just need to ensure your screening process is sound. 

These changes will create some new niche markets, such as those for tenants who can't meet the new stricter guidelines, where there could be bad people/landlord/PM trying to take advantage of them. This is where I see the tenant rights laws being beneficial, and eventually, 5-10 years down the road some investors that wanted to take advantage of our area due to low prices and high rents, will choose to move out and us locals can step in and get some more properties in our portfolios.

This is just my initial set of thoughts, love to hear everyone else.

Check out the FFREIA https://www.ffreia.com/

@Matt Honeyford has some good points. @Beverly Anderson I've worked with an agent and the deals he can provide me access to are usually a bit larger budget than I am ready to jump into. Say a 4 plex in the south wedge at $250 needing maybe $100k in renovations for an ARV of $450. While this is a deal, and he got me into see the place, I wasn't comfortable jumping in that deal right now. I just closed on my second deal, a $35k place on Norton that needs maybe $15k and will ARV for $65k. This will be a tight budget BRRR deal. This is a budget I can work with for now, learn a few more things in this deal and hone my skills. I found this by networking in the Rochester Area and connecting with some people who have been wholesaling for 20 years here. I highly recommend going to the RREIA meetings and meeting people there. That helped me find my property manager, wholesaler, lender, and my first two deals. It also helps learn who is trustworthy and who isn't very fast because you can get referrals.

The other advice I have is to walk as many properties as you can. MLS, Wholesale, off market, occupied, vacant, etc. This will give you a really good feel for a property if it is a good deal or not. I walked two houses in one week both priced at $35k. It was very easy to see which one had a good chance at being a deal, and which one is just a project someone is trying to get rid of.

Welcome to the Rochester Market! Its a hot market now, but there are plenty of deals out there. Don't be afraid to reach out and talk to people. I have found everyone here so nice and welcoming. Really a great city to work in!

What time is this typically start and end? Last one I went to was over a year ago and I’d love to stop by again!

I was talking with my agent and he let me know this morning it went under contract. If you use homesteadnet.com it’s a bit more tightly connected to the mls than trulia and Zillow. It’s run by the Rochester association of Realtors. I also have a notification setup with my agent that updates super fast. I suggest if you are going to buy off the mls you should hook up with a good agent. They are your connection to the retail real estate market. 

I was going to look at this place too but it looks like it went under contract already. My plans were buy and hold and the numbers don’t work for me. The mls is pretty hot right now in Rochester. Good deals sell in a day. Good luck with your hunt!

@Shane W. Chapin The Refi just closed this morning. I hit a few bumps along the way. Pro-tip, go to the Monroe County clerks portal and search your property routinely, not just when you buy. I had the town levy a lein 6 months after I bought the property for $1200 in unpaid maintenance from the last owner. I couldn't find a way to negotiate it away and ended up having to suck it up and pay. this showed up when the title company was doing their research for the refi. Needless to say working with the town and county government is a long and laborious process and slowed down the whole refi process.

Congrats on grabbing your first deal! I look forward to following your progress. I'm refi-ing my first BRRRR deal right now. Certainly learned a lot through the process. Can't wait to grab my next deal! Hope to see you around Rochester!

I thought Johnny's was closing? I attended a meetup last year and had a great time. I hope to see everyone in February!