All Forum Posts by: JD DiGiacomandrea

I have a contract to buy a SFH in Irondequoit. My lawyer tells me all the paperwork has been submitted to the "Referee" and we are just waiting for a closing date from them. From what I understand the "referee" is just the lawyer for the county. This property was purchased at a auction at the courthouse steps. Its funny because the contract clearly states "TIME IS OF THE ESSENCE" twice, indicating they want to get this done ASAP.

Has anyone else purchased this type of property and has experience in how long it might take to close? 

Thanks,

JD

Thanks for all the feedback. In the end I lost the property due to the seller wanting too much for it. I really took the feedback to heart and couldn't risk getting into the property with this much risk. Onto the next offer!

Interesting feedback. Notes on the Pool are tough to hear. It seems like it is a liability rather than an asset. Is there anyway I might be able to use it as an asset? I'd hate to have to pay to have it removed, and make my offer less to compensate. This would reduce my competitiveness in the offer. I'm looking for any creative options. 

As for Zoning, I gave a call to my friendly town development team today and they were extremely nice and helpful. They shared with me that it should be a simple planning board permit application. I searched the last 12 months of minutes and actually didn't see anyone trying to do what I want to do, but that likely has to do with the general type of town this is, as not many duplex's exist in this town.

@Jeremy Marshall I am looking to invest in either Eastside suburbs, Webster, Irondequoit, Fairport, Perinton, Henrietta, Pittsford etc. I have also been heavily looking in some of the B neighborhoods in the city. Southwedge, Swillburg, Beechwood, 19th ward, and Monroe Ave.

@Mark W. Thats quite a story you have there. Tough to buy a 3x and have to turn it into a 2x, I would have been fairly upset. I guess I get it from the cities perspective, they don't want everyone splitting up every house out there. I work in Newark NY and they have the same view and don't approve any splits here. They have too many as it is.

Hey all. I think I finally might have my first deal. I have been looking in the Rochester NY market for about a year now and have finally figured out that the MLS is not working for me. I found an off market deal and I think it is going to cashflow. I ran my numbers pretty conservatively and still see a $350+ per month positive cashflow. It is a duplex in a Suburb of Rochester. I have two minor bumps in the road right now and I wanted to see if anyone else had some advice on these.

First, the lot is zoned as a single family, but the duplex seems to be pretty well separated and I feel it could get rezoned pretty easily. I checked on the town code and the type of zoning it has is capable of having the dwelling changed from a single family into a dual family through a building permit process. In the mean time this is making the bank financing tricky. They state they can only underwrite the loan by calculating rent from one side of the duplex, which throws the numbers out of whack obviously. Has anybody gone through this? Are there better ways to finance this?

Secondly, the property has a pool that would be shared by both tenants. I anticipate this property to be rented to a small family with kids, and maybe a young couple on the other side. I am a bit worried about liability with the pool  in the backyard. What are some of the risks, and mitigation I should be aware of with something like this?

All advice welcome!

JD

@Steve Santacroce, thanks for the info. I'm looking to get started in Rochester too and it seems like a great chance to meet local market experts.

This looks like a great, and very well organized meet up. To confirm I see this is at the East Ave Wegmans on Wednesday at 7:30am? Can I assume this is weekly? I'd love to swing by!

So I figure I would pop in an update here. I haven't done my first deal yet. What I have done in the past year or so is get my DBA up and running, I ran a small pumpkin road side stand off my yard in October and absolutely fell in love with the passive income stream. Granted I didn't make all that much money, I did use it as an excuse to setup my DBA, my business banking account, and name my company.

Just this Friday I finally toured my first two properties. It was exciting and eye opening. I also found a few wholesale lists I have been added too and I've reviewed a few properties through them. I am getting closer and closer to putting that first offer out there, and maybe after a bunch of those I'll get that first deal in the bag.

Thank you to everyone who shared the details of their first deals. Its very inspiring!

Brandon,

Great to hear your interest in Rochester! I too am just getting started in this market and am super excited. I'm glad you posted here because the advice provided to you is valuable to me too. I've been a lurker for the past year or so and finally went and saw my first property on Friday last week. It is very exciting and scary at the same time. I plan on going to some meet ups soon to meet local people who are like minded. Good luck! (I have also found everyone on here to be super nice and helpful!)

JD