All Forum Posts by: Jennifer Dean

@Account Closed What is the reason for you choosing to invest in the southeastern part of the city? 

Hello,

I am looking to start investing in Rochester, NY and would love some advice!  I've heard many good things and am doing some due diligence about the area.  I am planning on heading up there in the next couple of weeks to check out different neighborhoods and properties.  I am looking for an agent that is local to the area and knows Rochester well.  If you know someone or are an agent, I'd love to hear from you!  I'd love to hear other people's experiences with the area as well!

@Sophie P., I invest in the Provo and Salt Lake area and while inventory is tight, if you are patient you can find a good deal every once in a while.  The prices seem to be getting higher and higher for multi-family as they are highly sought after investments here.  But with due diligence and patience, I'm sure you can find what you are looking for.  I love the Provo area as its never hard to find tenants and we rarely, if ever, have a vacancy.  I also own investments in Pleasant Grove and Murray.  The Pleasant Grove property has done well with appreciation getting over 7%/year, although I feel that the appreciation growth has slow a bit since we purchased. I'm familiar with the rental markets as well so let me know if you need any help looking as I would love to help!  

Congrats!  That's great that you have been able to build up a good chunk of equity!  Where are you going to be looking to invest with getting more property?

I agree with @William Hochstedler.  I think its smart to keep your properties and just juggle around some equity to take out to help fund your projects.  You could try out some lease/options as you are able to collect a chunk of change up front.  That way if they did end up acting on the option, you wouldn't incur as much for the cost of selling, and you would be getting a higher than market rent along the way.  If they don't act on it, then you can just do it again. 

@Scott Dean, You can either re-finance or take out a HELOC for your equity. Depending on how much you make, there are some lenders that will let you take out most of your equity when you live in the property, but the percentage goes down once you move out.

Not too sure about the LLC, but its my understanding that you could deed the property over to your LLC. You could set up a land trust to do this, just in case your bank considers this a breach of contract and calls the loan (probably wouldn't happen, but just to be safe.) With the land trust, you would have your LLC be the beneficiary, which means that they have all the rights and benefits of ownership.

Good luck!

I just bought my first property in Provo this November, although I have other properties about 20 minutes away.  We've had a great experience with it, easy to rent and rental values are great. We like being just far enough from BYU (outside the 2 mile radius) where we can attract the graduate students and young professionals.  I agree with what @Rob Dean mentioned with deals being a little tricky to come by, especially on the MLS. You really have to look as there is a lot of competition. But you can still find them and they are out there! Let me know if you need any help or have any questions about the area!

What an awesome success story!  Thanks for sharing!  Excited to hear about your next success!

Where are you looking for deals? If you are just looking on the MLS, then I would have to agree with you, that inventory is high and low price is hard to find, even though deals can still be made. But I would see if I could network with some wholesalers or just do your own marketing (letters, to find some deals. I have been able to find some good deals in our market. I feel like off market deals sometimes are a little easier to get deals out of as you don't have all the competition and bidding wars, although they do require more work to get the leads on your part. Its just about being able to find that motivated seller that will give you a deal.

@Spencer C., I found the property I am currently in through the MLS. But I also run across deals doing my own off market marketing. I also have some wholesalers that I work with that send deals over. Message me with you contact information and I can send you over some more information and tips on multi-units in the area!