All Forum Posts by: Joseph W Deleguardia

Hey there everyone!

I’m a newbie here to the bigger pockets forums, so excuse me if this isn’t the correct category. I’m looking to purchase my first investment property and am searching for multi-family homes. I’m from Rochester, New York and am considering going to our local foreclosure auctions and picking up a fixer upper.

My problem is that these type of deals are usually cash sales, so it’s not like I can go to the bank and get a mortgage. I do have a decent amount of savings but would like to leverage a deal as much as possible.

What is a good way for someone just starting out to get some funds for these type of deals? Any suggestions on private lenders that specialize in real estate investors? Should I take out a personal loan from the bank prior to going to the auction? Let me know what you guys think.

@Matthew Drouin Thanks for the response! Glad you mentioned the termite issue, that’s something I was unaware of. I would like to raise the rent to $900 at least on the two bedroom. I thought the property was over priced as well, what are some things I can say or do to get it for a lower price without offending the owner and what are some things I should judge to estimate what the house is truly worth?

@Theresa Harris Thank you for the response! Those were all things I was thinking about as well. Great advice from the both of you. It’s funny you say you’re not going to be living there, but I did consider living in one of the units because I am still young and want to move out of my parents house. Free rent is always nice as well but if it makes more sense and only works to collect rent on both units, I don’t mind waiting another year to move out and find another deal. All I know is I don’t want to rent a place that’s for sure!

@Lucas Cochran Thank You for all the tips and actually replying to post! Wasn’t sure if I would get any replies so it’s much appreciated. 

Here’s a little more of the scoop on the tenants. The first unit the tenant has been there for 18 or so years and is on a month to month agreement for some reason, she’s currently paying $850 a month and doesn’t plan on leaving. The second tenant is on a lease and it expires in May but would like to resign another lease and stay if the new landlord agrees to let her stay, she too is paying $850 a month. 

The tenants both will be gone on my first showing of the house, the agent was sure that we would have to work the showing around their times, if I find it’s a good deal would I then just simply ask to meet the tenants before making an offer? How would I proceed to do so.

Again, thank you for all your advice it really helps and makes me happy to see the bigger pockets community is so friendly and helpful!

Hey everyone,

First time posting on the forums, big fan of biggerpockets podcast, listen to it every morning at work! I'm currently going to look at my first ever deal to buy a duplex here in Rochester, NY. I am meeting with the agent on Monday and am wondering if any of you experienced duplex/multi-family investors can give me advice on what questions I should be asking, what numbers and financial statements should i want to request. This will be my first time ever doing a walk-through and meeting with an agent and I just want to know how to tell if its a good deal or not. Any tips from more experienced investors preferably in the Rochester, NY area will be much appreciated! 

Both units in the home are currently occupied, ones lease expires in may and the other one has been there for around 18 years.

A little details about the deal are

• 1,380 sq ft
• 3,049 sqft lot
• Property TypeMulti-Family Home
• Last Sold $76k in 2014
• Days on Realtor.com 159 days
• Year Built1900
• Price per sqft$94
• Garage1 car

Thanks everyone in advance!

- Joe