All Forum Posts by: Joshua Womack

Hello BiggerPockets community. My name is Joshua Womack. I am currently in the process of buying a rental property in Rochester New York. I have only found two companies in Rochester that do property management. Only one seems reliable based on online reviews. If you live in Rochester or invest in Rochester and have a property management company you could recommend I would greatly appreciate any advice. Thanks a million! 

Hello @Sebastian Marroquin. I definitely do need help finding someone honest and ethical. It's just difficult I assume because all the sites I have been on to find multi-unit properties had listings that were dominated by this "unethical" or "slumlord" property management company. Didn't know where else to turn so I decided to give BP a chance hoping for the best! 

Hello BiggerPockets,

My name is Joshua Womack. I am currently seeker a realtor or property management company in the Rochester area. I have done my research and I am looking to acquire a multi-unit property in Rochester. I have found one property management company so far but they don't seem like the most trustworthy company. Some of their reviews have referred to them as slumlords so I don't want that involved in my first experience. My research has shown me rent that seems also unreasonable for the conditions and prices of the properties in the area, (I'm not complaining I'm just in shock that there are any multi-unit properties for sale if it's such a hot market with great deals.) If you are a realtor or work at a property management and would like to help me get my first multi-unit property under my belt I would greatly appreciate it. Also any comments or remarks would be helpful as well. Thank you and have a great night all. 

Hello all. In all my classes of investing I have always been taught to use other people's money. I am looking to purchase a rental property in the near future and am not sure which route I should try for. I have private money that I could see being easier than going to a bank and getting a mortgage on the property. I have always heard that cash is everything and not to get a mortgage on a rental property but I just wanted to hear some opinions. Thank you all in advance. 

Wednesday night (Feb 24) where I live had an absolutely horrific thunderstorm / tornado warning. Even with all this my mom and I found a property that we thought could be a good flip. We adventured out into the storm while the radio was telling everyone to get off the roads. We arrived at the property and thought it had endless potential. It was the first day on the market and we knew it was the one. Fast forward to Thursday night we put together an offer for the property, before I submitted the offer the listing agent had warned me that they already had two cash offers on the table. We decided to stick with it. We put together a cash offer with an "as-is inspection" clause. Friday afternoon I got a call from the listing agent asking if there was anyway my client would be willing to remove the clause. We realized that this meant if we removed the clause we would get the property. Friday night we got a call from the listing agent saying that they accepted our offer and we are due to close on March 16th. We have only seen the property once with flashlights (since the property didn't have power) so tomorrow morning we are off to do some visiting of the property, not like we can get out of the contract anyway. Can't wait to close and get our next project going!

Thank you @Lenzy Ruffin!!!!!

Hello BiggerPockets. I am in the process of buying my first rental property. I live in Maryland but I'm looking at properties in New York. I have a property management company for whatever property I choose to purchase but I just wanted to know you alls opinion on if cap rate is everything. The first property I'm looking at is listed at 159,000. I would have to get a mortgage on the property which would be about 700 a month. It has four units that rent for 700 each so I would gross 2,800 subtracted by my mortgage which would be 2,100 without expenses per month which was a 16% cap rate. The other property is listed for 45,000 and I would pay straight cash so I wouldn't get a mortgage. That property brought in about 1,100 a month with two units. That property had a cap rate of 23%. I just wanted to know your opinion on if you think that I should go with the property with the higher cap rate since that is what I was always taught, to not go with a property until it had a cap rate of 20+%. Look forward to hearing back from everyone.

Thanks in advance!!!!

@Jonathan CasillasHi Jonathan. I was hoping to just do a conventional loan. I live in Maryland and the property is in New York, not really practical to move to New York just for a house haha. I'm buying or trying to buy the property from a property management company and they said that they would be willing to continue managing my property. Thank you for your help and advice! 

Thank you @Christian Sifuentes!!!

Thank you so much @Daria B.and @Account ClosedThank you! It took from July 1st-Early Feb. We bought the house for 120k and listed the property for 249k.