All Forum Posts by: Matt Honeyford

@Tantan Hou

Thanks for reaching out and introducing yourself. I invest and life in Rochester. Been doing it for a little while now… happy to answer any questions.

@Allie Foland

It depends if you’d like to manage projects or tenants.

Yes, very much so. I love the Rochester market. 

HI Ryan, 

Welcome to real estate. It's going to be challenging finding a single family rental that makes sense, especially on sites like Zillow / Realtor.com. I would consider expanding your search to a 2 - 4 unit. When doing so, be careful of any potential tax assessment increase. 

- Matt 

@Stedman Valentine

Owner occupied multifamily, that’s the best way to get started. It gives you a place to live. Teaches you how to manage tenants. Allows you to buy a large property, typically more than a single family, with a small down payment. And! 30 years from now you’ll be sitting on whatever your purchase price is plus 2% - 4% property inflation depending on the market (Rochester, NY is 4% for example over a 20 year timeframe).

Good luck

@Supada L.

Negative cash flow isn’t everything. In fact it’s only one of the four benefits of owning property (Cash flow, Appreciation, Equity Buy down and Tax advantages).

If financially you can afford to keep the property, even with negative cash flow, then it most likely makes sense to keep it. Selling the property now will only make you realize the losses.

Good luck.

@Bryson Goforth

Gotcha. Then it depends how bad you want it. If you’re going to live there with your family for many years to come, then it doesn’t matter if you over pay a little for it.

For piece of mind, hire an inspector and review the contract with an attorney.

My opinion - good luck.

@Greg Scott

I am not a lawyer and do not know if it is unconstitutional. I do know that a group of restaurant owners got together and sued the Governor, the result of which is currently they’re allowed to open.

I think it’s scary that our elected officials are just kicking the can down the road. Eventually, tenants are going to have to pay up or leave. Most will leave without paying.

It’s always been incredibly important to screen tenants. But now it’s crucial.

@Bryson Goforth at what price does the property offer a return?

Hi Roy, 

Congrats on your new purchase. Nice work.