All Forum Posts by: Matt Palmisano

wnyhomesllc.com

Small firm, supporting select properties and clients. Hands on team. 1 call answers. Have managed hundreds of properties in all neighborhoods. Owners and managers.

@Rema W. No never. Do your own math. I have seen advertised properties for sale that have half of the real expense calculated in them. Buyer beware and do your own diligence. As if you were a ceo looking to acquire a competitor

@Jordan Petty It has to make money somewhere. Would you invest in a business that didn’t make money? Why not just work for your employer for less? See where I’m going? It was a great question and great thought but there has to be an upside somewhere. I could see a property that didn’t cash flow but on the negative side, I would stay away. Hyper inflated markets will do that but key is to be patient and look for an investment that makes sense. Keep the risk assesment involved as well. Your tenants move out and that $100 becomes $1,100 or whatever your note payment is. A bigger down payment can also help drive up cash flow if you’re in love with the property. Good luck and remember to stay patient. No deal is better than a bad deal.

Hi Martin- that’s fantastic. I, unfortunately have not digested a property of that magnitude so I’ll also be following your progress. Off hand my gut says lock the deal up and then worry about closing it but I’m speaking out of turn with no experience. You can always seek investors. Plenty of people want in on a 30 unit building. Whichever your coarse is please let us know. Anxious to see how this plays out for you. Good luck.

I live and invest in Rochester. Your property and neighborhood can make or break you. Literally a couple streets can be the difference between a decent term tenant and one they moves in the middle of the night with your furnace. I have seen it! I’m happy to help and also interested in a meet up.

Great thanks for the feedback guys. This helps me with some additional questions for my mortgage guy. Appreciate the help.

Hi Everyone Just looking for anyone who has experience with a 203-k loan. Maybe even in western NY -Rochester-Buffalo-Syracuse Are closing costs higher? Are there any stipulations as to how long you have to hold it? True cost of the loan, etc... Any details are greatly appreciated.

Holley is out there. Plus those storefronts will be difficult to rent (at least I think so) I would be curious to ask why they are vacant, how long has it been since they have been rented and what type of businesses were in there prior. You can buy mixed use in the city of Rochester all day with storefronts. Same concept- small retail is tough in neighborhoods. If I were you I would hold off- it's a tough market and nothing wrong with being patient. No deal is better than a bad deal- I have not made a purchase in 2017 and am itching too but I love in Rochester and wouldn't want to go way out to holly. - from a guy looking for a few deals but being patient

it's definitely growing. Low end it's a 60k-80k market and higher end is 120k-150k so housing is affordable to investors through traditional financing. It all depends on the neighborhood you are in.  Closer to city will bring challenges. Farther away usually means more money but sometimes better clientele. 

Hi Josh I grew up in Gates. Decent town depending on which side of town. It's a blue collar town at best. Mostly c and b clients. Screen good and you should find some good people. I own properties in Rochester and would invest in gates. It was the former little Italy of Rochester but has turned a bit. Still a decent area for rentals. You won't find doctors and lawyers but working people that want to raise a family in an ok area. One of the first burbs from the city so as folk get tired of the city, gates is on the radar. Hope this helps.