All Forum Posts by: Mike Chevalier

I do know of one site similar to what you're describing, ZestMLS. Specifically for wholesalers and investors.

 Congrats! Time to start putting offers in! I'm not familiar with that market, but took a quick look in Propstream and came across 38 S 2nd St Chambersburg, PA 17201 - maybe something worth looking into? It's a 3 unit, but if the property and numbers work for you, don't get hung up on looking for a 4 unit.

@Brendan VanDalinda thank you for your service. I would point you towards David Pere AKA @frommilitarytomillionaire on Instagram and Youtube. He posts a lot of value, and much of it is targeted to our Service Men and Women and answers this question.

Hi Casey, I'm an investor here in Rochester. Some of the considerations, or things that came to mind would be:

Property Management - you would need a PM if you were to purchase in Rochester, this would be an additional expense. You could self-manage in Phillie, but would need to ask yourself if that aligns with your goals/vision.

Tenant-Landlord Laws - NY is a very tenant friendly state, due in part to laws meant for NYC being applied state-wide. Evictions, etc can take a very long time and be expensive. I'm not familiar with these laws for PA, so can't comment.

Market/Neighborhoods - the market is hot in Rochester right now, especially for desirable neighborhoods. You might be able to get a "deal" on paper, but if it's in the wrong neighborhood it could go the other way pretty quickly. This seems to be the case anywhere, but something to be aware of - make sure you know what kind of tenants are attracted to the area you buy in.

Good luck with your first purchase! Let me know if you have any questions on Rochester, I might be able to help.

 Thank you Joe, and everyone else for your answers. Especially this reality check of needing to say no! 

I have a duplex in upstate NY, renting out the upper and living in the lower. We have minimum qualification standards in place and let everyone interested know about them. I know we cannot tell people not to apply for the apartment, regardless of if they meet this criteria. However if I'm pre-screening them on the phone and they don't meet the standards (by their own admission) but still want to see it, can I refuse to show them the apartment? Does refusing to show the apartment to them violate a fair housing law? 

@John W. Do you reach out to the tenant 60 days prior to lease expiration, to confirm their intention to renew the lease? The Book on Managing Rental Properties advises sending the tenant a "lease renewal decision form" prior to their lease expiration, and laying out options for them to renew the lease for a year, 6 months, or MtM. It also informs them of the notice they are required to provide (whether by the lease, or state law) if they intend to vacate. 

@Ryan O'Malley Congrats on the purchase! I used to work in insurance, and as others have mentioned you can get some of the asset protection benefits starting an umbrella policy - but you can also just increase your liability limit on your current homeowners policy which will probably be cheaper than having a separate policy. Once you have multiple properties it starts to make more sense to have an umbrella policy.

@Shawn O'Hara thanks Shawn, I'll see you around. Feel free to message me if you want to talk real estate

@Jerry Padilla Thank you, I will be in touch soon to setup an appointment with you.