All Forum Posts by: Mike Ware

Would love to, unfortunately my Wednesday nights are booked!

@Eric M. - I was thinking the same thing! But the numbers worked, and they still do.

@Mark Updegraff I have had my properties managed by Integrity PM. I'm actually doing some renovation work on it now to try to improve the value and rent levels, so it'll probably be a month or two before I have it filled again. It can be tough in winter months. It's 16 Myrtle St.

For what it's worth, I have one property in Rochester that I purchased in 2011 for $23k that returned 20% for a couple years in a row, and that $23k included a $8k finders fee (the actual sell price to my "finder" was $15k). Had I been knowledgeable/active enough to find the deal myself, it would have been more like a 30% return.

Major qualifiers:

1) The tenant never asked for anything significant to be repaired,

2) It's in what I'd consider a war zone

3) The tenant stopped paying rent and was evicted a few months ago, and now I'm probably paying for all the things that weren't repaired while they were living there, haha

Bottom line - 20-30% is possible, though there will likely be risks/extenuating circumstances. Most of my others are more like 12%-16% like Dave said, if they have a decent year without an eviction or significant vacancies. I'd say even to maintain those rates you need to be on your toes and serious about your business.

I'm planning to make it out too. Might be running a bit late, but I'll do my best to sneak out of work a bit early!

Hi All,
I was just looking up some data for an unrelated project, and came across a website called http://www.findthedata.org. They have all sorts of aggregate data, but one subject in particular piqued my interest - average rents for any zipcode.

Check this out: http://average-rent.findthedata.org/. I'm not sure what their source is (maybe public listings?) but it seems like a pretty sweet tool.

Anyone familiar with it?

Mike

Tiffany Toukatly - All my properties so far are on the west side of the city, 19th Ward area and a little north of there. The properties I've bought so far are generally in the $30k-$40k range. I'm guessing you'd be looking for something a little nicer if you want to live in half/rent out half. As Chris mentioned - zillow.com is a cool resource, also realtor.com for MLS listings, and loopnet.com is also a source of all sorts of income properties from small single-familys to large office buildings. There's also craigslist.org. Look around and see what interests you. Take a look through the free "Beginners Guide" that BP offers for some good basic analysis tips.

Welcome! I just joined up a month or two ago myself and I'm already finding this place to be a pretty awesome resource. Here's a post with a bunch of Rochester area investors if you're interested:

http://www.biggerpockets.com/forums/86/topics/88228-anyone-from-rochester-ny?page=1

We've ventured a little off topic lately, but the general gist is Rochester area investors getting to know each other. We're hoping to have a get together sometime this summer for whoever's interested.

Your plan on buying the duplex you're renting and making money off the other half sounds like a good one! I often wish I'd done that myself.

Good luck!

Frank O. - Congrats on getting started! I've had good success with SFHs in Rochester, and currently manage 4 singles and a duplex.

Michael Wagner - I plan on being there to heckle you Thursday night! Just kiddin' I'll be nice... Looking forward to meeting a bunch of you guys.

Michael Wagner, where/when is the meeting? I'd like to come check it out too.