All Forum Posts by: Abraham Rahmanizadeh

@Chris Williams Have you looked into financing options from places such as SoFi or other players that sometimes can offer better rates than what you currently have given it's at 6.25%? I'm all about risk and all of my loans besides the minimum payment are outstanding because I would rather invest and build assets than pay down but at 6.25% may be worth paying down a chunk given where you are located. Since you don't plan on moving for a while you'll essentially be burning money at a 6.25% rate per year until you move into an area you are able to afford to invest in given the Bay area is insane. That means if it's 1 - 2 years out you'd need some pretty great returns, especially if you factor in the time value of money, to offset the benefit you'd be getting from paying off those loans.

Regardless of what you do.. Best of luck!

@Edwin Vela I am very interested in the Rochester working class areas. Still looking around to familiarize myself with the exact neighborhoods that I would be interested in investing in. 

@Tanya Davis Thank you so much for your kind thoughts! I really appreciate your thorough response with the specific areas you think are great for investing in! I will definitely look into these areas and get to know them a bit better when I head up to Rochester soon. Wishing you an incredible holiday season and a very Merry Christmas!

@Matthew Drouin I would say for me I am looking for cap rates at least above 8% but ideally targeting higher than 9.5%. I know people seem to always leave out numbers when calculating cap rates but for me a cap rate is (Rent - vacancy - prop taxes - insurance - repairs & maintenance 5 - 10%, depending on the property - capital reserve ~2-5%, depending on the property - property management - HOAs, if applicable - any utilities paid by LL - lawn maintenance, if maintained by LL) divided by Purchase Price. I'm not confined to just the 19th ward that was just the one neighborhood that quickly came to mind but I am interested in broader Rochester as well.

@Matt Harris thanks for reaching out and I'll let you know when I do decide to come by! If you have some properties in the pipeline feel free to send them my way and I can take a look at the numbers.

@Michael Karl Any areas in Buffalo in particular that you think are solid CF wise? I am looking for something in NY since I've moved up here would like things that I can actually get out and see every once in a while via car. 

I also noticed after chatting with a few people today that the low taxes was a mirage because once you add school/city taxes and sometimes a village tax the numbers are astronomical. I saw a posting where they only included the county tax so I had the wrong impression of low taxes.. Quite the opposite.

@Will Chamberlin Incredibly helpful!! Thanks so much, man! Definitely a completely different setup compared to anywhere else I've come across. 

Hi everyone,

I am looking to start investing in the Syracuse and Rochester areas and I am curious to hear from other investors in the area as to what they think of the market currently? For Syracuse specifically the west side / skunk city area which seems to have decent cash flow opportunities due to low purchase prices and reasonable rents coupled with low property taxes and low insurance.. 

As for Rochester I have the same question with the areas just east of the airport such as 19th ward and the areas north of the airport as well but west of the Gensee river.

Am I missing something? Would love to hear from people with experience in the area. I am planning on driving out to both cities to scope out the areas and better familiarize myself with the different parts of each city later this month / January.

Thanks to everyone in advance! Let me know if I can be of any help to you (have invested in Central / South Florida and currently living in NYC).

Abe

@Steve B. and others I know this is an extremely old post but.. Curious to hear as to why you guys mention the property taxes are a killer in the Syracuse area? I am seeing properties with property taxes ~$3k with a $200k appraisal from the city which seems very low (at least when I compare to rates in Florida that I am use to..) Am I missing some additional taxes that are not captured in property taxes or..?

Thanks!

Abe

@Alan Diamond I am looking at potentially purchasing a property in Syracuse. How was your experience with Absolute? 

Thanks everyone for all the  great recommendations!

@Greg B. What worries people about the areas on the west side / near Burnett park and all that? Are those areas that bad? I am starting to look into Syracuse myself and may be interested in investing but I am not familiar with the area as a whole. Plan on making a trip up there to check it out. I'm more interested in cash flow than flips or higher end properties expected to appreciate a ton but worry that the older buildings / maybe painful tenants eat up all the cash flow that seems to be available.. Seeing rents for what the properties cost blow my mind but I am not sure if I am missing something!

Hi everyone,

I have a small job that needs to get done due to a fire a contractor started that ended up spreading to the side of the house. If anyone knows a GC in Tampa that may be interested in pursuing a small job (should be a few hours to complete) please send me a note with contact information. Have had a tough time finding contractors that actually show up to give a quote / with the availability to complete the work.

Thanks!

Abe

@Wayne Brooks Thanks so much for the advice and help! This is exactly what we needed.

@Steven 

@Steven Hickox Really appreciate your advice on this! We did not have insurance yet and were actually doing the repairs to the roof to get the inspection and get it insured. We've been asking him for his insurance for the past week and he has not responded to any of our messages. Fortunately, the job is complete for the most part and we just need to take care of one more repair and should be fine.