All Forum Posts by: Ricky Hopp

I’ve been looking to reinvest my 1031 exchange in NOLA and have received quite the wake up call on what I thought was a very investable market.  While pricing and real estate taxes may look ok on paper, with the insurance crisis  + flood insurance + 7-8% interest rates, it’s been impossible to find anything in good shape that’s even close to cash flowing.  I had no idea that insurance rates could be over 10k a year.  Run your numbers!!! 

Hi @Hank Wedow and@Tony Fendi, I am interested in pursuing Rochester student housing as well and am interested in picking your brain as to what proximity you feel is ideal for the U of R and RIT students.  I am based in NYC now so would love to have a chat session and hopefully meet up when I am in Rochester.  Can you tell me a little more about your philosophy?

Ricky

Hi all,

Is there a way to generate a report on the Monroe County site that brings up all the residents of a town that are late on their tax payments?

HI Matt, Thanks for posting!

Can you tell me a little more of why you decided to invest in Cazenovia?  Are the economics really sound in the area?  Schools very good?  I am expanding beyond the Jersey City / Hoboken area and am interested in upstate NYS, which is why I ask.  Would love to hear your thought process behind Cazenovia.

Thanks!

Ricky

Hi all,

I am a Rochester native and a fan of Rochester real estate these days.  Though the city needs a lot of work in terms of crime and school, there aren't too many small/mid size cities with the arts, food, nightlife, access to suburbs, lakes, wine region, etc. that Rochester has while having extremely low taxes. 

I also am looking at current prices and see positive cash flow opportunities for rentals.  I know that areas near Park Ave, and University of Rochester have strong rental demand, but I was hoping to speak with anyone who has other areas that are relatively safe for the city and can attract good tenants for cash flow positive rent.  Also, what kind of wholesale deals and auction prices can you find for 3 bd 2 ba / 4 bd 2 bath single fams, and duplex? 

Finally, I am interested in any wholesale contacts or real estate agents that focus on distressed / short sale / pre-foreclosure properties in the area to help with my investment property search. 

If you have any advice on other areas in NYS, such as Syracuse areas (Cazenovia?), Albany Areas (Saratoga?) I am all ears.

Thanks!

Ricky

Hi all. Does anyone have information on rules regarding how long the owner has to actually move into the property under an FHA mortgage? I thought it was 60 days after closing, but someone mentioned it needed to be immediately after closing. This would be difficult to require immediate owner occupancy since tenants are currently under a lease that will end around 60 days after closing date.

Any help or advice is much appreciated. 

Its hard to tell knowing the actual rate difference but if your goal is shorter term, I would prefer to have the flexibility.  I am also not a huge fan of working with the big banks unless you have a relationship with someone there but that being said, what are the prepayment penalties and what is the difference in interest percentage between the 2 banks?

@Peter Tverdov Thanks for the help!  I hope that's what it costs!

@Justin Fraser  Thank you for letting me know the details of your project.  This is definitely doable and I understand that opening the walls is when the costs begin to get high.  Good luck on your flip and it does sound like the work I'd be doing was very similar!