All Forum Posts by: Account Closed

@Zev Dobuler I will leave it to @David Stott but I believe it may have been sarcasm.  Rochester is a great market, good luck with the hunt.  

@Season Price become a syndicator!  Seems like today having $500 would make you more qualified then some people pushing deals.  

@Tarica Davis sounds like you have a solid plan to start.  House hacking is a great way to get started.  Have you wholesaled any properties yet?  Rochester has been a very hot market and deals have been going quick.  

I took the same approach you are looking to take, multi-family buy and hold.  Investments are concentrated in South Wedge, Corn Hill, and Park Ave areas.  Started with some smaller properties and rolled up to larger as I gained experience and equity built up.  

@Tarica Davis welcome to the RE game.  What type of properties are you looking for?  Any specific area?  There are a good number of local people on the forums, even a couple of local meetups for investors if you are interested.  Good luck starting your journey! 

@Brandon Tritt I don't know the owner or the tenants so I am not in a position to call this a scam.  I will say that amount of rent for a 2 bed in that area is WELL above market rate.  Its possible the listing may be inaccurate indicating $1,200 per side, that may be the total for both units.   

If you are considering that property include a healthy budget for vacancy and maintenance.  Good luck!

@Alex Jones @Mark Ostertag @Larry Turowski @Mark W. @Sam Schrimsher all thanks for the information on the changing laws, it is definitely going to take some time to sort out.

I have spoken to a few local property managers and the major theme across all of them seems to be that the screening process is going to be significantly tighter.  If they didn't have written standards they do now, and they are more selective.  One told me that a vacancy is cheaper than an eviction.  

The other point they seemed to make was that any current tenant who is viewed as higher risk will not have leases renewed once the term is up.

This seems like it will make the supply of units for people with marginal income and credit drop significantly, and rent will rise for those units.   

Are people holding on any new purchases until everything shakes out?  Are people selling?  Anyone moving to better areas with more qualified tenant pools (Park Ave)?  How are people handling lower income areas?

Any information we can share with each other is going to be helpful so we don't inadvertently break a rule we are no aware of.  Thanks.

@Larry Turowski I wanted to make the briefing but my schedule didn't work out.  Hopefully a write up gets e-mailed out.  Thanks for sharing the information.  

@Shawn O'Hara welcome to the club!  A good number of local investors from the Rochester market on the site.  @Alex Jones gave good advice about the local meet ups, there are a few.  

Feel free to reach out with any questions and good luck.

@Glenn Smits is the property held in an LLC?

@Glenn Smits you don’t need to wait 6 months. If you would like a contact let me know and I can send you their info