All Forum Posts by: Account Closed

@Ryan O'Rourke to echo Larry's sentiment sorry for your loss and great job working to complete your license.  

If you have any listings please send them over, we are always looking for properties.  Welcome to the forum and good luck.

@Shane W. Chapin welcome to the community!  Sounds like you have a solid goal, if you need recommendations for anything this is a great forum.   There are a decent number of people who invest in Rochester.  If you are interested there is a local group that meets, not exactly sure when the next meeting will be.  

Are you looking for turnkey properties, or something that needs some work?  Are you focusing on any specific part of the city?  

@Jacob Thorp

Welcome to the forums and your real estate investing journey.  Sounds like you have a great plan and motivation for financial freedom.

The Rochester community is very supportive. If you need a reference, or are looking for an REI meet up, you are in the right place.

Good luck and keep updating on your progress, it is always inspiring to see people get started and move toward their goals.  

Russ

@Matt Honeyford

The process can certainly be frustrating at times.  I would guess most people have felt like giving up, or have been unsure of themselves at some point in their investing careers.

Not sure if you have already listened to the podcast episode that came out today (I think), it sounds like it is very applicable to your challenge.

Sometimes it seems like real estate is a series of problems that if you can somehow figure out how to solve you are rewarded with a cash prize.  

Are you dealing with any wholesalers?  Are you using your team to do contract work on other properties other than your own flips?

This is a great success story, inspirational.  

@Jordan Petty your goals are admirable, to give back to those who helped you along the way.  You stated your long term goal of buying properties to cover your monthly expenses.  I believe you answered your own question about investing in properties with negative cash flow.

Your frustration is very understandable, along with the desire to just get started and do something.  Other comments have noted that there are parts of the county where cash flowing properties can be found.  I invest in Rochester (western New York, ok pretty much southern Canada) and the market has been great to me.  

If you are interested I can share references for a broker, property manager, or anything else you need to invest remotely.  Good luck with the hunt and try to stay motivated without getting discouraged.  

Russ

@Jerry Quintiliano what rate of return are you seeing on those areas?  Do you have a target return, or just looking the best deal you can find in those areas?

@Kyle Marek there is a lot of wisdom from someone with 50 years of experience that has your best interest at heart.  I have heard of good and bad experiences with property managers.

When I purchased my first property is managed the units myself for the first year, which taught me a tremendous amount.  After the first year, and first property I have used a property manager for my portfolio.  My experience with a property manager has been great.

There have been a number of times having a property manager has saved me money.  They have a maintenance staff that can perform most repairs and cost a lot less per hour than yellow page rates.  They also turn over a unit much quicker than I can which helps to minimize vacancy.  Having a manager also allow me to scale beyond what I could manage myself.  Perhaps most important, while not a financial benefit, it allows me to spend more time with my family.

Good luck with whatever you decide to do.  As others may have said when you are evaluating a deal include the PM cost so if you ever decide to use one you will have ability to cover the cost.  Best.

Russ

@Jerry Quintiliano congrats on starting your search.  I lived in Suffolk for 20 years.  In your extensive research, which areas of western Suffolk are you finding multi-family properties that you like?

@Jason Gaccione congrats on starting toward your first property.  I was born and raised on the island and lived in Brooklyn and north Jersey before moving upstate.  

The folks advising upstate markets, @Luz Espiritusanto and @Roger Von Urff are right if you are looking for cashflow.  

I have units in Rochester and have been very happy with the returns.  Good luck on your hunt, and if there is anything you need locally please feel free to reach out.

Russ