All Forum Posts by: Ryan O'Malley

Hi BP! I just created a listing for my duplex and know that NY State Law now limits the application fee for a renter to $20. This is below what majority of the credit check sites cost (I use cozy), so I am wondering what resources landlords in Rochester, NY have been using or how they go about screening. I use cozy currently, but the applicant cost per credit report is $25.

Ryan

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $179,900
Cash invested: $5,762

Living in the bottom 1 bedroom unit and renting out the top 3 bedroom unit. Rehabbing the upstairs unit currently and will be living for free once complete and rented!

What made you interested in investing in this type of deal?

I realize that housing is my single biggest monthly expense and was drawn to a small multi-family because I could get conventional financing.

How did you find this deal and how did you negotiate it?

I found this deal through the use of a realtor (Craig Stull at Renowned Realty)

How did you finance this deal?

FHA starter loan

How did you add value to the deal?

I am adding value by rehabilitating the upstairs unit and am bringing the unit to market rent (it was under by quite a bit).

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Craig Stull (realtor), who I found on Bigger Pockets! Highly recommended.

Thank you, everyone for the great advice! I appreciate you reaching out and I am looking forward to my first go-around at this first deal. Best of luck on your current and future REI ventures!

Hi BP crew,

I am closing on my first investment duplex in Rochester, NY at the beginning of October (super exciting!) and want to make sure that I am keeping the ball rolling in terms of investing. I financed through FHA and am covering down payment and closing costs myself and am not entirely in a financial position to jump right into a second property right now if I were to utilize a conventional financing. I am wondering if anyone has any recommendations on the next steps to keep my investing momentum moving forward. Should I look at forming an LLC and then rolling the property into that? Should I start saving up for a down payment on the next multi-family? Does anyone think that it is more beneficial to go with single family rather than duplex-quadplex?

I am continuing to educate myself through bigger pockets on how to be a landlord and setting up systems that will make everything run smoothly. I am also trying to network as much as possible. I unfortunately had to miss one of the last Rochester investor meetups but am looking forward to ones in the next month or two to build up my network and connections. I am going to be managing my first rental as I live in the other unit and am certainly open and eager to operating another(s) if the opportunity were to arise in the Rochester, NY  market. I just wanted to see what your thoughts are based on where I am at this early in the game.

Thank you! I look forward to connecting!

-Ryan O'Malley

Thank you, Sam! This is definitely exciting to jump in with. I enjoy figuring out the process and am looking forward to growing from this initial investment to many more in the near future. I'm bummed I had a conflict arise for the last Rochester meetup but will hopefully be able to attend the next!

Hi Rebecca, I am planning on attending! I will see you there. Thank you, Ryan O'Malley

Hey Ian! Thanks for the encouragement! Very excited about jumping into it. Do you have any tips for the first rental investment? Good luck to you in Los Angeles. Ryan O'Malley

Hi Bigger Pockets Community! My name is Ryan O'Malley and I just began my investing career in Rochester, NY. I have lived in Rochester for majority of my life and am excited to jump into real estate in the area. For a few years, I have been reading, educating, and implementing financial practices that would set me up for long-term success over the course of my life. Earlier in 2019 I came across the Bigger Pockets podcast and immediately became hooked and fixated on the idea of real estate becoming the ideal vehicle to get me towards my ultimate goal of MORE TIME. I am an avid hiker and skier and don't think I can see and do all that I want on 3 weeks of vacation per year. I understand that there is a lot of work to be done to get to that point, but am excited and eager to take steps forward. I became a BP member on May 13th and became a PRO member on July 14th...guess what. I just had an offer accepted on a Duplex a great neighborhood in Rochester! Literally two weeks after becoming a Pro member... I connected with an agent who I met through BP and we have worked throughout the whole process together. Definitely lucky that a duplex that fit my criteria of being a 1 bed/3bed where I can live in one unit and rent out the other in a great neighborhood came up as soon as I started looking. This whole thing is happening so fast but I literally just started looking, put in my first offer, and it was accepted. I am excited for the learning process ahead and am looking forward to living for way less than I currently pay in rent (virtually free to start off). I am looking for more opportunities in Rochester and can't wait to help improve Rochester in any way that I can. I also love BP and would love to connect and figure out how we can help each other as fellow BP members. Looking forward to the journey! -Ryan O'Malley