All Forum Posts by: Shane W. Chapin

Welcome to BP @Kenneth Crosby I am currently using the BRRRR strategy on a Single Family Rental in Gates NY. I don't know if one area of Rochester is better for the BRRRR than another as I feel it is the individual property will determine if you are able to BRRRR it. Obviously the area that you choose will then determine things like ARV, taxes and potential market rents. Your personal situation and goals will determine what works for you as well based on your experience, hustle, capital etc..

As far as finding the "core four" I recommend going to meetups in the area and just start talking to people. You will find everyone you may need if you surround yourself with others doing the same thing as yourself.

Keep listening to the podcast, interacting here on the forums and stay positive! Good Luck Kenneth!

Welcome @Austin Welty Thank you for your service. I am an Army veteran here in Rochester as well. I am a new investor myself with 1 SFR right now but always looking to meet good people. There are some good groups locally that do meetups so let me know if you're interested. Good luck with your transition and feel free to reach out if I can help in any way.

Hi @Colin O'Brien I would not consider myself one of the "pro's" you were probably looking for but from what i see, if a bank is willing to refi at 75% ltv..and let's say they value the property at $170K..they will want to give you $127,500..yet your balance is $133K. Doesnt seem like this would be the time to refi in my opinion.

Look at it this way, based on the 70% "rule"...had you purchased the property at 70% of its ARV ($170K)..then subtracted the rehab out of it say it takes $15K..your maximum allowable offer would be around $104K. Now if you take the $127,500 refi from the bank, pay off your $104K loan..and get $24,500 in pocket and still have 30% equity in the property.

Again, not one of the more experienced guys here but hope this helped.

Hello @Wen Wang I am a new investor with only 1 unit under my belt but it looks like you may want to double check your property taxes. They seem low @ $300 per year but I am in NY so I am used to seeing a much higher number there :)

Hello @Kyle Jackson I am in Rochester NY and I can find the property owner's info through our County's Tax Assessment Website. If you have the address of the property, you should be able to find at lease the owners name and mailing address. 

If you are looking to find absentee owners in general, try Listsource. You can build your list based on zip code, property type, mortgage balance etc...

Good Luck!

Welcome to BP @Justin Schreiner This is a great place to start and find a lot of valuable information. I wish you the best of luck on your journey!

Hello @Patrick Murat I am in Rochester NY myself and am currently rehabbing my first SFR. I purchased this house using the BRRRR strategy and plan on keeping this as a rental (unless my appraisal goes better than I thought, then I may flip it). We are doing all of the work ourselves however I wouldn't consider us a construction crew. I am an investor though and I have a good real estate agent that understands the investment side of things as well. I have also been in sales and management for over 12 years now so I could assist with closing/negotiating/sales calls/team management as well. Feel free to check out my social media links in my profile.

Welcome to BP @Daimily Santiago-Leon I am a new investor here in Rochester as well. I closed on my first SFR just before the new year and am currently in the middle of the rehab. I am using the BRRRR strategy with this property and will update the deal in my profile once it is complete. You are definitely in the right place to learn! Good Luck.

Hi @Matthew Drouin I would say that this should only happen once to any new investor and I assume I could end up in the same cycle once I am at the point of structuring ownership on a larger deal. I guess what I would ask is, in what order should I approach these different individuals in order to maximize both efficiency and accuracy? Also, should we be asking each individual for a referral to the next step to ensure that there are good lines of communication between all parties involved? I look forward to hearing the discussion at the Mastermind Event next Saturday!

Welcome to BP @Sam Schrimsher This is a great place to gain knowledge, motivation and advice! I am here in Rochester and have recently purchased my first SFR that I am currently rehabbing to hold and rent using the BRRRR strategy. Feel free to reach out with any questions. I have met @Martin Grizzanti and he is a great guy so if you can go to the meet up, you should. I wish you the best of luck in your endeavors.