All Forum Posts by: Shane W. Chapin

@Aqil Dharamsey Hi there. Sorry that I do not have a success story for you but I am here in Rochester as well and have had the same problem. Although I haven't quite tried 30 contractors, I did have 3 different contractors come through my property, promise a detailed scope of work and bid, then nothing. One of them I actually found here on BP and it still didn't work out. This is my first property and it is a single family so I have just kept on pushing forward with my rehab (my wife and daughters did most of my demo). Luckily there isn't a lot that I cant do myself but the time to do it is limited. I figured at his point, I will learn more by doing this myself and take my education on to the next one, along with the money I saved by doing the work myself. I'm really hoping that by the time I have my next property lined up, I will have a GC ready to go as well. Feel free to reach out if I can help in any way. Good Luck!

@JD DiGiacomandrea That's great advice, thank you.  I actually had a mechanics lien discovered on my property about an hour after I closed in the amount of $6,100. Luckily my attorney found it in time and I was going to be able to walk from the deal. It was paid by the seller and all seems good up to this point. Best of luck to you JD.

@Craig S. thanks for the feedback! Nice to know you have seen the return on the 4th bedroom here in Rochester. My kitchen design allows for a nice dining space and I can even put a 3 seat island as well so we are converting the DR.

@Anthony C. Congrats on the deal!!  Best of luck to you!!

Welcome @Kimberly Welday I am also a new investor here in Rochester, NY and am currently rehabbing my first SFR. You're in the right place to learn! Check out the Ultimate Beginners Guide here

https://www.biggerpockets.com/real-estate-investing

Have you identified what type of investing you want to get in to? Just keep learning and networking. Sounds like with your  property management background, you may already have some great contacts in the biz and be able to bring some real value to the table regardless of cash. Try to analyze at least 1 deal a day too..that has helped me a lot.. Feel free to connect and best of luck! :)

This is why I love BP!!! You guys are the best! Thank you for your feedback :) Happy Investing!

Thanks @JD DiGiacomandrea  If I may ask, is the refi going as you had initially planned?

Welcome to BP @Kimberly Welday I am also here in Rochester and am currently rehabbing my first rental property. This is a great place to start! As far as not having the capital you think you need, check out the book by @Brandon Turner

https://www.biggerpockets.com/store/no-money-down-ultimate

Good Luck!

Investment Info:

Single-family residence buy & hold investment in Rochester.

Purchase price: $63,000

This is a 3 Bed 2 bath ranch style home. I am using the BRRRR method with this property. We are currently rehabbing the property and hope to be rent ready by April 1st. I will update this deal once we shake out the refi to see how much, if any, capital I have to leave in the deal.

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

I was initially looking for a small multi-family unit when we came across this house. I loved the location, the price and the value add opportunity! We decided this was a great first investment and will give us a fantastic education.

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

My realtor had purchased a property right across the street and saw that this came on the market while we were looking at other properties. The house was listed for $74,900..they dropped to $69,900. I offered $60K, they countered at $64,500. Upon inspection, we found mold in the attic so I was able to then negotiate a $1500 seller credit!

How did you finance this deal?

I was able to do a portfolio loan with 20% down. I am funding the rehab out of pocket and will be able to refi the property in about 5 months to pull my cash out (BRRRR) and go on to the next property.

How did you add value to the deal?

We are fully gutting and remodeling both bathrooms and the kitchen. We found hardwood floors under the carpet so we're having those finished as well. We have removed paneling off the walls and will be painting all surfaces in the house. We are also replacing the current furnace.

What was the outcome?

I will update this once we have it rented and refinanced.

Lessons learned? Challenges?

Don't get tunnel vision when looking for a property. A good deal is a good deal and be ready too move on it when you find it. Accept the fact that you will not have all of the answers you think you need in order to make the deal happen. Stick to your guns in the negotiation process and trust your numbers.

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

(lender) Matt Shermerhorn at CNB and (agent) Jason Johansen with Keller Williams.

Happy Monday my BP friends! I am in the middle of rehabbing my first property in Rochester, NY. It is a SFR listed as a 3 bed 1.5 bath. There is a small stand up corner shower in the .5 bath so I really have 3 bed 2 bath as it sits. There is a dining room right now that I am considering turning in to a 4th bedroom and going without a dining room all together due to the larger kitchen and new layout I am doing. Not sure if I will see enough ROI as I am having trouble finding much of a difference in the rents between a 3BR and a 4BR. Any thoughts would be greatly appreciated.