All Forum Posts by: Mark Updegraff

You can order any size you want at BL Wholesale.  Plygem argon filled is the contractor grade.

IMO Air B n B regulations are subject to changing as local authorities see fit.  I know in some parts of Monroe County they've put restrictions on people's ability to have an Air B n B at all.... Those investors that were holding them, though lucrative for awhile, are now forced into a sale as the rental market will not support it as a lease term...  Personally, I would rather build up some solid cash flow in a market like Rochester, and use that to fund my vacation

Congrats!  Pete Zizzi is a great.  He was one of my first friends in the business when I was getting started and he is never too busy to help pay if forward.  South wedge is a great place to build for buy and hold and I'm sure he helped you find a gem.  Welcome to the Rochester NY RE investment space, I hope to see more posts like this!  Nice Job!! 

@Simon Savard Yes, we have a lot of investors from Canada that purchase in Rochester. The only downside is getting financing as a non-us citizen. Canadians are either buying in all cash, using seller financing (typically in C class areas), or they've established a US corporation and seasoned it. Banks want you to build a bit of a track record and they start working with you slowly. One of our Canadians got approved for his first loan (3 property portfolio) and when we went back for more, they told us he needed to establish history with this loan prior to getting new loan... They also give a pretty cruddy LTV. The promise both the LTV will get better as well as the underwriting once he has proven himself with these.

Outside of the city of Rochester the cost of acquisition goes up and the rents are the same or lower (depending on the suburb). They're often slower markets meaning vacancy can be a little higher as well. Some people buy in these markets, but primarily well established investors that are looking for quality assets and not as focused on cash flow. Yes, the BRRR method will work in these markets, however the cost of entry is typically a lot higher than the city. If you're working with limited capital, you could find yourself priced out of the market. If you've got plenty of capital it is an area worth considering.

Rochester is a pretty unique place, and it isn't as easy as just picking an area for the BRRR method. There will typically be "value add" plays where you'll be doing some work. Common examples are exterior paint, interior paint, kitchens and baths but could also involve a full on gut. We have a lot of deferred stock sprinkled throughout the entire area, even in "nice" areas. Generally speaking the 19th Ward is probably worth considering if you're not already paying a premium for the location. Anywhere in the SE section of the city (if the numbers work) and most recently there has been a resurgence in Merchants. Obviously Browncroft if you could find something there too. Homestead Heights may be worth considering, but be careful!

Hope that helps!!  Happy Spring Y'all!!

That isn’t realistic in Rochester.

Many Rochester areas stay flat in value for decades regardless of capital improvement.  Flipping / short holds only work in very select areas.  5k / month on 600k is terrible CF w our taxes... 

Downtown is the most notable but there are many.  I sent you a PM.  Talk soon, Mark

Why does everyone new gravitate toward wholesaling?  I know the traditional response is "because I don't need any money".  In order to be successful in anything, you need time.  In order to free up your time, you need money.  After years and years of meeting new investors going down this route, I'm yet to know one that succeeded at doing wholesaling out of the gate.  Save up some money and buy an investment property.  This will give you a ton of experience, start to open up your networks, and give you a start to passive income which if built upon can lead to the time you need to really take a go at wholesaling.