All Forum Posts by: Mark Updegraff

I highly doubt you'll be able to generate that many wholesale leads in Williamsport, there isn't enough population.  Also, the retail market is a lot slower there.  I'm not sure what the average DOM is, but based on my observations I'm thinking it has got to be close to 180.  It also seems like there are not many buyers for more expensive homes either.  So, you would have to be targeting an even smaller subset of the overall market.  Once you get down to that price point, there is a pretty big supply of inventory so you'll be competing with other sellers making your acquisition price even more difficult.  There was a run up in the prices based on the Hydrofracture boom, and I don't think they've fully adjusted, that means the comps you're looking at might be a bit higher than they are currently.  Have you considered doing other markets remotely?  I would be happy to take any Rochester deals you could drum up.  

Cheers,
Mark

4 / 5 bedrooms in popular RIT rental area.  Always rented, 1 full bath and 2 1/2 baths, large garage, brick elevation, split level with walk out.

@Phil G. great point on enlisting an attorney! The increase exposure on E&O is the main hurdle.

@Mike Cumbie wow, that is a lot of local brokers!  

@Paul Rowan If you pay for the additional E&O exposure you will create, a licensed broker will most likely sponsor you and let you collect rent as PM for clients. Do you have units lined up to manage?

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As a property manager the broker of record has to be on board. REALTORs at my firm may not manage properties without my consent. This is pretty common. Broker's don't want the added E&O liability of agents trying to rent property. Good agents wouldn't bother wasting their time with this is my market anyway, too many homes to sell. Why work for peanuts?

@Brandon Young yes, save up for a FHA conventional product. In our market we advise first time buyers that want to start investing to purchase a nice asset since you'll get into it for less than any other loan you go for there after. In Rochester they tend to be areas like Park Ave, Upper Monroe, Southwedge, etc. Acquisiton of a 300k multi FHA versus conventional means a difference of 65K. Pretty BIG difference in the amount needed to close.

Beware seller financing w low down, it is usually garbage.   Your best bet is to save up enough to finance your first deal.  

Hey Cole,  You've come to the right spot!  Most folks in RE investment didn't have any formal training (myself included) and so sites like this have become essential for avoiding some of the common pitfalls a new investor may fall into.  The first step will be networking with your local investors group.  In Rochester we have a pretty active group (FREIA) as well as a lot of little spin off factions of individuals that like to get together and talk shop.  Once you've found a group of folks find out how they're sourcing their deals.  You'll find a plethora of experience levels, and many many unique approaches to RE investment.  Soak it all in and see if there is anyone you click with.  Once you've narrowed down your approach a bit it will be time to dig in.  This is usually done by qualifying yourself as a buyer.  You can do this traditionally through a banker, as well as explore other options as you network.  Once you've determined your comfort level and ability to close a deal, start watching the market and asking about deals that your new friends are doing.  You start to get the feel for what is good, and what someone is trying to pawn off.  Never take any numbers from a seller with much weight, always perform all your own due diligence in order to make a smart move.  Once you've got one under your belt, use it for a benchmark and try to beat it!!

Thanks @Douglas Burns  - It was great seeing Courtney at the Techknowpalooza!  It is definitely a right of passage for new agents :D 

We should get the kids together for a play date, I miss Jackson!!

Happy Holidays,
Mark

Thanks @Mark W. , It was Shepard Maxwell and Hail but bought out by Tompkins a few years ago.  My original rep was the best.  She transitioned to Tompkins but is not there now.