All Forum Posts by: Steve Santacroce

The Rochester market has actually appreciated quite a bit in the last few years. That's one of the reasons it's been harder to find any deals!

Properties near U of R are priced very high at the moment. We do not recommend that area to our clients unless we find a deal of market.

It would be very difficult to find a property that will cash flow in Pittsford, Fairport, Penfield, Webster, Brighton or Victor. Taxes in NY are very high, so you need to find rents that come close to 2% of the purchase price to really see a return that makes it worth it. Most people who rent in those towns lived in the properties and then for whatever reason made it a rental. I'm sure you could find a few deals in those towns, but be prepared to wait. 

My suggestion is to look at the B- to C areas in the city. Right now even there deals are becoming hard to find, but they still exist. 

We just locked up a SFH in the city for an owner for $28k that should cashflow over 15%, and that is with property management.

That seems a little high on rent, but really depends on where it is. I have a 4 that I'll be happy with 1000. What's the street/neighborhood? 

The easiest way to discern a good PM company from a bad PM company is to have conversations with other investors in the area, especially the ones who frequent the REIA's. Even if the investors self manage, the good ones have networked with a lot of the owners in Rochester and have heard many of the good and bad stories about PMs. I would agree with @Shannon Sadik that Blue Axis is a great company (Rebecca manages all 31 of my units) but she tends to stay out of the C and below areas. At the end of the day, the full time investors in Rochester have a pretty good idea of who the good managers are vs the bad. For out of town investors, I would try to get meetings with investors as well as PMs to help make your decision of who to go with!

Yeah if you at least give the street(s) we could let you know if the numbers are in the proper ballpark...

John, you should come out on Wed to the BP meetup at Johnny's at 7:00p! Lots of investors show up and it's always a good time!

I'm jealous that people have free nights on the weekend! Hopefully the next one will be on a weekday lol

Lets just not have it on a Sunday night and I'm there :)

And as another heads up, Wed night is the next BP meetup at Johnny's!

I have not attempted to go this route, but I don't see it having much success in Rochester. Maybe around hospitals but def not Park Ave. What would bring people with that kind of money in enough numbers to Rochester? Near a hospital I could see out of town family members needing to stay in the area for a week or so. Maybe near colleges so helicopter parents can dote over their kids when they first move away?