Canadian Buying in Rochester, NY

5 Replies

Hi everyone, 

Brand new to the forums, thanks for taking the time to read. 

I am a Canadian on the West Coast, looking into the possibility of buying in Rochester or Cleveland with a 30-40k budget. I would like to put down as little as possible.

- Is it common to see good cash flow on these types of properties? Are decent tenants easy to come by? 
-  Is seller financing common in these markets? Are there any other methods for a Canadian with no US credit history? 

- Anything else I should expect? Positives? Negatives? I would love to hear about your experience

Thanks!

@Chris Ricci Assume everyone who has a financial interest in what you are doing (seller, buyer's agent, wholesaler, contractor) will throw you under the bus.  Assume you'll hear that the house is worth it when it isn't, tenants are good, management will handle everything, it will be easy for you, vacancy and non-payment will not be much of an issue, repairs won't cost that much.

Some will be honest, some won't.  If you feel you can trust them, don't.  You can't go by feelings.  The worst swindlers are the best at making you feel comfortable.

This doesn't mean walking around terrified.  You need all these people.  Just don't put your well being in their hands.

@Larry T. thank you for the response. 

Do you have any tips/recommendations on minimizing risk/avoiding these types of people? 

And going back my previous post- is seller financing common practice in Rochester? 

Best,

Chris.

Knowing the market, getting multiple bids, and knowing what works for you is the best way to be wise about your investments.

Seller financing is not easy to find.  Generally you're going to pay more or even a premium for seller financing.  You won't likely be able to sell for what you bought at.  For some who never plan to sell, that may be fine.

Some added thoughts....In the price range you are looking at you are going to be the rougher neighborhoods, and the homes will likely need work as well. And it will be harder to find good quality tenants. Finding a good property manager will be key. You will likely not be able to finance a property at that price. Good luck.

Originally posted by @Chris Ricci :

Hi everyone, 

Brand new to the forums, thanks for taking the time to read. 

I am a Canadian on the West Coast, looking into the possibility of buying in Rochester or Cleveland with a 30-40k budget. I would like to put down as little as possible.

- Is it common to see good cash flow on these types of properties? Are decent tenants easy to come by? 
-  Is seller financing common in these markets? Are there any other methods for a Canadian with no US credit history? 

- Anything else I should expect? Positives? Negatives? I would love to hear about your experience

Thanks!

 Welcome to the site!