I see a bunch of homes for 19-100 thousand in Rochester, NY. I want to start investing in rental property, but I am very nervous, and I don't know where to start. Do anyone have any suggestions.
Where do you live?
@Gregory Craig Our team services that market. There are certain things you need to consider like available finance options and area. If you are interested we can connect offline to discuss further.
I live in East Yaphank on Long Island, I only know about Rochester, NY because in 2011 I lived there for one year as a school teacher.
@Gregory Craig welcome to BP. There are quite a few people who live and invest in Rochester on the site. If you would like to get started connecting with a local agent/broker I can let you know who I have worked with in the past. If you would like to connect with anyone else, attorney, property manager, local banks or whatever I can pass those along as well.
Rochester is a great market, good luck.
Account Closed, I am looking to purchase my first rental property in Rochester, would you mind sharing your recommended property manager?
I'd recommend reading up on how to analyze potential deals and investing long distance, and figure out what your criteria are (e.g., price range, cap rate, level of rehab needed, class of neighborhood, single/multi family, etc.). Once you have that, connect with a local agent to start sending you listings for you to analyze. I found having an agent and getting listings to look at every day really kick started it for me, but you want to feel comfortable that you know the difference between a good and bad deal before you are putting any offers in. Good luck!
@Carly M. Sure thing, I will send you a PM.
@Ava Labuzetta that is great advice to get started. Welcome to BP, always good to see other local people on the site.
Rochester is a good market that won’t break the ban. But....you will need to know where to go. The neighborhoods change drastically from one block to the other so seek some advice from a local agent. I’d recommend staying away from the really cheap deals. Although it may look good on a pro forma, I can tell you first hand the future repairs will evaporate your cash flow profits. Good luck.
@Gregory Craig I see out of town investors (with low bid syndrome) buy property in our market all the time and lose their shirt; get brain damage in the process. A $20k house is surely one where no one wants to live except professional tenants.
If you are seriously considering investing here, spend a few days here and drive around with someone experienced. Look at properties, etc. For something worth while, budget closer to $100k if that’s your max. More desirable properties in great locations will get you the best tenants. Because after all, your tenants are your life blood, and great tenants are gold.