Need some info on a property in Rochester NY

6 Replies

Hi everyone- I am just starting into this journey of REI and looking for a multiproperty deal. I found this up in Rochester( I live in Corning) and could use some info on the neighborhood. Its a 4 unit at 314 Sherwood Ave 14619. It's a homepath property(not sure what that means, researching that as we speak). But wanted some local info if anyone knows. I plan to start attending the FFREIA meetings starting in December or January. Any help would be appreciated. Thank you.

That is only available for owner occupant offers for the first 15 days. That period is not over yet, and when it is it will be available for investors if a OO did not purchase it. It needs a lot of work, but it is a sound investment if you're able to pull of the renovation quickly and get it leased up quickly. I would be happy to help you find a cash flowing property in ROC. We're seeing ROI on cash of 10-13% but those deals sell to active investors quickly. You will need a solid REALTOR to take those down, especially in areas that are appreciating.

Medium square logo final flatMark Updegraff, Updegraff Group REALTORS & Mngemnt/Const | [email protected] | (585) 314‑9790 | http://www.RochesterInvestment.com | Podcast Guest on Show #112

My brokerage actually listed this property.  Homepath.com is run through Fannie Mae, it just basically means that it's a bank-owned property, and you would submit offers directly through Homepath.  It often does not get bought by an owner-oc, so more often than not you will have an opportunity to bid on it once it goes on the regular market.  Especially if it needs a lot of work then usually they will go to an investor.  

The area is decent, a lot of people are very interested in the 19th Ward right now.  Just be careful to get a VERY good contractor in to give you an honest and COMPREHENSIVE bid on the job.  Now is a very desirable time for contractors to pick up rehab jobs to keep them busy in the slow winter season, so it's a great time for rehabs.  But make sure you get someone who is extremely good and reliable-very tough to oversee when you're out of town, unless you have someone here locally to keep an eye on the progress.

Good luck and keep us posted!

Rebecca Lebowitz, Blue Axis Property Management | 585‑216‑5989 | NY Agent # 10311206284

And definitely come to FFREIA-it will help you a lot!  I also organize a local real estate investor's meetup once a month, the next one will be held on Wednesday, December 3rd at 7pm-so mark it on your calendar!  It's completely free and just a good opportunity to meet other local investors.

Rebecca Lebowitz, Blue Axis Property Management | 585‑216‑5989 | NY Agent # 10311206284

@Stephen Matusick good to see another investor seeing the benefits of the Rochester market. That house on Sherwood could be promising as it is in a good area, but you better be ready to pull the trigger on Day 1 when it goes off the OO list of homepath as that area is hot for other investors right now.

There are a lot of other deals on the market right now if you know the areas to look.  It probably makes sense to connect with a realtor that owns investments in the city like @Mark Updegraff  or @Rebecca Lebowitz  to get a sense of the market and where you should look to be buying.   Keep posting potential deals up here with the tag Rochester, NY and we will give you our advice.  

Originally posted by @Rebecca Lebowitz :

And definitely come to FFREIA-it will help you a lot!  I also organize a local real estate investor's meetup once a month, the next one will be held on Wednesday, December 3rd at 7pm-so mark it on your calendar!  It's completely free and just a good opportunity to meet other local investors.

 I will put it on my calendar for Dec. 3- just message me where!

Hello to all here in Rochester,NY

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