hey guys. I bought my first rental in Rochester (19th ward) back in October. Did the renovations and keeping as a buy and hold. Looking to pick up another. Would love to talk with investors in the area. I live in Brooklyn but come up when needed (on weekends).
Should I be concerned about what appears to be high vacancy rates of rentals in Rochester and area? It would appear they are almost double of the US average?
Hey Joe Barclay congrats on your purchase. 19th ward is a very decent area within the city to invest. Are you looking to buy more ? Who's managing the current property for you?
Hi Bryan G. Vacancy rate is higher then usual in comparison BUT with the prices of real estate here you cap rate will still be in double digits as long as you buy in fairly decent areas. There are many investors I know out of Canada that buy here and are happy with their investments. Good luck my friend and reach out if you need any help.
Please Keep in Mind when searching you're not overpaying for a property. Each city also has different laws governing the aspects of a Rental Property.