Looking for first rental Property in Rochester/surrounding areas

13 Replies

Looking to have my first duplex rental property in Rochester and surrounding areas. I have little earnest money to put down at the moment but if anyone has a seller financing deal with low down that would be great.

Feel free to PM me for a list of properties

Possible just be careful. If you need anything please ask. Best of luck

Yes, please be careful of people claiming to have inside knowledge of Rochester as they operate from other countries.

Real estate is indeed local.

I’m always amused when I see folks with locales on the other side of the world suggest they have “lists” or they are “wholesalers”

Good luck to you

Your best bet is to build relationships through your local meet up andthe local FREIA group also building a good relationship with a knowledgeable realtor who may  through time have connections with private lenders. These are ALL ways I actually got my three properties with low to no money down. It truly takes time and relationship/trust building good luck. 

Originally posted by @Mark Updegraff :

Beware seller financing w low down, it is usually garbage.   Your best bet is to save up enough to finance your first deal.  

Thank you for the advice. So save up for an actual loan like FHA/Other you mean, Mark?

Brandon,

Great to hear your interest in Rochester! I too am just getting started in this market and am super excited. I'm glad you posted here because the advice provided to you is valuable to me too. I've been a lurker for the past year or so and finally went and saw my first property on Friday last week. It is very exciting and scary at the same time. I plan on going to some meet ups soon to meet local people who are like minded. Good luck! (I have also found everyone on here to be super nice and helpful!)

JD

@Brandon Young yes, save up for a FHA conventional product. In our market we advise first time buyers that want to start investing to purchase a nice asset since you'll get into it for less than any other loan you go for there after. In Rochester they tend to be areas like Park Ave, Upper Monroe, Southwedge, etc. Acquisiton of a 300k multi FHA versus conventional means a difference of 65K. Pretty BIG difference in the amount needed to close.

Mark Updegraff, Real Estate Agent in NY (#10491205428)
(585) 314-9790

Thanks Mark! 

I'd love to find some wholesaling deals to get the money for a down payment sooner. I gotta get out of this rat race. I can't stand the 9-5 anymore. It's killing me inside man. Anyone have any advice for wholesaling in Rochester? 

Hey Brandon it’s nice to hear that you are looking to break away from the routine and become financially free. Well seller financing is out there but very few really are decent enough to even consider. Have you thought about maybe partnering with someone who has cash and you can do the work and share the profits. Start with some fix and flips to raise some capital to actually get into buy and hold. Good luck!

I believe the FHA product for an investor is only available if you live in one of the units, otherwise the 20-25% down conventional investor loan would apply. I have found that CNBank will do some portfolio lending or use other assets (ie investment accounts) to secure lines of credit for purchasing investment property. Remember, FHA also has an upfront MIP funding fee that makes it about the same closing costs as a 5% down conventional for owner occ.

On another note, does anyone know of a good source for portfolio sales? other than the traditional MLS & Loopnet?

Originally posted by @Aqil Dharamsey :

Hey Brandon it’s nice to hear that you are looking to break away from the routine and become financially free. Well seller financing is out there but very few really are decent enough to even consider. Have you thought about maybe partnering with someone who has cash and you can do the work and share the profits. Start with some fix and flips to raise some capital to actually get into buy and hold. Good luck!

 Thanks for the reply.

Yes I have considered. How can I find a partner for this though? I could bring a little money to the table as well so I have something in the game. 

And Thank you all for all the replies!
 

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