I was interested in beginning my real estate investment journey with purchasing my first ever duplex in Rochester, NY. My budget would be up to 100k as I have seen their market is pretty affordable.
Does anyone have experience in this they can assist me with? I would be working with 20% down but I do not know exactly where to start... I'm guessing the first with a mortgage lender to get preapproved? I'm currently in the process of fixing my credit.
I currently live in Queens, NY so I assume I would have to hire a property management company. For those who are experienced in these markets, would you recommend Rochester, NY? I spoke with 1 local real estate agent and they gave me a truthful answer of actually avoiding these neighborhoods, or at least up to a 100k budget stating the local demographics aren't the best and in her experience, tenants do not pay rent on time and it's not the best 1st time investment property.
I wanted to inquire here as well as she mentioned she's only been in the game for a few years and hates being a landlord so I don't know if she has a biased opinion.
I look forward to any and all help!
Plenty of resources out there on how to get started buying your first rental property! You are on the best site of it! Yes, you will need to get pre approved.
I would consider looking at a duplex instead of a SFH. Also maybe consider a market like Indianapolis. Really affordable market that is great for rental properties.
Thanks for the input, Justin.
My apologies... I forgot to mention that yes, I would be interested in investing in a duplex or bigger instead of a SFH.
I will also look into Indianapolis -- is there any specific areas you would recommend with a good rental market?
Thanks for the reply, Dante. I would be interested in speaking further
Rochester isn’t that bad. Rents are high, and if you buy in or near the 19th ward (great area IMO) you have University of Rochester students needing housing. If you can provide turn key rent that includes all utilities and internet, you’re golden. I’d recommend.
I have 2 units available in Jun and Jul and I got more than 225 leads. These properties are close to the U of R, about 1.2 miles. There’s a shortage in rentals in Rochester.
We own and manage a number of units in Rochester-- feel free to dm with any questions