New Investor in Upstate NY.....Rockstar Agents?!

Real Estate Agent · Rochester, NY · Member since 2020 · 148 posts · 28 votes

2y

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Hey Steve, that is an awesome goal and can be achieved over here in Rochester. Feel free to reach out to me directly to connect!

0 Reply

Steve C.Pro Member

OP

Member since 2022 · 6 posts · 1 vote

2y

Quote from @Preston Garcia:

Quote from @Steve C.:

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Hey Steve, that is an awesome goal and can be achieved over here in Rochester. Feel free to reach out to me directly to connect!

Thanks, Preston! I will be reaching out to you this week.

0 Reply

Ryan Carr

Real Estate Agent · Buffalo, NY · Member since 2017 · 9 posts · 6 votes

2y

Hello Steve.

Welcome to Bigger Pockets! Sounds like you might have an exciting project on your hands in the near future.

Buffalo real estate agent and investor here. At the moment there are some potentially intriguing properties on the market here that may meet your criteria. I'd love to connect and chat a bit more about your goals and see if we can't find your project.

0 Reply

Matthew Irish-JonesBusiness Member

Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes

2y

Quote from @Steve C.:

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Welcome to BP Steve. I started around 15 years ago, own 60+ doors, manage 700 and have an in house construction team with 30 employees. The deals are out there, but you need to quantify the risk.

The light value add opportunities are tough to find and people are overpaying for middle market properties. If you want to value add you are better off with a structurally sound unit that is priced low and you can rebuild from the ground up front loading the risk. Those properties pose more construction risk than acquisition risk so you really have to know what you are doing.

Irish Jones Realty4.947 Reviews

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Steve C.Pro Member

OP

Member since 2022 · 6 posts · 1 vote

2y

Quote from @Matthew Irish-Jones:

Quote from @Steve C.:

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Welcome to BP Steve. I started around 15 years ago, own 60+ doors, manage 700 and have an in house construction team with 30 employees. The deals are out there, but you need to quantify the risk.

The light value add opportunities are tough to find and people are overpaying for middle market properties. If you want to value add you are better off with a structurally sound unit that is priced low and you can rebuild from the ground up front loading the risk. Those properties pose more construction risk than acquisition risk so you really have to know what you are doing.

Awesome, appreciate the info. After searching around for these types of properties for the past few months, I agree. A lot of overpriced properties whether it is a light value add or even severely distressed. Any advice on where to start in this market? Would buying up quadplexes to BRRR pose more opportunities? Looking forward to hearing your feedback!

0 Reply

Matthew Irish-JonesBusiness Member

Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes

2y

Quote from @Steve C.:

Quote from @Matthew Irish-Jones:

Quote from @Steve C.:

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Welcome to BP Steve. I started around 15 years ago, own 60+ doors, manage 700 and have an in house construction team with 30 employees. The deals are out there, but you need to quantify the risk.

The light value add opportunities are tough to find and people are overpaying for middle market properties. If you want to value add you are better off with a structurally sound unit that is priced low and you can rebuild from the ground up front loading the risk. Those properties pose more construction risk than acquisition risk so you really have to know what you are doing.

Awesome, appreciate the info. After searching around for these types of properties for the past few months, I agree. A lot of overpriced properties whether it is a light value add or even severely distressed. Any advice on where to start in this market? Would buying up quadplexes to BRRR pose more opportunities? Looking forward to hearing your feedback!

I don't think it makes a difference whether its a 2 or a 4 unit as long as the numbers work. In my opinion the only way to BRRR is with cash, unless you are doing a multi million dollar deal (even then cash is preferred).

We find BRRR deals a few different ways. Obviously we have our people scouring the MLS daily for opportunities, we also have a lot of off market properties come our way from the management division, as well as other deals that come to us because sellers know we have a large buyers pool of serious buyers.

Find the right investor focused agent and they will put deals in front of you.

Irish Jones Realty4.947 Reviews

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Steve C.Pro Member

OP

Member since 2022 · 6 posts · 1 vote

2y

Quote from @Matthew Irish-Jones:

Quote from @Steve C.:

Quote from @Matthew Irish-Jones:

Quote from @Steve C.:

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Welcome to BP Steve. I started around 15 years ago, own 60+ doors, manage 700 and have an in house construction team with 30 employees. The deals are out there, but you need to quantify the risk.

The light value add opportunities are tough to find and people are overpaying for middle market properties. If you want to value add you are better off with a structurally sound unit that is priced low and you can rebuild from the ground up front loading the risk. Those properties pose more construction risk than acquisition risk so you really have to know what you are doing.

Awesome, appreciate the info. After searching around for these types of properties for the past few months, I agree. A lot of overpriced properties whether it is a light value add or even severely distressed. Any advice on where to start in this market? Would buying up quadplexes to BRRR pose more opportunities? Looking forward to hearing your feedback!

I don't think it makes a difference whether its a 2 or a 4 unit as long as the numbers work. In my opinion the only way to BRRR is with cash, unless you are doing a multi million dollar deal (even then cash is preferred).

We find BRRR deals a few different ways. Obviously we have our people scouring the MLS daily for opportunities, we also have a lot of off market properties come our way from the management division, as well as other deals that come to us because sellers know we have a large buyers pool of serious buyers.

Find the right investor focused agent and they will put deals in front of you.

Would love to connect with you. We are ready to buy cash. Our biggest hurdle right now is building a relationship with the right agent and getting deals put in front of us consistently. We have looked at a few multi-million dollar complexes but the numbers have not worked and we hit a lull. Is there a way I could reach out to you? Thanks!

0 Reply

Matthew Irish-JonesBusiness Member

Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes

2y

Quote from @Steve C.:

Quote from @Matthew Irish-Jones:

Quote from @Steve C.:

Quote from @Matthew Irish-Jones:

Quote from @Steve C.:

Hi everyone!

New on here and looking forward to connecting with like-minded people! My partner and I are looking to start our real estate venture and hit the ground running. We are looking for multifamily properties with some value-add opportunities. Hoping to get anywhere from a quad-plex to larger multifamily deals. We have private lending up to $5MM (on our first deal) through our connections, so BRRRing a large multifamily property is in our sights!

A little background on us.....we are both very knowledgeable individuals and extremely ambitious. We are primarily looking for properties around the Buffalo and Rochester areas, and eventually venture out of state and tap into different markets. My partner works in finance and I have been managing high-profile construction projects for about a decade. I have also been around real estate my entire life, rehabbing properties and assisting my family manage their properties throughout the years.

Looking forward to hearing everyone's input and if you have any advice or recommendations getting started with the situation we have. Are there any different routes we should be looking at? We are very open-minded.

If anyone would like to link up and chat don't hesitate to ask!

Thank you,

Steve

Welcome to BP Steve. I started around 15 years ago, own 60+ doors, manage 700 and have an in house construction team with 30 employees. The deals are out there, but you need to quantify the risk.

The light value add opportunities are tough to find and people are overpaying for middle market properties. If you want to value add you are better off with a structurally sound unit that is priced low and you can rebuild from the ground up front loading the risk. Those properties pose more construction risk than acquisition risk so you really have to know what you are doing.

Awesome, appreciate the info. After searching around for these types of properties for the past few months, I agree. A lot of overpriced properties whether it is a light value add or even severely distressed. Any advice on where to start in this market? Would buying up quadplexes to BRRR pose more opportunities? Looking forward to hearing your feedback!

I don't think it makes a difference whether its a 2 or a 4 unit as long as the numbers work. In my opinion the only way to BRRR is with cash, unless you are doing a multi million dollar deal (even then cash is preferred).

We find BRRR deals a few different ways. Obviously we have our people scouring the MLS daily for opportunities, we also have a lot of off market properties come our way from the management division, as well as other deals that come to us because sellers know we have a large buyers pool of serious buyers.

Find the right investor focused agent and they will put deals in front of you.

Would love to connect with you. We are ready to buy cash. Our biggest hurdle right now is building a relationship with the right agent and getting deals put in front of us consistently. We have looked at a few multi-million dollar complexes but the numbers have not worked and we hit a lull. Is there a way I could reach out to you? Thanks!

Sure, I will DM you.

Irish Jones Realty4.947 Reviews

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Jack Schwartz

Member since 2023 · 111 posts · 35 votes

2y

Have you considered investing in the burgeoning real estate market of the southern portion of Sullivan County? Many New Yorkers are choosing to purchase vacation homes in this area, particularly along NY Route 17 from exits 106 to 99. Areas such as Liberty, Ferndale, Swan Lake, Woodridge, Monticello, and Woodbourne are quickly becoming popular among buyers. The demand is high, with people from New York City investing in homes ranging from $350,000 to $750,000 for more luxurious properties.

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New Investor in Upstate NY.....Rockstar Agents?!

9 Replies