New Investor in Rochester, NY

32 Replies

Hello All!
My name is Mike Chevalier, I'm a "new" [aspiring] investor in Rochester, NY. I've been reading BP blogs, forums, and listening to the podcast for the past couple years - learning, planning, and saving to be an investor. My plan is to purchase my first house-hack property by Spring 2020, so I thought it was about time to get involved with the community that has taught me so much.

A little about me: I am 25 years old, graduated from SUNY Plattsburgh with a degree in entrepreneurship, marketing and finance. I moved to the city of Rochester, NY (off Monroe) in April to live with my girlfriend, previously lived in Albany/Schenectady area my entire life. I am a sales professional in the environmental industry, previously an insurance agent. I like hiking with my dog, getting out to concerts and events, and drinking cold beer.

As far as real estate, I have no experience as of yet. My plan is to build a portfolio of small multi-family apartments (2-4 units) that I hope to generate enough cash-flow to "retire" off of. My first house I will be purchasing before next Spring, and will be looking to do FHA financing for a house hack. After a year of living there I hope to repeat the process, and get a couple properties under my belt through FHA loans and house hacking. I am also very interested in continuing to learn about other ways to make deals happen through partnership and creative finance to allow faster growth than just 1 house per year.

Thanks everyone for reading, hope to see you around the forums. Please reach out in my messages to connect!

Welcome Mike. Same boat here in almost all aspects and interests. Been just lurking in the background studying/reading and saving up Capital : ) SUNY Oswego graduate, 'Cuse born. Current out in Colorado but planning on dipping into the Upstate RE Market myself this coming year. Best of luck! 

Hello Mike,

Thank you for creating this post. I was a little shy about doing my first post with no real experience but you have inspire me into at least commenting on this one!

My name is José Batista, and like you new a investor (due to an interaction I had with a realtor, cool podcast like BP and How to Money) in Rochester, NY. I just did the 90 day webinar and trying to achieve the goal of purchasing my first house hack in 90 days!

I am also 25 years old, but graduated from RIT as an Industrial Engineer (yes I am a geek and love systems and efficiency). I recently started spending more time in Rochester with my wife since I can work more from home. I am part of the continuous improvement team in the capacitor industry and this is my first job although I have had plenty of other internships. I also like hiking, but mostly do a ton of latin dancing and some ultimate frisbee. If you like to connect message me directly. I have been looking for masterminds/groups in Rochester and can let you know of a few places I have found + breweries!

As far as real estate, I am on your same boat and even with the same portfolio but starting sooner.

Thanks you for creating this post and inspiring me. Hope to connect with you and other ROC people. As well you reach out in my messages to connect!

Gracias,

José Batista

@Mike Chevalier thanks, just because of better pizza lol! . I will be holding a SFH here that I currently occupy as a rental and will likely invest here as well to try and diversify. Resources and knowledge of the market back in Upstate along with the very different cost of entry and CAP rates in comparison has my eye on certain pockets back in NY. Also my W2 job is based on upstate and I come in and out often so it's sort of a hybrid Long distance endeavor.

@Mike Chevalier

Still a rookie so this likely would be better coming from someone seasoned in the area : ) my though process has me looking at anything below

1. Surrounding any SUNY school or private - if you can deal with the college housing aspect. But if you skate out a little ways from the party zones there’s still good chances of decent returns which I might explore.

2. One tight area for me specifically is Tipperary Hill if going into Cuse. It’s undergoing some pretty sweet gentrification and is popular with SU students along with millennial crowds. I personally like the area myself which Im trying to keep as one of my requirements- not investing in any area I wouldn’t be ok with living.

3. Outside of that I try to keep a close eye on Market values in the near suburbs of the major cities Roch/buff/Syracuse/Albany which property $ have been on the rise along with most of the nation, which is bringing a lot to flippers out, but I'm more interested in the BRRR long term arena for now. 800-1200$ per door specifically in a suburb driving distance to one of the major city. That's going to be where my focus lands likely once I wind up and start looking for deals.

Any thoughts on where you are planning to pencil in on? Or feedback always welcomed!

@Mike Chevalier Hi and welcome to the BP interactions and learning how real estate investment work! BP is best way to learn and grow as investors plus utilize vast resources available on this BP. I will also strongly encourage you to consider local meetup with Freedom First Real Estate Investor’s Association, LTD (FFREIA) This local group has combination of new, couple of years and seasoned real estate investors. BP and FFREIA are the best of both world online and off line.

If you have any questions please let me know

@Jose Batista Abikarram Hi and welcome to the BP interactions and learning how real estate investment work! BP is best way to learn and grow as investors plus utilize vast resources available on this BP. I will also strongly encourage you to consider local meetup with Freedom First Real Estate Investor’s Association, LTD (FFREIA) This local group has combination of new, couple of years and seasoned real estate investors. BP and FFREIA are the best of both world online and off line.

If you have any questions please let me know

Alex

@Dan Dillon - Seeing how much my landlord was making off of our 6 bedroom house in college is what originally set me down the path to finding BP. We were 6 guys sharing a 6 bedroom house each paying around $1950/semester on a house than had little to no maintenance done on it since the 90s. Definitely money to be made in college areas, although riskier - we did not leave the house in good shape.

I'm not too familiar with Syracuse, but have heard of Tipp Hill as an up and coming neighborhood.

Having just moved to the Rochester area, and my girlfriend being from the area, we have a pretty good understanding of the neighborhoods and will likely be looking to buy in the nicer areas of the city. I've been looking in Rochester at Monroe area, South Wedge, East/Park, and N Winton. I'm pretty familiar with some of the areas in Albany as well, feel free to message me to bounce any ideas or get thoughts on an area. 

@Martin Grizzanti thank you - will likely be in touch

@Alex Jones thank you - I am definitely planning on getting to a FFREIA meeting

@Jerry Padilla thank you, I appreciate it


@Kathryn Baker

That is how my wife and I got started. We purchased a duplex in Charlotte. We later refinanced out of an FHA mortgage with conventional when we met 80% equity to eliminate mortgage insurance.

Welcome and Congrates!  @Mike Chevalier . You got past the first big hurtle in real estate investment, signing up and reaching out in BiggerPockets. We are happy to help you in any way we can.

@Kathryn Baker Thank you! Good luck with your search as well! Have you been searching on the MLS or looking for deals other routes as well?

@Jerry Padilla What is the benefit of refinancing out of the FHA loan?

@Amy Aziz Thank you! But I think the first big hurdle in real estate investment for me is going to be buying the first property. Getting involved in the BP community and continuing to learn is the means to make that happen for sure.

@Mike Chevalier welcome!

To Alex Jones’ point. Get involved with a group. Check out FFREIA!

To add to @Jerry Padilla you might not need to get an FHA loan. You might be able to go straight conventional. There are conventional products that offer 3% down options so you can at least have the opportunity to burn off private mortgage insurance. FHA might be useful if you have debt to income issues or need the rental income of the property to offset debt to income (I believe?) correct me here Jerry.

Also when you are negotiating offers, being an FHA buyer can put you at a competitive disadvantage, because appraisal guidelines are much more stringent and might require repairs to the property even if it's not really warranted by custom.

For what @Mike Chevalier wants a conventional loan is not possible. I say it because I already went through the pre approval. Although is true you can get a 3% down for conventional this only applies to single family home. Multi family require at least 20% for duplex and 25% for more units. Hope that helps streamline a bit!

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