New Investor in Rochester, NY

New Investor in Rochester, NY

Rochester, NY · Member since 2017 · 23 posts · 17 votes

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!

3Reply
112 views

Most Popular Reply

Member since 2019 · 89 posts · 56 votes
7y
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
See this reply in the discussion

32 Replies

Jump to latestLatest
  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    7y

    Hi @Mike Chevalier,

    Welcome! That's the best way to learn is to start interacting!

  • Developer · Virginia Beach, VA · Member since 2017 · 11 posts · 3 votes
    7y

    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! 

  • Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    Thanks @Mike Cumbie and @Dan D.! Please accept my request to connect.

    Dan - Good luck with the long distance investing, I'm guess that decision has to do with how hot the market in CO is? Being from Upstate and having the market knowledge will be great for you, good luck!

  • Member since 2019 · 89 posts · 56 votes
    7y
    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
  • Developer · Virginia Beach, VA · Member since 2017 · 11 posts · 3 votes
    7y

    @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.

  • Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @Dan Dillon What pockets in upstate have you had your eye on? Great idea on using the travel related to your W2 to help diversify

  • Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @JOSE BATISTA ABIKARRAM Glad I could help Jose, and agreed the podcast and webinars have been amazing for learning. Nice to see people in Rochester and similar situation

  • Developer · Virginia Beach, VA · Member since 2017 · 11 posts · 3 votes
    7y

    @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!

  • Rental Property Investor · Shakopee, MN · Member since 2015 · 985 posts · 374 votes
    7y

    Welcome to bigger pockets!

  • Investor · Rochester, NY · Member since 2015 · 499 posts · 169 votes
    7y

    Hey all--If you have any specific questions or are ready to invest I may be able to help-  mgrizzant@gmail 5854022985

  • Rental Property Investor · Rochester, NY · Member since 2013 · 162 posts · 127 votes
    7y

    @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

  • Rental Property Investor · Rochester, NY · Member since 2013 · 162 posts · 127 votes
    7y

    @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

  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @Mike Chevalier

    @Jose Batista Abikarram

    Welcome to the site! Getting started with an FHA mortgage is a great way to go when purchasing a multi-family. I invest here locally so let me know if you have any questions on that or on financing.

  • Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @Dan D. - 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

  • Rochester, NY · Member since 2018 · 25 posts · 4 votes
    7y

    @Mike Chevalier Welcome to BP! My husband and I are looking to buy our first house hack in the next few months. Good luck with your search! 

  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @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.

  • Specialist · Los Angeles, CA · Member since 2019 · 587 posts · 269 votes
    7y

    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.

  • Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @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.

  • Specialist · Los Angeles, CA · Member since 2019 · 587 posts · 269 votes
    7y

    @Mike Chevalier I'm sure you'll have your first investment property under your belt in no time! Please keep me posted! 

  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @Mike Chevalier

    To eliminate the mortgage insurance that stays on for the life on the loan with FHA. Conventional financing doesn't have mortgage insurance with 80% LTV or less.

  • Matthew DrouinPro Member
    Developer · Rochester, NY · Member since 2016 · 410 posts · 339 votes
    7y

    @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.

  • Member since 2019 · 38 posts · 11 votes
    7y

    @Matthew Drouin Can you explain a bit more about the conventional products that offer 3% down options? Other than the FHA loan.

  • Matthew DrouinPro Member
    Developer · Rochester, NY · Member since 2016 · 410 posts · 339 votes
    7y

    @Tyrell D Bradshaw I am not a mortgage banker so I don’t know the ins and outs.  I just know they exist.

  • Member since 2019 · 89 posts · 56 votes
    7y

    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!

  • Realtor · Canandaigua (Rochester area), NY · Member since 2016 · 87 posts · 37 votes
    7y

    Hi @Mike Chevalier, @Jose Batista Abikarram, and @Dan D. - Welcome to the investor world! Please feel free to reach out with any questions. I'd be happy to chat.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.