New Investor in Rochester, NY

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New Investor in Rochester, NY

Mike Chevalier
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!

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Jose Batista Abikarram
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
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  • Mike Chevalier
    OP
    Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @Matthew Drouin Thank you! Please accept my request to connect, as I get more involved would love to talk and be able to run some things past you. I appreciate the info

    @Jerry Padilla thank you for the info, is the cost of mortgage insurance dependent on the mortgage payment? Are there any drawbacks of refinancing? You have the option to refinance and get rid of the mortgage insurance once you have 20% equity?

    @Benjamin Burket Thank you! Please accept my request to connect. 
    I have to say, I did not expect to get this level of welcoming and support, especially locally! This is amazing, I really appreciate everyone reaching out.

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

    @Matthew Drouin

    Since he mentioned house hacking... I was assuming multi-family. 

    The 3% down payment program is first time home buyers purchasing a single family residence, otherwise 5% down if not first time home buyer. A 2 unit is 15% down and 3-4 units requires at least 20% down, going the route of Freddie Mac and you wouldn’t be able to use rental income with this route. Fannie Mae requires 25% down and allows the use of rental income. When a lender doesn’t have the ability to choose Fannie or Freddie specifically they don’t allow rental income use at all. It is an overlay that many lenders have. Freddie Mac only requires a 2 year landlord history, whereas Fannie Mae doesn’t require a landlord history.

    FHA does have a disadvantage compared to conventional for the reasons you mentioned.

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

    @Mike Chevalier

    FHA Is 1.75% upfront mortgage insurance and monthly is 0.8%.

    Conventional mortgage insurance depends on loan amount and credit.

    The drawback is closing costs for a refinance cost money, but overall you save more money down the road by eliminating this monthly insurance with FHA that stays for the life of the loan.

    1Reply
  • Mike Chevalier
    OP
    Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @Jerry Padilla Thank you, I will be in touch soon to setup an appointment with you.

    1Reply
  • Shawn O'Hara
    New to Real Estate · Portland, OR · Member since 2019 · 8 posts · 4 votes
    7y

    Hi Mike, welcome to BP and to Rochester. I'm a newbie to RI as well, but pretty excited to get going. I feel like Rochester is an affordable market to get started in and folks here seem very responsive to helping up newbies get up to speed. Best of luck and hope to see you around town.

    -Shawn

    0Reply
  • Jerry Padilla
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @Mike Chevalier

    Sounds great! Thank you! Let me know if you have any questions in the meantime!

    0Reply
  • Mike Chevalier
    OP
    Rochester, NY · Member since 2017 · 23 posts · 17 votes
    7y

    @Shawn O'Hara thanks Shawn, I'll see you around. Feel free to message me if you want to talk real estate

    0Reply
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