Anyone from Rochester, NY?

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Anyone from Rochester, NY?

Michael Wagner
Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes

Hoping to collect some WNY folks in this forum. Any Rochestarians interested in meeting up to talk Real Estate? Lets start a discussion here with 2 minute intros' and hopefully get enough interest to connect in person sometime soon.

I'll start.....

I'm a full time real estate investor with past experience in residential rentals mostly in and around the 19th Ward. I've since transitioned to focus all my attention on self storage. I own one facility in Syracuse and am working on purchasing one out toward Buffalo in the next couple months. I can't articulate how much I enjoy talking real estate with other serious investors. Hoping to meet a few more via this post!

Mike

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Eric M.
Wholesaler · Rochester, NY · Member since 2013 · 100 posts · 23 votes
13y

I've never been to an Amerk's game... Am I still allowed to post in this thread?

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  • Larry Turowski
    Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    11y

    I have been an investor since 2008. I started very slow and cautiously and am only now feeling ready to pick up the pace. I have several SFH rentals, and have done several flips.

    If you have any great deals, let me know!

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  • Jennifer Roth
    Rochester, NY · Member since 2014 · 64 posts · 4 votes
    11y

    Hi Everyone! 

    I wasn't to sure where to post this so I thought I would try my Rochester friends... 
    Would anyone happen to know where I can find a private lender (someone who doesn't require a lot of money down) to help fund for flips? I am willing to partner with someone and split the profit 50/50. I would do the rehab, just looking for someone with funds. 
    I am not too sure where or how else to find this... any ideas would be great and appreciated! Thank you in advanced :) 

    [email protected]

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  • Greg Baker
    Rochester, NY · Member since 2014 · 83 posts · 19 votes
    11y

    Good evening Rochester friends.  I'm about 63 podcasts deep, I'm nearly done with J Scott's book, and I've just about gotten the hang of calculating cash flow.  Here's where I'm completely stuck....I love the idea of finding a small "farm area" and learning it inside and out, the problem is, I use the term Greater Rochester Area in a broad sense, and it's huge.  For those Rochester area investors who are successful, did you scour census data, choose based on a mileage radius of your home, find areas that thrive based on the investment property you're looking for, or something totally different?  

    I'm totally torn here and it's killing me.  The three P's (Pittsford, Perington, Penfield) should have high quality tenants based on school district, Henrietta has low taxes comparatively, I've lived in Spencerport and Gates my whole life and are solid family neighborhoods, Brockport has a college population as well as a history, continue down 104 and you find relaxed rural living where you may have the same tenants for 15 years...

    Help!!  Thanks everyone.

    edit: I have approximately two weeks off over Christmas.  If anyone is up for a coffee or lunch let me know!  

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  • Mark W.
    Investor · Rochester, NY · Member since 2009 · 91 posts · 59 votes
    11y

    Since you mentioned tenants, I'm assuming you're looking at buy-and-holds and not flips.

    In general I think the returns for multi-families (and SFRs for that matter) are going to be pretty poor in the suburbs.  When I see multis come up outside of the city proper they are almost always priced high, more for an owner-occupant who wants to shave something off of his/her mortgage than for investors looking for cash flow.  That's not to say it's not possible to find a deal, I just think it's tougher outside of the city.

    For my first property, I wanted to live it in, so my criteria was skewed towards things that I wanted at the time.  But since I was going to be living there, the neighborhood had to be fairly decent.  It just so happens I bought right without really knowing what I was doing.  For the 2nd, I had educated myself much like you're doing and looked for a solid return, again in a neighborhood I was comfortable with since I had decided to self-manage.  Both are within city limits.

    Best thing I can recommend is to look at lots of properties and run lots of numbers.  Figure out what gets you excited.  That's when you know you've found what you're looking for.

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  • Greg Baker
    Rochester, NY · Member since 2014 · 83 posts · 19 votes
    11y

    @Mark W.

    Thanks for the feedback, sorry I was not more clear.  Yes, long term buy and hold and unfortunately even if we do purchase multi we will not be owner occupying.  I definitely need to familiarize myself more with the city itself, I've lived in "Rochester," my whole life, but always in the suburbs.  

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  • Rebecca Lebowitz
    Rochester, NY · Member since 2014 · 138 posts · 45 votes
    11y

    I completely agree with @Mark W. , there really are many ways to invest in real estate-every investor is different with unique values and interests.  Also the returns in most of the suburbs (with some exceptions) are going to typically be much lower than in the city.

    I tell all my investor clients the only way to truly learn and get a real feel for the Rochester market is to go out and check out properties.  You will very quickly learn what resonates with you as an investor.  

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  • Jesse Doyle
    Real Estate Investor · Rochester, NY · Member since 2014 · 31 posts · 5 votes
    11y

    Whats up everyone! I am also from the Rochester area. I am currently in the Marines and have 9 months left on contract. So when that glorious time rolls around i will be making my way back home to really sink my teeth into some solid REI deals. I have already scouted a few properties but decided not to push forward on them (mold, foundation issues). I am currently seeking single and multi family properties to rent and/or flip although my long term goals are to build my passive income/ cash flow for future financial freedom. I love to meet and talk with other real estate investors from the Rochester area...With that being said who wants to send me a Garbage Plate?!

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  • Jesse Doyle
    Real Estate Investor · Rochester, NY · Member since 2014 · 31 posts · 5 votes
    11y

    What up my fellow garbage plate eating animals! LOL, a quick little intro about me i grew up in Palmyra, NY Wayne County which is a small town about 30 min east of Rochester. I am currently in the Marines and stationed in Jamaica for my last tour (Lucky me right?). I have been a REI sponge these past 6 months doing all the reasearch i possibly can. My niche is 2-4 unit housing for the first year or two and begin to add on larger commerical properties such as car washes, self storage units, and larger apartment complexes. I will be back in the Rochester area for good this September and i plan to hit the ground running. Nice meeting you all and let me know if youd like to meet up and talk business!

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  • Joseph CatalanoPro Member
    Rental Property Investor · Lewiston, NY · Member since 2014 · 192 posts · 97 votes
    11y
    I am from Lewiston but always willing to network.
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  • Michael Wagner
    OP
    Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes
    11y
    Originally posted by @Jesse Doyle:

    What up my fellow garbage plate eating animals! LOL, a quick little intro about me i grew up in Palmyra, NY Wayne County which is a small town about 30 min east of Rochester. I am currently in the Marines and stationed in Jamaica for my last tour (Lucky me right?). I have been a REI sponge these past 6 months doing all the reasearch i possibly can. My niche is 2-4 unit housing for the first year or two and begin to add on larger commerical properties such as car washes, self storage units, and larger apartment complexes. I will be back in the Rochester area for good this September and i plan to hit the ground running. Nice meeting you all and let me know if youd like to meet up and talk business!

     Hey Jesse,

    First, Thank you for your service.  

    Second, your planned path into real estate mimics what I did pretty closely.  I started out with residential units and then transitioned to self storage which is where I focus all my efforts now.  I am in Victor NY and would love to meet up when you are back in town.  Feel free to contact me as the time nears if you want to set something up.  

    Mike

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  • Jesse Doyle
    Real Estate Investor · Rochester, NY · Member since 2014 · 31 posts · 5 votes
    11y

    That sounds great Michael, I will let you know for sure!

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  • Greg Baker
    Rochester, NY · Member since 2014 · 83 posts · 19 votes
    11y

    @Jesse Doyle

    Your service for our country is greatly appreciated.  It sounds like you have an aggressive plan ahead of you!  I'm in the process of closing on my first single family home rental unit in Rochester.  I have no idea if I want to build an empire of single family homes over time, or eventually transition into commercial.  I guess we'll see how this one goes!  

    Up to this point, I've worked with @Mark Updegraff who helped me identify an ideal area for investing, and make offers.  He and I also shot the breeze a bit about commercial investments in the future.  Up to this point I've been very happy with his work and communication, he also brings an instant real estate team in terms of attorney, mortgage lender, insurance, inspector, etc.  The fact that they all have worked together extensively in the past makes communication between parties a breeze.  

    @Dave Savage  was also kind enough to meet me at a local Tim Hortons and share some wisdom.  If you're a cash buyer looking for some wholesale buys look him up.  

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  • Jesse Doyle
    Real Estate Investor · Rochester, NY · Member since 2014 · 31 posts · 5 votes
    11y

    @Greg Baker Thanks for the info! Ive also been linked up with Mark for a few months now as well and am a part of his  porperty mailing list too. Still on the look out for properties that grab my attention, Ive put an offer in on a triplex in the Wayne County area but the "Motivated" seller wasnt too motivated as she shot my offer into the dirt haha Anyways thanks for the intro and i look forward to going back and fourth with you and other investors in the area.

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  • Greg Baker
    Rochester, NY · Member since 2014 · 83 posts · 19 votes
    11y

    @Jesse Doyle 

    I'll be interested to see what kind of profits you are able to find outside of the city itself.  I'd really like to find a niche area and blow it wide open, but I kept hearing the profits are in the city.  I work out in Lyons, near Newark, so I'm pretty familiar with the Wayne County area as well.  

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  • Jesse Doyle
    Real Estate Investor · Rochester, NY · Member since 2014 · 31 posts · 5 votes
    11y

    yeah the one property i went in on i was projecting to make 500 cashflow it was a triplex but unfortunately couldnt cover the asking price and they shot down my offer and counter offered at their original list pirce.

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  • Michael Wagner
    OP
    Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes
    11y
    Originally posted by @Greg Baker:

    @Jesse Doyle 

    I'll be interested to see what kind of profits you are able to find outside of the city itself.  I'd really like to find a niche area and blow it wide open, but I kept hearing the profits are in the city.  I work out in Lyons, near Newark, so I'm pretty familiar with the Wayne County area as well.  

     The small towns outside of the city offer can offer good returns.  I think the City vs. suburbs argument is more true when you talk about penfield, webster, fairport vs. the city.  Once you get out into the more rural areas, it can work.  I have a 4 family in Newark that rents for $1820 per month. Cash flow works on that one.  My challenge is now that I live in Victor, the distance makes it a pain.  My manager handles all my city properties but this one is too far away for him so it falls back onto me to manage.  

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  • Jesse Doyle
    Real Estate Investor · Rochester, NY · Member since 2014 · 31 posts · 5 votes
    11y

    I would love to find a multi in Canandaigua with a lake view, that area is constantly growing and very prosperous.

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  • Dave Savage
    Investor · Rochester, NY · Member since 2012 · 316 posts · 102 votes
    11y

    I agree with @Michael Wagner more rural towns can work from a numbers perspective but the Property Management is a problem.  I had a decent deal on a property in Hamlin but no one to PM it for me, and my business plan doesn't have me doing that work so I passed.   

    If you are willing to put in some sweat equity places like Newark and Lyons might work out.   I know @Tom Sylvester our local BP podcast star (:)!) is a big investor in more rural NY towns and has found a niche that works for him.   

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  • Bryan W.
    Investor · Rochester, NY · Member since 2015 · 24 posts · 3 votes
    11y

    Hello Rochestarians. Sorry to bump such an old thread, but it seems I'm far from the first. Just wanted to introduce myself and invite you to connect for general networking or to tell me about your businesses.

    I was born and raised on the southeast side of the city and have rented (as a renter) residential and commercial space in Park Ave, Corn Hill, and Marketview Heights neighborhoods. Three years ago I moved to Silicon Valley for a tech job, but my wife and I dream of returning sometime in the next few years.

    To help us stay connected to the area and fund a possible move (and because Silicon Valley real estate prices are INSANE!), we'd like to start investing in Rochester. While rehabs and more hands-on projects sound fun, they don't seem like a smart place to start while we live 3,000 miles away. We're looking for SFRs and small multi's that are ready or nearly ready to rent. I'm most passionate about the city of Rochester (vs the suburbs), and would love to be part of the growth in the South Wedge, Ellwanger Barry/Swillburg, or the 19th Ward (though we'd consider other areas too as long as they aren't war zones).

    We have friends and family who are willing to help us with most aspects of on-the-ground property management, but would love to connect with investors, agents, and others who might be able to help us buy our first properties or just want to share their wisdom. I can't offer much in the way of advice, but do have a couple of spare bedrooms if you ever want to exchange advice for a place to stay in California.

    We will be in Rochester at the end of September to visit family, and plan to look at houses while we're there. If any of you would like to meet up, send a note. Hope to hear from some of you soon!

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 692 votes
    11y

    Prices in Canandaigua are pretty high making cash flow pretty dismal.  I looked at one off market (4 unit) but it was the biggest dump I've seen in a long time.  It also diddn't have lake views... but yea, who wouldn't want some rentals on the lake right!?!

    Cheers,
    mark

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
    WebsiteView Page
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  • Matt Harris
    Property Manager · Rochester, NY · Member since 2015 · 243 posts · 62 votes
    11y

    well ill keep my eyes open for the areas your interested in im a local landlord and new agent. thanks and keep me in mind

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  • Martin Grizzanti
    Investor · Rochester, NY · Member since 2015 · 499 posts · 169 votes
    11y

    very new to the game. Just closed on 2nd single family rental. Looking to use private money and continue to buy and build my portfolio. 

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  • Matt Palmisano
    Rental Property Investor · Rochester, NY · Member since 2015 · 23 posts · 18 votes
    10y
    Hi there. Great post. There are a ton of rental property managers in Rochester NY. Check out ALA Real Estate. They manage my 2 single families.
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  • Luz Espiritusanto
    Escrow Officer · Webster, NY · Member since 2015 · 40 posts · 20 votes
    10y

    Hello all: I hope you are well. There are indeed many property managers in the Rochester, NY area. I can't stress it enough- do your research! I suggest you interview at least 3 property management companies throughly before making a decision. There are many so called "property management companies" that have put many investors in bankruptcy or close to it due to mismanagement of their properties- so I highly suggest you do your due diligence. 

    1Reply
  • Martin Grizzanti
    Investor · Rochester, NY · Member since 2015 · 499 posts · 169 votes
    10y

    For investors in Rochester, NY.  I bought a property a few months ago that does not have a C of O.  How long, on average, does it take to acquire one?  

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