Just wondering what everyone's experiences were with property management companies in Rochester? Any recommendations? I am having trouble with my current company and the quality of tenants that they're placing.
Any suggestions? Thanks!
Hey @Gabriel Abud how many units do you have?
@Ronald Starusnak currently only two, although a third is under contract.
@Gabriel Abud I've struggled the last year or so in Rochester...PM who you're using but I'll hit you up with a few experiences I've had (and currently have) if it helps too.
@Christopher Schmidt Would you mind sharing with me some of your issues? I am an out of town investor looking to close on something in Rochester this year.
@Charlotte Bryan What areas are you looking in? From my own experience and other out of town investors I have spoken with I would say don't get fooled by cap rates on paper. There are a few areas that are real war zones and even the surrounding areas are pretty bad. If you are looking in the inner city and outside of really nice areas (near the university and downtown basically), I would say double what seems reasonable for repairs and management fees. It's pretty common to spend thousands on turnovers and have one or two of those a year, not to mention evictions, constant late rent, deferred maintenance, etc.
Good to know thank you! Was looking at 19th Ward, Irondequoit, and around Culver.
@Charlotte Bryan You have to be careful in the 19th ward even. I wouldn't buy anything east of Genesee St, I know people who own there and it's been rough for them. Western and southern part of the 19th seems reliable. People are spending insane prices to buy in the 19th ward right now though, my guess is that it's out of state investors who are priced out of their own cities and don't understand why Rochester is priced so low. Irondequoit and Culver I think are pretty solid areas.
@Charlotte Bryan I will hit you up on PM...
What I've learned that with those city properties is there really is a strategy of building a cushion and reinvesting into the properties, especially since they are 100 years old. In the end, I think the right approach is to still assume some baseline (most people look for $100/door) and put the rest back into the 'business'. It is hard to find the right PM who doesn't do 'too much' so they make all the money or does 'not enough' so it really hits you in big chunks of cash.
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