New Construction in Rochester NY
I currently own 3 building lots in the suburbs of Rochester, NY in the Town of Henrietta. They're all on the same street of my home and a couple of my rental properties. I'm exploring building rentals on these lots and wanted to see if anyone in the area has experience in this little niche. My intention would be to build and hold.
My rentals in the neighborhood do quite well, and my rough numbers indicate that I can build a new rental for approximately the cost of buying a "used" at retail prices home in the neighborhood. In fact there are two other builders/investors doing the same type of infill construction in the neighborhood and holding them as rentals. I've spoken with these builders and we've tossed around the idea of working together on the project, but haven't taken the discussion too far.
Does anyone else in this community have experience in a project like this?
I work for a national commercial real estate developer as a construction project manager so I'm well versed in the construction industry - I've just never dipped my toes into small scale residential new construction . Locally I have good connections with engineering firms, surveyors, contractors, financing etc. My next steps are to get plans done for the house I'll build (x3) and get solid bid numbers for the various parts of the project together.
There are a couple of very specific pockets in the region where I could see this model work very well.