I feel that turnkey real estate investing gets looked down on a bit and I know it's not as "full" or involved a way to invest in real estate but I am curious to know if anyone here has advice about a person/company who does turnkey real estate investments in upstate NY.
The reason I am thinking upstate is the low cost of entry. I have about 60k in savings and strong credit but I will not qualify for a loan since I have no income (recent college grad). I am not interested in partnering with anyone and am looking to pay cash for a turn key investment.
Are there other markets I might consider given all of this? I live in NYC and while I know and agree with advice given here about searching in a two hour radius, I don't have a car and I'm too young to rent one.
Any advice would be welcome, come one come all!
Thanks for even just reading this.
Hi Brian I am an investor in Rochester. I don't think turnkey investing is looked down upon. I personally would love to find a house that didnt need any work but it is hard to find a deal or make a profit on a home that is already fixed up. Those are ready to go and then you are competing against retail buyers (homeowners) who are willing to pay more. There are certainly turnkey properties here, and you can certainly find homes to buy for $60k cash but they are in not so nice areas. It really depends on what type of renters you are comfortable with. There are pros and cons to renting in these types of areas and you can read all about it here. But these places will need some work before renting to each next person, as I hear they can get trashed. That is when you can use a property manager to hire someone. Hope that helps!
@Shannon Sadik Don't you think that 60K could get him into a 10 ward double? I owned one for about a year and it was probably my most stable property. I ended up selling it to take advantage of a tax write-off but I was sad to see it go.
Hi...I'm a investor in Rochester (Born and Raised) and wanted to let you know about a MeetUp this Wednesday that your all invited to, let your friends and family that are interested in investing know too:
This poster certifies that there will be no pitching of products or services at this event.
Time of Event: 10/29/2014 at 07-9PM
Location: Johnny's Irish Pub 1382 Culver Rd, Rochester, NY 14609
Fee to Attend: Free...Just bring a smile, business cards if you have them and a few bucks for your drinks.
If you have any questions feel free to let me know!
Shannon are you a first time home buyer or owned a home more than two years ago? Have you heard about the Neighborworks program, it's awesome and you can use it to buy an owner occupied 1-4 family. Here's a link
@Peter Grosso , do you mean Maplewood when you say the 10th ward? To be honest, I'm not familiar with that area, but got the general impression that north of the city was quite a bit less safe than the 19th ward. Is that incorrect because I would be interested in pursuing anything that is that affordable and in a good working class neighborhood. Are you familiar with how it is now?
@Scott Speer , I just bought two MF's in the South Wedge, one an owner occupied, so wish I had known about this about a month ago. Is the RochesterWorks service something for those with low credit? I guess I'm reading it and it sounds great, but I'm wondering where the catch is?
I would definitely be interested in attending the MeetUp this Wednesday!
@Shannon Sadik I actually meant the 19th Word, but I have been having good luck with a property in what i think is Maplewood nice block with very nice neighbors. I used to own a property on 945-947 Arnett Blvd, I actually sold it for 65k and it had good stable working tenants.
@Peter Grosso Ah, gotcha! Yes, that's where we are headed next. we will see how it goes!
@Shannon Sadik I believe the go with High/Low/No Credit scores. The catch is the household income cannot exceed $60,000 I think is the number and you have to live there I think for 5 years or you have to Prorate and repay the grant. It is a great program and many of my Rent to Own buyers are in the program.
@Shannon Sadik thanks for the refferal, @Larry T. and I talk often and we have helped each other a lot with different ideas. We are members of REIA investment group in Rochester it's www.FFREIA.com, have you heard of them? It's a group of about 100 investors in Rochester in different stages of investing from just looking to 100+ properties, check the website and come check us out for free as our guest.
You can get a decent double for $60k as long as you know EXACTLY where to buy, what to look for and have strong management in place to optimize your investment.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.