Rochester, NY. Question About A Specific Agent?

Question

Hello All!

I've been reading the forums for a while and listening to all the podcasts and this is one of the most generous, caring, informative and genuine communities I've ever seen. With that being said here is a question that I have regarding the @Rochester (hope I tagged that correctly) area, more specifically about a particular agent in that area.

I noticed on Loopnet that Pete Lezeska lists pretty much every single multifamily investment property <100k. I was wondering if anyone has ever worked with him and can give their honest opinion?

Thanks in advance!

Nick Donadio · Answer

Thank you guys so much for the input, info, and recommendations. I really appreciate it.

Mark Updegraff · Answer

Thanks @Frank Oudheusden !  I appreciate the recommendation.  There are a slew of sub 100k investment properties in Rochester.  The thing to keep in mind when searching for them is condition.  The market value of a property does not incorporate the condition as much as it should.  I call the gems the "Little old lady" houses because they look like they've been taken out of a time capsule.  When one family has owned something for a long time there is much less wear and tear on move in /  move outs and people picking where they're going to hang stuff, modify stuff etc.

Of course location is the key factor in determining both value and rental rate, as well as rental rate trends.  We like to position ourselves into appreciating markets with upward trends in rental rates.  Neighborhoods can be hit and miss by street, so it is important to have boots on the ground or someone that is familiar with holding / managing rentals as opposed to someone that is just trying to sell listings.

Hope that helps!

Cheers,

Mark

Frank Oudheusden · Answer

I have not worked with Pete but I have discussed opportunities with him in the past.  I'd highly suggest @Mark Updegraff he's one of our own (Bigger pockets) and a fantastic agent for investors.

He and I have closed several deals together.

-Frank-