All Forum Posts by: Aaron Lehaney
Aaron Lehaney has started 0 posts and replied 2 times.
Post: Buying investment property in Rochester NY
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Hello, I’m thinking about buying my first investment property in Rochester as well. I don’t have a lot of capital so was thinking about 19th ward or the historic district. May check out some properties there in a couple of weeks(Dewey and electric ave and Lexington and lake). Anyone have input on those areas?
Quote from @Kay Faith:
Hi all! I hope you all had a good thanksgiving, Finally about to pull the trigger on a 6 bed multi-family in Rochester. I am blessed to have professionals on the ground.
My question is to find out if $400 cashflow is the norm.
Scenario
Property price $140000
Offer accepted $130000
Mortgage $117000 with 10% down and
Current tenants paying 2100 between both units
Interest rate is 8.7% so mortgage and taxes about $1480.
Property management 10% of rent which leaves us about $400.
Good roof and mechanics, but minor repairs are needed along the line (2-3k )but nothing major which has been factored into the offer price.
the goal is to refi when rates come down and looking forward to growing our portfolio.
Thoughts on this from experts as we get our feet wet.
Thank you.
Let me know how it works out!! I live in Toronto and am thinking of buying my first investment property in Rochester in the same price range as you. What area did you buy in if you don’t mind me asking? I’ve heard good things about south wedge and the 19th ward but they seem pricey from what I’ve seen.