All Forum Posts by: Bruce McKenty

That is very understandable @Eric Stets. What areas of Buffalo do you like? I'll have to look into the calculator. Thanks very much for your continued input!

Hello @Mike Cumbie. Thanks very much for your detailed response. That this listing is not really geared towards investors and is more looking to garner interest from those other market segments you mentioned makes a lot of sense. Wasn't even something that I had considered, really, so thank you for bringing that to my attention!

Honestly, I wasn't really looking for a room rental situation and still would prefer not to do that if at all possible but I will definitely keep an eye out in Gates to see what all is out there. If the deal works, it works. Do you know the typical range on the rent for a room in Gates?

I also appreciate your well-wishes. God knows I need it!

@Eric Stets the commute from Buffalo everyday wouldn't be ideal but if it works better it works better. I haven't given up quite yet on Rochester, though. Why do you like Buffalo more?

I like the way you think! I did go and see the house and it is great. So at what price would you, personally, start considering it a possibility? 165k?

@Michinori Kaneko I am clearly not the best person to answer this question intelligently but, to clarify, do you mean in the suburbs west of the actual city of Rochester or the Greater Rochester area in general?

Thanks very much @Benjamin Burket @Jeremy Marshall and @Craig S. ! I really appreciate all of your responses and wisdom. The more I thought about it, the less sense that it made and your responses served to more than confirm that.

Thanks for helping me avoid a big mistake. Hopefully I can find a property that looks better. I will post again when I do.

Hello Everyone!

I have been looking for my first house with an end goal to house hack (because of the lower down-payment)  and have positive projected cash flow. I came across the following 4/3 & 1/1 duplex in North Chili :

https://www.redfin.com/NY/North-Chili/16-College-D...

It looks very nice but I am concerned that 190K is too high. I am not sure if there is much interest but, from what I have seen on other houses, I'm not sure that it will sell for less than asking.

Given a 190K sales price, I project that the monthly PITI will be about 1600. So I am thinking that I would need roughly 2000 in rents to cash flow The 1/1 apartment is rented for ~$550 so that would leave 1450. Which, if I got $500 each of the other bedrooms, could work.

Based on your experience, what do you think? Could I get it for less than asking in the current market? Would 2000 in rents be enough? How is the rental market is out in North Chili? Are there tenants looking for rooms as opposed to full houses/apartments? Could I get 500 each for the other bedrooms?

Thank you very much in advance for your input, I really appreciate it!

Thanks very much for the advice, I really appreciate it!

@Martin Grizzanti

@Martin Grizzanti thanks very much for taking the time to respond! I really appreciate it!

I definitely won't be diving into anything without seriously understanding the numbers. (Even if I am comfortable, I will probably come back here to ask when the time comes just to be sure I'm not missing anything glaring.)

So you're thinking that the chances of working out a deal to have the seller cover the closing costs is a long shot and that I should just be patient and keep saving until I have some more cash?

Do you think that my goal (a 4-unit for $200k that will generate positive cash flow off of only 3 of the 4 unit's rent) realistic?

Thanks again!

Thanks very much!

@George Blower

Hello Everyone!

My name is Bruce and I am an aspiring investor from the Rochester area. I hope to, someday, be able to achieve financial freedom through real estate. I have a long way to go but I’m hoping to start my journey soon. I do have some questions for those experienced Rochester area investors out there that I was hoping to get some help with:

Because I don't have much cash on hand and I want to get started as soon as possible, I am interested in utilizing an FHA Loan and house hacking, preferably a four family in the range of $200,000 or less. My thought behind this is to not only cover the costs but to generate some positive cash flow. From cursory analysis of some properties I have seen on the MLS, this seems to me to be realistic. Is it?

So I have about $8,000 saved up which would be just enough to cover the 3.5% down payment on a $200,000 property but would be all but gone when it comes time to pay the closing costs. In your experience, how much do closing costs generally run on a $200,000 property? A $100,000? Is there any chance in the current Rochester multifamily market of getting a seller to cover the closing costs or do I just have to be patient and keep saving?

Thanks very much for reading and for any help that you can provide!

-Bruce