All Forum Posts by: Julia Maddox

It was a good deal that would have had solid cash flow at the price that was accepted. If I move forward I'll take the cost of rehab out of the offer (plus some additional amount for lost revenue during renovations). I won't do it if it doesn't make financial sense. I posted in this forum because I've never done a rehab and I want to hear from seasoned professionals. 

Just had our inspection for a small lakeside cottage ($117k accepted offer). There were lots of rotten floors (had been hidden under furniture and rugs for staging, ugh) and there was also a broken piping that happened since we made the offer. Waiting on the full inspectors report but obviously we'll be coming back with a much lower offer if we move forward at all. 

This is my first deal and I was not looking for a major rehab project. I had hoped to start renting (as an STR) this summer, but that's not in the cards given the extent of renovations needed.

I guess I'm looking for a pep talk! I know that there is a sales price that would make this deal worth it. I would be hiring a contractor to do all of the renovations. And I guess this would be a BRRR opportunity.

What would you do? Help! 

Hey folks! 

I'm excited to be under contract on my first investment property, a lakeside cottage on a small lake in the Finger Lakes region. I'll be using it as a STR (AirBnB, etc..) Would love to connect with any other investors in the area.

I'm located in Rochester and will likely be trying to make my second deal closer to home. Currently planning to focus on STRs and visiting nurses. (Don't have the stomach for long-term tenants in NY.) 

I'm purchasing this property with a conventional mortgage but am planning to branch out for future deals. (HELOC, self-directed 401k, etc.)

Looking forward to connecting and learning!

Welcome to Rochester! I have started investing in the Finger Lakes area but am interested in adding a multifamily in Rochester down the line. Would love to connect.