All Forum Posts by: Michelle Schrader

Careful with 3rd floor attic space conversions in Rochester. The city cracked down a few years ago and very few are considered “livable” space. If you don’t have fire escapes, sprinkler systems and hardwired smoke detectors, they likely aren’t going to approve it. Means you definitely can’t have a bedroom up there but the inspectors will even say no to couches or anything cozy enough to sleep on. They will allow storage or an office type or hangout area but will list your C of O as “no 3rd floor occupancy”. So check with city fire code before finishing anything up there.  

Rochester NY is a great market. I’m an agent and investor here and could help you. Keep in mind with a 1031 exchange, it's important to ensure that the total value of the replacement property is equal to or greater than the property you sold. It’s not just the cash received at closing, you have to consider the mortgaged portion of the relinquished property. 

Welcome Rebecca! I’m an investor in the Rochester market and also have experience managing from afar with some vacation rentals out of the area. I’ve had my real estate license a little over a year and have helped a handful of out of state investors like yourself get their hands on some Rochester real estate. It’s been pretty competitive here (partly bc we’ve gotten some BP nods over the last year) but I’ve definitely noticed a drop in offers and competition. I think it’s just a seasonal/holiday slump but it’s a good time to be a buyer!

@Michael Buska I sent you a DM and am curious what ended up happening? I have successfully used the str loophole and can provide some insight how I achieved it. 

Hi Aaron, congratulations! I’m an agent and small investor in Rochester and can help out. Let’s connect!

Hi Michelle. I am an investor agent in Rochester. We still have a fairly competitive market with short days on market and over ask bids…but affordable in comparison. Reach out if you’d like to inquire further!

Hey Matthew, I live and invest here and am getting started as an agent as well.  Rochester has continued to be a stable market.  We have seen price run-ups, bidding wars, rent increases like the rest of the country but at the end of the day our entry price point is still much lower.  If you're familiar with the Finger Lakes I know a lot investors that like the Canandaigua multi-family market too.

Hi Juliana,

I'm from the area and am always poking around, looking for opportunities.  Let me know if you want to connect or just have a local perspective.

https://senecafalls.com/wp-content/uploads/2023/01/STR-Appli...
see if this link works 

Hi Joseph,

I own a property right down the road. Currently Seneca Falls has a permit process (costs $500 per year) but it’s pretty straightforward. They limit your occupancy to number of bedrooms plus 2, have a checklist you need to make sure you’re compliant with, and require you to collect and remit 3% tax, but if you’re using a platform like Airbnb they do that for you.

Your taxes will catch up and likely be higher next year due to a PP of $325 vs their current assessment. Water/sewer bill for me is a minimum of $137 per quarter, no garbage fee (included with your taxes). 
I own a few STR in the area as well as some LTR and now I'm a licensed agent. Happy to help if you have more questions.