All Forum Posts by: Paul Thomas

Rochester and Buffalo taxes aren't great.   You're looking at payments that can be similar to a mortgage payment. I think they are probably lower,  in Cleveland. 

The snow in Rochester is not nearly as much as Buffalo.   Certainly more than Texas, though!

I have been able to build up a decent portfolio here, in Rochester. The REIA here is full of good people, too.

I think there is a lot to do around Rochester during good and bad weather.   If you decide on Rochester,  then welcome!

@Brendan M Brown

Rochester can be a little weird with locations, so you'll want to be mindful of your target tenants with the sub 150k duplexes.  

Stephanie is right about Rochester being great.  I wish I had started with a duplex.  

-Make sure your financials are all set and well documented for your lender so that you can close quickly.  There are a number of great ones in town. 

-work with a realtor that does investment properties. Use their knowledge to help you select the neighborhoods that meet your near term goals.

There are plenty of opportunities out there, keep analyzing properties so you know a good opportunity when you see one. 

good luck!

Caleb, did you end up finding a property?

Banks are going to want to see that you have income.  If you have rooms rented out,  that will help with the refi, as you won't need to show as much income from your W2.  

If you have 18 months you have some time. 

Did you get the cost of the renovation added to your loan?

I live and invest in Rochester, NY.   Are any of you going to BPCON?

Hello fellow New Yorkers.  We're in the Rochester area.

Has anyone had any success in removing bad tenants during CoVid?  I have a tenant with an expired lease that I would like to quit.

They have had a questionable payment history since they moved in, and seem to have used CoVid as an excuse to not pay what they owe.  I am sure a number of you have had or are having similar problems.

So any luck?

Thank you,

Paul

Greetings!  You have family here, so you may be aware of how high the taxes can be.  It eats into the cash flow for the single family homes.   The same will probably be true with multifamily.  The monroe county website is pretty good for finding the tax information  to run realistic numbers.

Also NYS passed some new legislation regarding tenants rights, which may make things a little trickier.  It seems like it would be more of a problem if you have to evict, unless they claim a housing crisis in Rochester which will make things worse.   That being said,  I am still happy to invest in and around Rochester. 

25k down for multifamily may not be in the best location here.  I would consult with a few property managers and realtors, and pick an area around the city that fits with your comfort level. 

Financing is going to depend on the bank that you use.  

I am happy pass along our guys information to you, if you would like.  And happy hunting!

Paul