All Forum Posts by: Rebecca Lebowitz

I agree with Mark, it may be difficult for you to get lenders to work with you at this point. I would suggest perhaps meeting some local investors/property managers (I would be happy to meet with you), go to some FFREIA meetings, perhaps get a part time job at a property management company, etc. There's a lot of way to get involved with REI without actually buying properties quite yet.

Welcome!  Rochester is a great place to invest, lots of great opportunity!

Nice area-definitely a keeper!

I definitely agree with the buy/hold model, and getting your tenants on a slow plan to get them up to market rent.  After six years, I assume you have very good rapport with them.  So just level with them-explain that you have a very large expense coming up, and while you value them as tenants, and don't want to shock them with a huge rent increase, you will start having to raise their rent to get it up to market.  

Just curious, as another Rochester investor, what area is the property on?  Wondering if it's in an area that's more up and coming (more of a reason to hold!).  For an $800/month 1 BR I'm guessing you're in Monroe/Park or South Wedge area....?

$100k difference?  That's a huge jump!  Are you sure he really was going to sell for the $103k your girlfriend's father thought it would go for?  Seems like a huge discrepancy.  

Also remember just because they are asking $200k for it, doesn't mean they will necessarily get anything close to it!  And if so, then definitely good lesson learned, jump on good opportunities when they arise  :)

Just some hints to see what their motivation level is: have there been ANY price drops in the past 200 days or however many days it's been on the market?  If so, how much?  It's one little tiny glimpse into seller's motivation.  Also, is the property vacant or are their tenants?  What condition is the property in?  (or to the best of your ability to judge).  The problem with investment properties is sometimes seller's really aren't terribly motivated to sell, because since they are collecting rent each month (assuming there are tenants in there) then it's not a huge deal if they don't sell for their asking price.

That being said, sometimes I tell my investors: what's the worst that can happen?  They either berate the agent for bringing them a lowball offer (which definitely happens!) or they don't dignify it with a response.  Or possibly they come back with something you can work with, because they've become weary and want to unload.  

Good luck!

As a property manager in Rochester NY I am so happy to hear you are satisfied with your management company!  Often you hear so many horror stories of bad management companies, but us good guys are out there, also  :)  It's nice to have someone share success stories-thanks!

Congratulations and best wishes for continued success  :)

I'm also in Rochester, and my attorney (Steve Pheterson-who's very well known in Rochester) cost $300 for the one eviction I've had.

I invest in Rochester, and it's been successful enough for me to do it full time, and start managing other owner's Rochester properties as well.  

I agree with @Jerry Padilla that some zip codes are definitely more desirable than others (and the definition of 'desirability' varies from investor to investor for multiple reasons), so make sure you know where you are investing and recognize the different returns you can anticipate based on these areas.  

I'm a realtor that works exclusively with investors, and it's fairly common to put in sort of lowball offers when the property needs significant amount of work and is becoming a stale listing.  Plus you have to factor in their counter offer.  What's the worse case scenario?  They won't even dignifiy it with a response/counter offer, then you walk and find the next great deal :)

Keep us posted and best of luck-hope it works out well for you!