All Forum Posts by: Samuel S.
Samuel S. has started 1 posts and replied 20 times.
Post: Finally Completed Our First Flip in Rochester, NY
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Congrats on the first one Shane! Onto the next one...😁
Post: Any one offer owner financing as part of their income strategy?
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Chris Seveney beat me to it.... He's spot on. Big no no! Due on sale clause at minimum would crush this idea. But hey, at least you're thinking outside the box. Keep that drive going and good luck with your REI journey!
Post: What have NYS investors done to counter the new tenancy laws?
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Jim, these laws don't do a single thing to help those tenant's out under your "slumlord" friends properties. Nothing at all...
Originally posted by @Jim Campbell:
Not sure what there is to counter with the new law....
... meaning if you price the rent right in the beginning there should be no need to raise it higher than what the law allows. As far as eviction, again if you do your screening properly you should be safe.. ( as we all know though, s*** happens in peoples lives and there is nothing we can do to prevent it.. so we have to deal with it.) ...roll with the punches.
I see no sign of people leaving NY state.. I think this is just another myth (not counting retired people going to warmer climates of course.)
While I'm not crazy about the new law, I understand the reason behind it.
I have a friend who has several properties ... he is the main reason for the law. He is a terrible landlord. He dosn't take care of his properties and makes enemies out his own tenants.. something breaks he gets to it whenever... I think he hopes the tenant will pay for it..
If you want to blame someone for the new law... blame him.
Post: Think I outbid myself; thoughts on overpaying?
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Larry T and Matt Honeyford are spot on. I've been in the Matt Honeyford camp... Education phase for the last 4 months. I know by looking at those numbers, it was an investment I wouldn't have even ran the numbers on (Larry clarified the reasons already). I'll give you one prop, at least you're doing it! That experience will be invaluable. I guess I'm taking a little bit more time to win with my acquisition. That's where you get a great deal...upfront. Good luck and keep grinding!
Post: New to the Rochester market
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Mathieu, I wouldn't walk ANYWHERE in the ROC at night. Lol...
Post: What happens when a house depreciates? How do I prevent that?
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Originally posted by @Jay Hinrichs:
Originally posted by @Lori Greene:
Buy/hold/rent is usually a long-term strategy so you have to look at the big picture. There are always up and down spikes in every market with respect to market trends. But if you look at market values over time they almost always eventually go up along with everything else because of inflation. How much was a property worth twenty years ago compared to today? Almost always more.
With a rental, you should be more concerned with what rents are doing in the area rather than property value anyway. And rents also tend to move upward over time unless it's a bad area people are moving away from.
So shoot for areas with promise for job growth, new development, goods schools etc., by doing market research. And just let it ride on the properties you already own and do whatever you can to make your property better than the others with upgrades and superior property management. Over time, you'll most likely see your cash flow increase.
this simply is not true at all.. at least about property being worth more in 20 years.. there are wide swaths of the US were housing prices peaked in the 80s and have never returned. but I agree with you basically on Denver West and Premier locations of most cities..
but you look at say a Rochester or Buffalo or massive parts of Detroit.. houses cost more 20 years ago then they do now.
I have to respectfully disagree with you Sir. Buffalo's market is exploding now. They have completely revamped that city. Multiple offers over asking on every property. As for Rochester, houses are definitely more expensive than they were 20 years ago. I've lived here my whole life, so sort of speaking from experience. Can't comment on Detroit however...
Post: Rehabbed everything but the Sewer line- Buy & Hold
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Chris, outstanding job! Great motivator for me just starting out.
Post: My first Buy.....Duplex/ House Hacking
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Jacob, awesome job on your first property! Pretty exciting stuff... Good luck on your next one.
Post: Generating Leads to purchase properties
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Hello fellow BP members. I am brand new to REI and have read several books, listened to a ton of podcasts/youtube videos, etc. I have heard of different lead generation tips, just looking to see if anyone has any input on what works best for you?! Probate, absentee, delinquent taxes/liens, etc. Also, in addition to the target that works best, how about the source (county court, online database, etc). I am interested in purchasing SFH and Duplex properties. I appreciate the help in advance!
~Sam
Post: property management recommendations
- Rental Property Investor
- Rochester, NY
- Posts 22
- Votes 35
Thaddeus, how is your experience with investing in East Rochester?