All Forum Posts by: Shannon Sadik

That's a great question and one I would also like to know the answer to. I want to say that the 203k lenders provide you with a list of providers who do this but I could be wrong. Maybe ask the lender?

Hey @Rebecca Lebowitz , just so everyone new knows, is the meet up still going to be held at 7pm? 

I currently have 2 duplexes in Rochester and am actively looking to purchase more. Don't bank on appreciation at all in this neck of the woods. The great thing about Rochester is that the market is stable so it won't crash on you but it also won't really appreciate. I've seen quite a few investors purchase a home at what they thought was a "deal", and then 5 years later not be able to sell it for what they have into it. 

The cap rates and cash flow vary depending on the area. I'm new to this so pretty much ran the numbers on every home that came up for sale on the MLS to learn. I personally shoot for those in A and B neighborhoods with a 9+% cap rate. If it's a really nice house, ready to go, and in an easily rentable neighborhood, I will settle for less as long as I am making at least $150/door in cash flow. My first two did not have as high of cap rates, but I plan to renovate and raise the rents as each tenant moves out. I also hunt for more off market as most on the market are not great deals. If you aim for less nice neighborhoods, your cap rate and C of C will be much higher but may not be worth the headache. Hope that helps!

I am with @Sylvia B. I like to rent homes that I would want to live in (and command higher rent), and designing is half the fun for me! We have a project coming up where we need to replace the carpet on the stairs and the loft area. I'd rather not do carpet in the loft area, but the stairs currently have a very ugly stair runner on them. I consulted a favorite website of mine for inspiration and found that stairs on the carpet alone looks fine, if not great! Here is a link with several pics: 

http://www.houzz.com/stair-runner

Has anyone ever used the line they sell at Home Depot called Bath Fitters? I want to resurface the bath tub and surround of a rental I'm remodeling into a high end loft and heard that DIY options don't really work. Bath Fitters looked really high end and it's basically a tub overlay and a bath surround (that looks like modern subway tile but with no grout lines). The bath surround comes in one whole piece so the only grout needed is at the edge of the surround and bath tub. I thought it could be a good idea with less potential grout dirtiness and water issues, and figured it had to be pretty cheap to compete, but just got a quote for $4600! I thought that was ridiculous, but curious what others thought or if anyone has had experience with it... I guess I'll go the tile route, but curious what others have tried for bath tub resurfacing?

@Rebecca Lebowitz, I will be there.

@Amnon N.  I am also an investor in Rochester and would be interested in taking a look if you want to send me the addresses.

@Scott Speer thank you for that clarification! That's great to know! @Larry Turowski You might have an interest in this with your business model. 

@Peter Grosso  Ah, gotcha! Yes, that's where we are headed next. we will see how it goes!

@Peter Grosso, do you mean Maplewood when you say the 10th ward? To be honest, I'm not familiar with that area, but got the general impression that north of the city was quite a bit less safe than the 19th ward. Is that incorrect because I would be interested in pursuing anything that is that affordable and in a good working class neighborhood.  Are you familiar with how it is now?

@Scott Speer, I just bought two MF's in the South Wedge, one an owner occupied, so wish I had known about this about a month ago. Is the RochesterWorks service something for those with low credit? I guess I'm reading it and it sounds great, but I'm wondering where the catch is? 

I would definitely be interested in attending the MeetUp this Wednesday!