All Forum Posts by: Shannon Sadik

The utilities number came from my realtor. It is just an estimate. MF's here have all separate utilities except water so I include that, but when I am really interested in a home, I would ask the seller to provide his utility costs for the past year(s). The property taxes are included in the MLS listing.

Congrats on all the properties and almost reaching your goal! Welcome to BP!

@Ed Kahle, I just moved to upstate NY, Rochester to be exact, and am looking for my first MF property. Did you find any good ways to find properties here other than Craigslist and Listsource? We are looking in nicer areas in the city since it's owner occupied. All of the properties we have been interested in so far have bidding wars and we have gone as high as possible to still make the numbers work, but have lost. I'd really like to find something off-market to help combat the craziness we are seeing right now. It's funny because we just moved from Phoenix to Rochester specifically to get into a more stable RE market,  but apparently we brought the volatility with us! :)

Thanks all! We put an offer in on an 3 unit in an A+ neighborhood yesterday. It won't cash flow as much as we would like, but should be really nice for an owner occupied for the next few years and great for our long-term hold portfolio.

@Michael Sherwood  Thanks! But I think I need to try to wrap my head around Rochester first. :)

thanks @Engelo Rumora ! I appreciate the encouragement and plan on attending the next REIA meeting.

@Larry Turowski , do you know of any meetup groups outside of REIA here?

Jonathan, your comment is curious to me for a few reasons: 1) you are "greenish", 2) you do not "try too hard" and 3) these are in nice neighborhoods. I ask because I am a newbie, who just moved to Rochester, looking to purchase an owner occupied MF here, and am working with an experienced realtor/investor. However, I am struggling to find good cap rates; some homes actually have negative cash flow and are being bought up. I ask because you mentioned that these were in the nice neighborhoods too. We want to live somewhere somewhat decent, but the best cap rates I have yet to find are 8% and they are snatched up quickly. Do you find Buffalo to be similar to Rochester? From all I have heard, I thought that they were, so I am wondering what you are doing that I can be doing?

Can she not leverage the equity she has in her paid off home to buy a new one? 

Welcome Philip! I'm a newbie as well, looking to purchase my first MF to buy and hold in Rochester. This site has been great for specific questions but the podcasts are a great way to learn all sorts of things you wouldn't even know to search for! 

I agree with the other posters. I lean more towards buy and hold as well but agree that you should re-examine the numbers and see if you would still buy. I'm curious why you are considering selling at all? Are you wanting better cash flow? More, cheaper properties? Do you have your eye on a good deal and need the cash? I don't know what you originally paid for the house (you only mention current ARV) but improving the rents could get you to where you want to be. Regardless, the rents need to go up. You know that. :)