All Forum Posts by: Sheena Mdali

I actually went to Rochester last year June, to check out the 6 units apt with intention to purchase. But we had a shock when we reached there. There are just not enough people there.... there's nobody there. The city is too quiet. It's a nice city with big buildings but no people. It looks kinda abandoned. I guess its just a culture shock for us as to compared to the bustling and happening city from where we came from.
So we didn't buy Archer and didn't even bothered to see the property as we already thought its not suitable for us, just by seeing its city.
So we left to see Niagara falls instead on the next day :)
So I lost my $3k deposit.... My 'buyer's lawyer' (introduced by the agent) said that the agent refused to refund the deposit...

i just spoke to the agent to verify on 'hot water issue' and he said that landlord is responsible for water and not 'hot water' as they can't have individual meters for water. However, the tenants pay for their own electricity and they have their own meters for each unit.
So my mistake there on the hot water issue', but I'm glad I clarified with him. Thks Michael for pointing that out.

The new Cert of Occupancy building inspection is just out also which was done by the city council.

But I think I still need to get a full report done by third party as the agt is fine with that.
And yes Jon, you're right in thinking that i'm putting way too much trust on this agent as I dont know anyone else there. He basically arranged everything already..... So.....

Oh btw, the apt bldg consists of 4 units of 1 bedrm apts downstairs and 2 units of 3 bedrooms apts upstairs, with 2 garages only. The others will have to side park. Agent recommended that I put a coin operated washing machine in the basement to generate some income... I wonder if thats a good idea?

Hi Guys,
Thks for your replies. Bldg is located on Archer St, Rochester NY.
Current tenants are from Sect 8. Its a new 1 year lease... as I was told by agent. The bldg comes with a 30yr roof which I think was done couple years back. They also did some rehabbing, about $5k.
I wonder why they selling with 6 stoves and refrigerators as specified in the contract?

Thks Micheal,Mike and Joel, I think its a great idea to do an inspection. I'll do that immediately. But any recommendations? I donno anyone in Rochester besides the agent and his lawyer.
Is there a special co or person to do just inspection?

Good Q on the hot water issue Jon, I need to chk on tht too. According to the agent, the cash flow in Rochester Ny is good and the unoccupancy rate is about 2% only !! To me thats very good, but donno how true is that.

Hi all,
I'm new here. I'm seeking some advise on USA property investment.
I am foreigner, (singaporean) and I just bought a multifamily apartment bldg with 6 units in Rochester NY, 100% tenanted with management in place.
This is our first investment in USA.

Total gross rents is $3100 p/mth. Agreed purchase price is $101k for it and its due for closing next month... we bought it without any mortgages as we could not find any banks in US giving loans to foreigners.
We need to know if this a good investment? We are little worried that if we are paying too much or above market price as we are unsure of the area and any valuations or appraisals were not done on this property.
Its like row unit with individual entrances.
Is it ok to go ahead with closing without going to Rochester to chk out the house?

Landlord pays for hot water and waste removal.
Agent said that Net yield is ar 25% cap.
Taxes $5k per annum.
Bldg comes with new Cert of Occupancy but the city council.

Sheen
Singapore