All Forum Posts by: Mark Updegraff

@Matthew Drouin most new investors can't wrapt their heads around what I do.  And then I get to hear them cry when nothing worked out, they lost a ton of money and need to dump everything they bought at a fire sale price.  I would say maybe as few as 10-20% actually take my advice and let me direct them rather than trying to blaze their own trail.  I'm putting something together right now on for a buyer who DID listed to me, less than two years ago.  He is going to make 100k profit on his sale, this is no joke!  

Why the !@#$%^ didn't I do that deal?  We live in a world of abundance.  One person can't possibly do every good deal.  Most "investors" never make the mindset leap from scarcity to abundance.  

In response to your question.  It all comes down to the numbers.  I'm a firm advocate that restricting your buying criteria in any manner OTHER than your financial limitations leads to fewer opportunities. Those that can let everything go, take good advice, and make a calculated risk are those that actually succeed.  

And, they are the exception not the norm... unfortunately most people will read this, and then do something stupid anyway.

Opportunity is everywhere if you're diligent.

Cheers!

Mark

slim pickings at 30k.   Everyone I've advised against it has ended up losing their *** on those properties .   They never end with the "long" hold position that they claimed either

Rochester NY is poised for appreciation and has incredible cash flow.  We rank in the top cities nation wide year after year for cash flow investors.  It is a bit of a hike from NYC, but if you have a solid team on the ground, you never have to be here anyway.  

Happy Holidays!

Highly recommended for RE.  I can give you my contact if you PM me.

 Davie Kaplan, CPA, P.C.

1000 First Federal Plaza l Rochester, NY 14614

www.daviekaplan.com

https://www.linkedin.com/company/davie-kaplan-cpa-p.c.

OK, so you're going to quit and open a construction co?

:C)

Only a stone throw to U of R / Highland / Strong / South Wedge / Brighton

For investors with taste.

more photo's here!

Hey @Aaron Bae welcome to BP!  Rochester is a great market for passive income properties.  You'll want to be careful to avoid the deferred stock as they're hard to lease & end up costing you more than they're worth if you attempt to bring them out of slum condition.  We've got a good inventory of turn key stuff, but you'll pay a little bit more on the front end.  IMO that is the way to go.  I've worked with a lot of out of state "investors" that only look at the numbers and they end up loosing a ton!

Call 311 and they'll be able to get you to the right person.  I typically start there is I have a Rochester specific question.  If it is on the demolition list, it is a safety concern.  You would have to work with the city to bring the property back into compliance in order to keep it from being demolished.  Often the properties foreclosed by the city for unpaid taxes are on the demolition list.  The city would prefer to have it as a tax producing parcel, so they will work with you if you have the means to make it happen.  They don't want you to own it and keep it as a safety concern, so you'll need to demonstrate your ability to pull it off in order to get some extension.  Overall, I'm very happy with the city, and their ability to work with those interested in improving housing stock.  Hope that helps!

Cheers,

Mark

Welcome to BP!!  If you're interested in the ROC NY market, hit me up.  We've got among the best returns in the nation on buy / hold.  

Leverage is always a good idea as long as it helps amplify the cash on cash return of the investor.  You'll need to know all the costs associated to calculate this.  Interest rate, terms, origination fees, prepayment penalties, accurate rental rates, vacancy rates, costs of repairs / make rent ready / c of o etc.

Leverage is good, if used appropriately