All Forum Posts by: Mark Updegraff

Hi Scott,

     I just sent you a PM as well.

Talk soon,
Mark

Subject to current lease unless for some reason they are in violation.  Best approach is to have a RE attorney review the current lease to advise on any potential outs.  This is a great reason why you should use a professional REALTOR that has experience with investment properties.  With the NYS mandatory "rent roll addendum" which should have been completed as part of the purchase offer, it would clearly state the terms of the lease as well as any pro rated rents or security deposit.  If that had indicated otherwise, the seller would be liable.

Best of luck!

Sincerely,
Mark

Welcome Ray!  I just sent you a colleague request.  Feel free to reach out anytime!

Cheers,
Mark

Thanks Dominique, 

     I sent you a colleague request and would be happy to assist you!

Sincerely,

Mark Updegraff 

Read lots of books as quickly as possible and get yourself dialed into the MLS so you can see the market activity in the areas you're targeting.

Thanks @Jerry Padilla

@Joshua Womack I sent you a PM.

Cheers,

Mark

Hey Dennis,

     You're in the right place to get started on the right foot.  Rochester continues to be an incredible place for cash flow investing.  @Jerry Padilla has some of the best financing options for investors as well.  For one, they have no seasoning requirement on rental income, which you'll be hard pressed to find elsewhere.  They also allow for a lot more notes per person when compared to big box lenders.  I sent you a PM regarding property analysis, hit me back and we can meet up.

Cheers!

Mark

Welcome to BP! My advice would be to open up your search criteria especially when trying to illicit help from serious investors. Deals less than 50k are inherently more difficult (read risky). When purchasing a real estate investment the only thing on your mind should be ROI. When done properly sub 50k can be a superb acquisition, however location is alway paramount as it dictates rental rate.

Your best "deal" would likely come from a wholesaler.  Watch out with this approach as you need location specific experience in determining fair market value in a slow market as well as estimation of rehab costs where properties require more repairs.

If you're targeting great representation from a REALTOR® or broker in the transaction, the last thing you should say is "I'm shopping for a cheap house."  This will turn off most good field agents which you will need going into a market with this approach.  Your best bet would be to find a broker that works in the market that your targeting and get some great boots on the ground.  

Feel free to PM me.

Cheers,

Mark

rentometer dot com is a good place to start though rents won't be 100% accurate in transitional areas or if you have a great product.  Rentals are a market, much like real estate sales.  The exact price will depend on a lot of factors.  Lease date, amenities, walk ability, distance to employers, condition, neighbors, neighborhood, etc.

Thanks @Brian Adams I think it is a viable option. The best investors take this exact approach. Their model is lock up everything with equity and if they can't wholesale it quickly they do the reno and list on the MLS. As long as you're buying right it will work. They often continue to try to wholesale even as their beginning the renovations.

You're fine as well at the more tame auctions.  It is the same in PA where I buy occasionally.  Everything is relative so there you have a tamer retail market too so they kind of go hand in hand.  I think it is a super smart place to do buy and hold.  For flipping days on market and supply / demand will have a bigger impact.  Rochester is active enough that if you price it right you will sell it.  I would say this isn't always the case in a smaller market making your well priced flip still sit on the market.  

A lot of the auctions in NY end up with the bank taking them back. These guys are looking for 50c on the dollar but the newbies and OO's will bid them up a lot higher. Depending on inventory and exact location the pros will still take them as it adds exposure for their brokerage, keeps their contractors busy, and gives their agents work.

Right now I'm working on my first larger building re-development.  Trying to come to terms with the seller.  24 units residential and 6600 sq ft commercial.  Needs a ton of capital dropped on it, but I think it is the right move for me right now.  I'll keep you posted!!

Talk soon!
Mark