All Forum Posts by: Mark Updegraff
Mark Updegraff has started 119 posts and replied 1289 times.
Post: New member introduction
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Welcome @Account Closed ! Would you mind sharing a little bit about your deals in Virginia? What kind of pro forma are you using to make your buy decisions? What kind of returns are you seeing?
Cheers!
Mark
Post: Laughing out loud in Rochester NY - Guess the net to seller on this transaction!!
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Minus Brokerage Fee (900)
Minus attorney Fee (350)
Net to seller = 2250
Personally, you couldn't PAY ME to take title to this POS.
Post: And There's the Truth About Current Market!
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Originally posted by @Ben Leybovich:
I guess I'll have to start flipping houses and doing turn-keys for $30,000/pop and make a killing on management...hahaha
What do you think of my plan, @Ned Carey ?
This is my plan! Though, I won't do the 30k - it needs to be 50k or I won't touch it. I'm looking at a commercial property now and won't be too bothered by the cap rate but I know the area and will bring other strong tenants with me. I'm finalizing the pro forma now and walking the property again tomorrow.
Great thread!
Mark
Post: Spring Real Estate Market coming early in Rochester NY
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Definitely way ahead of the weather! Anyone else noticing a pent up demand for real estate early this year? I have a feeling that prices will be up this year over last - squeezing out more investors as investor priced inventories shrink and demand grows. In Rochester shorts are down in volume but still prevalent and there are a lot of foreclosures on the steps. There are also plenty of Fannie's and REOs but the prices tend to be a tad to high for investors (rental rates not rising much). They seem to be moving pretty quickly due to low market inventory unless they're in a really bad spot or totally trashed.
Stay true to your numbers and you should still be securing deals, just be ready by knowing the current market so you don't try to start off chasing the herd.
Cheers!
Mark
Post: Lowering assessment in Rochester, New York
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Good Question, @Greg Baker ! I'll give them a call in the morning and see.
Post: Lowering assessment in Rochester, New York
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
You would head to the city tax assessor's office and apply to have it reduced. The purchase price will likely be a factor in determination of final assessment value. Bring documentation to support your request for reduction and you should have success in getting it lowered. Appraisal & Sold Comps should suffice!
Post: Rochester, NY
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Welcome from a fellow RIT Grad!
Looking forward to meeting up when you're in ROC.
Happy New Year!!
Mark
Post: How Are You Planning on Making 2015 a More Successful Year than Last?
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Spending more time on Bigger Pockets
Post: Happy New Year From Rochester, NY!
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Hey Joseph,
You're in the right place!
Happy New Year
Mark
Post: Willing to work for free
- Investor
- Rochester, NY
- Posts 1,389
- Votes 665
Welcome @Sherrod Mcgowan !
Rochester is a great place to invest, and we've got a large base of active BP members that love to help each other. You should definitely attend the next FFREIA investment meeting!!
Looking forward to meeting you,
Mark