All Forum Posts by: Mark Updegraff

 I'm here still waiting for one :-(  I've got my finger's crossed but time keeps on ticking...

Welcome Tim!

        Plenty of free books at the library to get started!  You're on the right path by recognizing where you need to put your priority!  Stay diligent and focused and try to think of ways to make money without spending any.  Recycled materials, cleaning out attic / basement / garages.  Try to find some mentors that you can assist and ask lots of questions.  Be receptive to any faucet of realestate until you build up a good knowledge base.  

Glad to see you on BP!

Sincerely,

Mark

looking forward to this thread!  Thanks Karen!!

Thanks @Frank Oudheusden !  I appreciate the recommendation.  There are a slew of sub 100k investment properties in Rochester.  The thing to keep in mind when searching for them is condition.  The market value of a property does not incorporate the condition as much as it should.  I call the gems the "Little old lady" houses because they look like they've been taken out of a time capsule.  When one family has owned something for a long time there is much less wear and tear on move in /  move outs and people picking where they're going to hang stuff, modify stuff etc.  

Of course location is the key factor in determining both value and rental rate, as well as rental rate trends.  We like to position ourselves into appreciating markets with upward trends in rental rates.  Neighborhoods can be hit and miss by street, so it is important to have boots on the ground or someone that is familiar with holding / managing rentals as opposed to someone that is just trying to sell listings.

Hope that helps!

Cheers,

Mark

Welcome @Luis Pichardo !  

Glad to have more local folks active on the site!  @Dave Savage is a great mentor to hook up with as are all the other local investment folks at the FFREIA meetings.  Looking forward to seeing you around Rochester!

Thanks @George P. 

Just swamped with work really!  I'm trying to carve out ways to be more active on BP, but I think it is all going to revolve around my next new hire.  Only time will tell if PR is a good idea, but at this point I can't imagine it any other way.  In fact, I should be working right now, but I need a diversion or risk loosing sanity altogether :D  

"Waiting for the time when I can finally say that this has all been wonderful, but now I'm on my way.  But when I think it's time to leave it all behind I try to find a way but there's nothing I can say to make it stop."

Cheers,

Mark

One listing agreement and 6 purchase contracts in one working week!  That is a record for me and hopefully it correlates to more closed transactions at the end of the year.  

# of contract Details:

Bigger Pockets: 29%

Zillow / Trulia: 57%

Other: 14%

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Cash: 17%

Conventional: 33%

FHA: 50%

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Thanks always to Bigger Pockets for bringing professionals together to make a difference!  I'm looking forward to hearing your success stories on the forum!!

Sincerely,

Mark

@Larry Turowski where is it specifically?   I think you can get away with painting it depending on the area.  I would drywall it if you're in Brighton / Pittsford or a more posh burb.  

 40% Cash on Cash?  Not the Rochester I know.  I guess you wholesale guys are good at what you do!!

We manage also.  Low vacancy rates and solid tenants.  Feel free to call anytime.