All Forum Posts by: Mark Updegraff

Awesome, where is the duplex?

I’ve never seen a roof inspector climb up on a roof, nor fill a tub… maybe your expectations are too high?  Or your buying garbage?  You get what you pay for… personally I don’t need inspections - I walk them myself.  If I’m buying distressed I budget to do everything anyway.  IMO slum props perform worse.  Spend a little more get a decent house.  You want a tub filled up maybe you should be there to fill it 😉

Awesome, Rochester is a great market!  I'll send you a PM, happy to connect anytime. 

Cheers!

Mark 

Maybe a duplex instead of hacking a single family.  That will give you privacy, and an investment.  

Go FHA loan with 6% seller's concessions to maximize your first purchase. Do it before your married so you both can get FHA loans. I helped a young couple like yourselves who each bought a 4 unit property. I sourced them off market for them when they bought, and then sold them off market for them about 2 years later and they profited 180k total. Not too shabby for a couple newbies! They parlayed that into their dream house on the lake, and had enough to also buy a fixer upper on the lake that is now an air B&B.

Welcome to BP! You've found the right place :D Buy and hold a duplex is a great place to start. In my neck of the woods cash on cash ranges from 3% in class a to 13% in the hood and we have everything in between. That is using a VERY conservative pro forma that factors in 35% for PM, Cap X, Vacancy, and repairs before subtracting out actual operational costs specific to the property. I think my market (Rochester NY) is a bit of an anomaly, as I've explored other markets but always return here where I rock my hybrid model where I trade off some cash flow but get a good area and position myself for an easy BRRRR.

If you're really confident that the equity is there buy them and then resell them.  Don't tell the owner what you're going to do, it isn't their business.  If you need to tell them you're renting them, do it.  Then change your mind after you close.  This is business, and if you can make a quick 100k, do it.  Then do it over and over again.  If you want more passive income, find another market.  Rochester NY is excellent for buy and hold.  Happy to give you some real life examples of what we do in Rochester.  We can't get 100k equity spreads like you can in CA.  If I could, I certainly WOULD!  Feel free to DM me anytime.

Cheers,

Mark

Rochester is an incredible market!  I work with a lot of out of towners and would be happy to assist.  We’re targeting some specific locations this season for sure!   

Warren Engineering 

Jim Salmon 

You can order any size you want at BL Wholesale.  Plygem argon filled is the contractor grade.

IMO Air B n B regulations are subject to changing as local authorities see fit.  I know in some parts of Monroe County they've put restrictions on people's ability to have an Air B n B at all.... Those investors that were holding them, though lucrative for awhile, are now forced into a sale as the rental market will not support it as a lease term...  Personally, I would rather build up some solid cash flow in a market like Rochester, and use that to fund my vacation