All Forum Posts by: William Trabold

Hi BP -

I'm an investor in Rochester NY, and use a local credit union (ESL) for my banking / Stessa for my landlord accounting. Almost every time I login to Stessa, my checking / savings accounts at ESL have been disconnected and I need to log back in to refresh and pull in recent transactions. I've tried to speak to the development / engineering staff at Stessa but they've been unable to resolve this ongoing issue for me.

Just curious to see if anyone else has this same setup and things are operating without issue, or what they may have done to resolve it. It really is a minor inconvenience, but this paired with the fact that ESL doesn't have a business HYSA equivalent has made me consider switching banks.

Thanks!

Hi Amanda, I'm a relatively new Rochester investor myself and am running into the same issues as you when analyzing new deals. I own one rental (purchased early 2023) which is essentially cash flow neutral. It's certainly frustrating, as most deals I analyze come out to small (or negative) cash on cash returns. I've yet to find a solution, although Carini's response above about transitioning to small multi family may be worth considering.

Hi! My business partner and I have a joint LLC (shared business bank accounts / credit cards / etc) - pretty standard stuff. We currently own one door (split acquisition and closing costs and contribute equally to management and ownership), and have split equity and cash flows from the property - also pretty standard in my experience.

My question is this - I want to purchase a house hack and would like to use our current business entity for accounting purposes (tracking income / expenses / etc). But, only I would live in the property. I'm not sure how best to handle this from a partnership standpoint. Would it be fair to split purchase costs and then distribute equity and cash flow 50/50? I would benefit from the decreased cost of living (effectively paying reduced or ~hopefully~ no rent), but also would take a greater role in managing the property seeing as I'd be physically living there. Not sure if anyone has done this in the past and has better ideas, thanks!

Hi BP, 

I currently have one unit on the west side of Rochester, NY - near RIT/Uor/Airport, and am running it as an Airbnb. I've been cleaning and doing laundry / linen turnover myself for the past two months and am hoping to free up some of my time (ideally so that I could repeat the strategy without getting too bogged down in the management of the property). Does anyone have recommendations for cleaning companies? And additionally, how do people that run STRs handle cleaning bed sheets / towels / etc? I've found that the laundry is typically the most time consuming aspect of the management.

Any responses are appreciated - thanks!

Will do, thanks for the information, Martin!

Hi BP community - 

I own a property in Chili NY (a suburb Southwest of Rochester NY). I'm planning to utilize it as a rental for RIT students, but am completely new to the processes that are vetting / background checking / lease signing / etc. Has anyone compiled a checklist of sorts that they would be willing to share so I can get this investment rolling in the right direction? I'm also interested to know what the certificate of occupancy process is like, as I'm sure that differs on a town by town basis.

Thanks!

Will