Home Buying in Rochester>Question Details

Paul Welden, Real Estate Pro in Phoenix, AZ

If you had $150,000 to invest in real estate in Rochester, where would you buy and what type of property would you buy?

Asked by Paul Welden, Phoenix, AZ Tue Feb 9, 2010

I'm leaning more towards the traditional single family homes because I would think that most renters who live in single family homes would treat the house as their home, as opposed to a multi or apt bldg where most renters may treat the property as "just another rental" instead of their home. Any thoughts? And where would you buy and what type of property?

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I am an investor/property manager and also prefer single family homes to rent out for some other reasons as well- there is less turn--over. People are less likely to move b/c they are not living so close to another family. (High turn-over would mean less rent coming in and more repairs.) Singles are easier to rent out, or to sell b/c investors as well as home buyers would be interested. Another reason is that it is easier to have the tenants be responsible for the outside upkeep including grass, leaves, trash and snow removal in a single house. (less work for me) I only buy singles that have off street parking so I can offer that to my tenants.
As far as area, city houses have a much higher ROI (return on investment) than suburban houses for various reasons . Initial cost is lower and so are taxes. Demand for good rentals is also higher in the city-some landlords only rent to students like at Uof R or RIT and they have a never ending crop of them. It is best to choose one area and buy several in that same area so you can service them more easily-that is what I have done.
1 vote Thank Flag Link Wed Mar 17, 2010
Thanks for all your answers and suggestions. We settled on a property on the west side of the Irondequoit bay, just a few streets north of Eastridge High School . Hope to close on it soon.
0 votes Thank Flag Link Wed Mar 24, 2010
Single Family home is usually your best investment.

Greece, Pittsford, Penfield - All good areas.

Good Luck!
0 votes Thank Flag Link Wed Mar 24, 2010
I have family in Rochester. My brother lives very close to the University of Rochester and his home has gone up a lot in value because that is the main employer in Rochester right now. It's a great neighborhood with community groups working on developing the area, (and doing it)!
0 votes Thank Flag Link Wed Mar 24, 2010
In order to answer this I guess you need to determine what is the primary financial purpose of owning investment real estate: cash flow or appreciation. While no property should ever have a negative cash flow, the higher appreciating areas will yield a lower monthly cash flow. Once you have clarity as to what you want real estate to do for your financial picture, it will give you direction as to where and what to buy. Email me if you want to discuss this more. I would be happy to help you establish some realistic and achievable goals and show you a sample of properties that may meet your needs. Happy Investing to you!
0 votes Thank Flag Link Wed Mar 24, 2010
"What is your opinion of owning a single family home in the Irondequoit area?"

Like any investment property price/value is the first consideration, but if you are looking in Irondequoit you
should check to see if it is East or West b/c there is a big difference between the 2 school districts. West Irondequoit will be much more desirable to a family w/school age children.
0 votes Thank Flag Link Wed Mar 17, 2010
Housexpert,

What is your opinion of owning a single family home in the Irondequoit area?
0 votes Thank Flag Link Wed Mar 17, 2010
Make sure you learn the rules from a real investor. Renting breaking even hoping for appreciation is both a gamble and bad investing strategy. I would work with whatever gives me the highest ROI.
0 votes Thank Flag Link Wed Mar 17, 2010
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