I am thinking about investing to a multi-family houses (2 units) in Rochester. Any suggestions for a good property?

Asked by Hiro, Rochester, NY Sat Feb 18, 2012

My budget is less than $30K. What king of ROI can I expect? Any good/reasonable areas?

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Curt Amesbury’s answer
Curt Amesbury, Agent, Rochester, NY
Thu Jan 3, 2013
Are you in need of a trustworthy property management company? Feel free to check out my web site at http://www.cemproperty.com

I can also help you find investment opportunities - this is a good time to buy in Rochester right now.
0 votes
Nyee Nyee Tun, Home Buyer, Outside U.S.
Wed Apr 18, 2012
Hi Hiro,
I purchased two units in February, i can share my experience with you, I'm an out of town investor. You can contact me at nntun03@gmail.com,
Regards,
Nntun
0 votes
Cathy Barton, Agent, Fairport, NY
Wed Apr 11, 2012
Jean, you'll want to first think of area you want to be in. If you will be the one to go back and forth for rent, maintence etc. you will want it close to where you live. You will also want to think about the amenities that will draw in renters for you such as a college, certain community such as "park Ave" etc. You will have to know what your projected operating costs will be and your projected gross income to make a determination of your net return. Your question would take a sit down appointment of about 3 hours to determine what is best for you... however the rental market on the whole in Rochester is growing and the right multi-family property can really work for the investor.
This is a great quest ... find out more and make your decision to go forward.
0 votes
Jean Evans, Agent, Bloomfield, NY
Mon Feb 20, 2012
The Rochester area has always been extremely stable with housing. I have clients that have purchase income properties ove the years sucessfully. The key issue for out of state buyers is to secure an honest property manager that is not handling huge amounts of properties and has a good background of not taking advantage. Even if you are a local buyer the property manager is key so you can rest assured a even cash flow without any major surprises. Keep in mind that things do happen that are unexpected but with a good manager those issues can be dealt with. The lower the price for the property will obviously bring in lower rents. I have experience with rental propertyes and would love to discuss wih you. I can be reached at 585-410-8891. Dream Catcher Real Estate & Properties Jean Evans
0 votes
Richard Coak…, Agent, Fairport, NY
Sun Feb 19, 2012
Hello, Hiro!

My exclusive 'Cash Flow Leaders' survey identifies for clients in advance only the best cash-flowing multi-families throughout Greater Rochester. That same survey also provides a quick but reasonable estimate of ROI. Projecting a realistic figure for your return over time is also not a problem.

One needs to be diligent and careful. But real estate is hands-down the best possible stable investment for anyone who develops his skills. Telephone me at 585.223.4449, or Email me at: RCoake@Rochester.rr.com, and I'll get you all the information you might need for making a wise decision.
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Feb 19, 2012
I am in Long Island and have had a 2-family and still have a single unit on Rochester. You have an advantage being nearby.

After all of our expenses, vacancy times and tenant damage, we come out with about $2,000/year. I would not do it again.

If I were local and could interview tenants and had my repair team (or myself) set, I would consider it.

It becomes profitable if you own several, not just one.

If you need a local representative to help you get started and/or to advise, I will be happy to share the name of my Rochester Realtor who has been my lifesaver, Roger Benton of Nothnagle Realtors 585-749-3246.

Good luck and feel free to contact me should you have any further questions.
0 votes
Anthony "TJ"…, Agent, Rochester, NY
Sun Feb 19, 2012
Hiro,

Ray is correct. Each property is unique. There are so many different variable to the equation that will create a positive or negative ROI. Some questions to think about:
1. Is it going to be owner occupied?
2. Is your $30K your downpayment or your entire budget?
3. If its your downpayment, what type of loan will you use to purchase the property (FHA,Conventional, fixed, variable, etc)
4. Depending on the purchase price or downpayment will you encounter Private Mortgage Insurance (PMI) which will reduce your ROI?

There are many more questions that need to be answered before an ROI can be answered. For more information visit http://www.leveragepropertiesllc.com

All the best.

Anthony
0 votes
Raymond E. C…, Agent, Ontario, NY
Sun Feb 19, 2012
Good morning Hiro,

Thank you for the question.
Each property is unique unto itself and the ROI will vary from property to property.
I have teamed with a mortgage broker who also has investment property and has been assisting other clients with advice on properties to give the best yield.
If you would like more assistance feel free to contact me.
Thank you,
Ray Camp
585.279.8256
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