U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Rochester area
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-13-2009, 07:17 AM
 
9 posts, read 24,482 times
Reputation: 11

Advertisements

HI, i have a question. I am thinking of living up there one day but i would like to get property while interest rates and prices low. I see that the price of morgage plus taxes on $80,000 house can be anywhere from $550-700 a month, i figure another hundred for insurance ,sewage,water, so that brings my expenses to close to $700-800 plus 10% to company manage property . i assume utilities (electricity ,heat )paid by tanant,so does it seem reasonable i can rent it out for an amount that covers my expenses. no loss as well as no or min profit.
peoples input would be appreciated.
Reply With Quote Quick reply to this message

 
Old 08-13-2009, 07:26 AM
 
Location: Rochester, NY
1,293 posts, read 4,315,403 times
Reputation: 359
Well we have an $85k house on the east side of the city. I think we pay about $830 with the mortgage, taxes and pmi. The water bill is super cheap, maybe $30 every two months. I forget what the homeowners insurance is. Maybe $100 for the whole year.
Reply With Quote Quick reply to this message
 
Old 08-16-2009, 05:39 AM
 
5 posts, read 16,060 times
Reputation: 15
Would that mean the value of living there is zero?
RM
Reply With Quote Quick reply to this message
 
Old 08-19-2009, 10:58 PM
 
6,196 posts, read 14,186,287 times
Reputation: 4483
So you want to buy RENTAL property?

Have you ever been a landlord?

I have.

I could tell you stories... OMG. I couldn't even write about most of them on this board. Too horrifying.

We owned several properties in Rochester.

And you want to be an absentee landlord until you can move to Rochester? (You can't depend on the management company to do everything right or expect them to pick perfect tenants.)

If you go through with it, remember me when you are pulling your hair out.

I'll save you lots of money and lots of headaches by giving you the best advice you could ever get: "Don't do it."

You're welcome.
Reply With Quote Quick reply to this message
 
Old 08-23-2009, 06:08 PM
 
4 posts, read 7,262 times
Reputation: 12
I lived in Rochester for 5 years before moving down near NYC with my fiance just this JUne. I didnt want to sell my 4 bedroom house so decided to rent it out to cover the mortgage. My mortgage is $1350 and I am able to get $1600 for rent with no utilities included. I was lucky enough to rent to a friend's brother and his 3 friends, who are all so far pretty reliable. I just went back to check on things last month and did a few minor repairs. For a few months before I left, I spent a lot of time doing major repairs and maintenance (remodeled the bathroom, had the AC and furnace cleaned and purchased a service plan, etc.) For repairs that may come up in the future, I've made arrangements with friend who flips houses up there but also have plumber and other necessary numbers ready if needed. As for lawn maintanence, etc. I simply purchased a used mower and included in the lease that they are responsible for mowing at their leisure. If this year goes well, I may continue renting it out if the market isnt good enough to sell yet. I think the difference between my landlord experience and the previous poster is the fact that I rent one property and am able to just focus on that rather than many properties which can get grueling, I suppose. Good luck!

Last edited by sahattar; 08-23-2009 at 06:18 PM..
Reply With Quote Quick reply to this message
 
Old 08-24-2009, 08:58 AM
 
6,196 posts, read 14,186,287 times
Reputation: 4483
No. I think the difference is that you were very fortunate to have VERY good tenants.

Telling any tenant that they could mow their lawn at their leisure would, in most instances, result in knee-high grass most of the time.

Quote:
Originally Posted by sahattar View Post
I lived in Rochester for 5 years before moving down near NYC with my fiance just this JUne. I didnt want to sell my 4 bedroom house so decided to rent it out to cover the mortgage. My mortgage is $1350 and I am able to get $1600 for rent with no utilities included. I was lucky enough to rent to a friend's brother and his 3 friends, who are all so far pretty reliable. I just went back to check on things last month and did a few minor repairs. For a few months before I left, I spent a lot of time doing major repairs and maintenance (remodeled the bathroom, had the AC and furnace cleaned and purchased a service plan, etc.) For repairs that may come up in the future, I've made arrangements with friend who flips houses up there but also have plumber and other necessary numbers ready if needed. As for lawn maintanence, etc. I simply purchased a used mower and included in the lease that they are responsible for mowing at their leisure. If this year goes well, I may continue renting it out if the market isnt good enough to sell yet. I think the difference between my landlord experience and the previous poster is the fact that I rent one property and am able to just focus on that rather than many properties which can get grueling, I suppose. Good luck!
Reply With Quote Quick reply to this message
 
Old 08-24-2009, 09:56 AM
 
3,234 posts, read 7,602,758 times
Reputation: 2693
Quote:
Originally Posted by lovebrentwood View Post
No. I think the difference is that you were very fortunate to have VERY good tenants.

Telling any tenant that they could mow their lawn at their leisure would, in most instances, result in knee-high grass most of the time.
yep, I know a couple people who made that mistake and the property went to hell. Holes in the walls, lawn never being mowed, weeds everywhere.
Reply With Quote Quick reply to this message
 
Old 09-01-2009, 09:39 AM
 
113 posts, read 564,267 times
Reputation: 105
I've thought of buying a lower end property, sub $100k and renting it out. I think the ideal is a duplex from a money perspective. I don't know where to buy. I've never been a landlord. I see posts like lovebrentwood and it does give me cause for concern. Right or wrong something inside me hates at a truly seminal level people doing stupid crap, so I don't know how much awful tenants doing stupid crap, like not paying or trashing it, would peeve me off.

The disadvantage to renting property in rochester is that your only income is rent and then basically paying down the principal. Property values go up so slowly here that unlike a city with a better history of appreciation, you don't get that huge boon to what you're doing.

It does sound like a hassle but on the other hand accumulating multiple properties over one's life is a proven and very effective way to accumulate a lot of wealth. I know a guy who's not 50 yet and has about 21 properties. He started getting them when he was 20 or so. Even though most still have payments and varying amounts of equity, if he wanted to sell the lot, that would be quite the pay day.
Reply With Quote Quick reply to this message
 
Old 09-01-2009, 11:19 AM
 
6,196 posts, read 14,186,287 times
Reputation: 4483
I know a guy who bought multiple properties in his 20's in Rochester, thinking he'd eventually have it made.

He ended up walking away from all of them. Bad tenants. Overwhelming maintenance. Neighborhoods became more crime infested.

Think hard.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Rochester area
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top