There are many good reasons why you should consider adding bricks and mortar to your investment assets; however, there are a few factors you need to take into account before jumping into the market. 

Here at Torres Turn Key we are specialists in property management, and as experts, we would say that the most important consideration is financial. When our clients are starting out in property investment in Rochester NY, the first thing we always highlight is the importance of a credit score and having backup funds.

The Importance of Your Credit Score

An easy way to understand the importance of your credit score is to think of it as a personal history of your relationship with money. What it does is give the lender a report of your credit history, your payment history, new credit, and any outstanding debts you have.

This score is one of the most important things to think about when starting your journey in property investment in Rochester NY as it will directly impact your chances of getting a mortgage. 

The higher your credit number, the lower the interest rate that the lender can offer you on your mortgage.

If you’re not feeling confident about your score, don’t worry too much as there are a number of ways to improve it. Start with simple things like paying all your bills on time or picking up a few more work hours for extra income. Keep in mind that payment history and outstanding debts make up a large part of the score, so if they are a  problem, starting with fixing those issues should be a priority.

The Importance of an Emergency Fund

Another financial aspect we always highlight to clients entering the world of property investment in Rochester NY is the emergency fund. (And no, this doesn’t include stocks.) An emergency fund is a pot of liquid assets that can be drawn on immediately if needed. This is how it differs from a fixed investment, which could be a rental home. A retirement pot is also not suitable to be used as an emergency fund, due to the penalties incurred from early withdrawals.

How much do you need?

In general, you should have enough to cover a certain number of months of living expenses, which will vary depending on your income and lifestyle. For instance, someone with a regular income should save enough for six weeks of expenses. However, if the individual works in real estate and can go a few months without a paycheck only to get $60,000 cash-in, then they’ll need at least three months’ worth in the bank.

Something we make our clients who are looking at property investment in Rochester NY early on is the cost of being a property owner. Expenses such as mortgage payments, management fees, maintenance, taxes, and insurance (just to name a few) all need to be accounted for when creating your emergency fund. Another rule to abide by is that every property needs its own fund. (It’s also extremely important to ensure you choose the right tenants for your property, to ensure the security of your investment, which is a vital part of our services.

Call in the Experts for Help

Financial commitment and understanding are just one key part of property investment  in Rochester NY. If you’re considering entering the market, Torres Turn Key can offer helpful advice and property management services to ensure that you feel prepared and supported.


Let us take the work out of your property management and provide great service for both owners and renters

We Know Our Property Market

Owner or tenant, we can help you invest your time wisely in the Rochester property market.

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Top 3 Rochester NY Property Management Companies

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