Binghamton Rental Property

[Stephanie LiVecchi]

Hello, I am looking to buy my first rental property and of course I am priced out of the New York City and Hudson Valley regions. Was wondering if anyone had any advise on buying in Bighamton or Syracuse? My father is owns a construction company so I am looking for something that needs work. Any advise for someone starting out is welcome. I am working on mortgages now but if the price is low I hope to buy a property for cash. TIA

[Jason Maguire]

@Heeyeon Chung  - absolutely, Heeyon, let's connect! Just sent you a request.

[Gabriel Latorre]

@Jason Maguire who is telling you that the population is declining in Binghamton? Theres a lot of people from the burroughs in the city moving up there. How do i know? Because some of my tenants are from Brooklyn. Another thing i saw the same article saying that Binghamton is one of the most dangerous places to live and i have to disagree, my parents and my siblings have been up there for three years now and i go up every weekend and i see no danger at all. There is a lot of money pouring into Binghamton rite now. Im just confused on where you’re actually getting your info

[Jason Maguire]

@Gabriel Latorre, just because you feel like a place is safe, doesn't mean that it is lol. You are stating a matter of OPINION & not FACT, you can disagree all you want but the stats don't lie, Plain & simple. I already provided a link above that Binghamton is safer than 4% of all American cities, this is provided from the FBI- read above as you clearly didn't already.

Who is it telling me the population is declining in Binghamton? The Census data tells me that lol. Here is your link. Lost .9% of population from 2020-2021 alone. You are literally trying to argue with a UNITED STATES CENSUS LMAO. That's just 2021 as well, go look at the other link above with the actual statistics, but maybe the Census website will be enough for ya? haha.
U.S. Census Bureau QuickFacts: Binghamton city, New York

30% of the population is impoverished as well. But just because you saw someone driving a BMW M4 in Bing means everyone's rich right? (opinion)

Didn't really want to get back into the weeds but here we are, what else do you not believe?

[Jason Maguire]

& i want to take the time to disclaim & respond again quickly before i am ganged up on by 4+ people.

1) I never said DO NOT INVEST in Binghamton, I said "Be Careful". Two completely different things.

2) To further clarify, i also said that money CAN OBVI be made, but as a first-time investor there are more factors than just a 10% CAP RATE when evaluating a property.

All i know, is as a first-time investor, investing in a place that's not close to home, I'd want all available facts before making that decision. Idk about you guys but i look at things like the economy, population growth, crime, employment, housing growth, new companies coming into town, etc when making a decision on where i am going to invest. That's all. I was simply providing actual facts to help lay out the full picture. From there, you can do what you want with the info, that's on whomever the investor is and what they feel is best for them. Maybe Joe Smith doesn't want to invest due to the high crime, but Sally Ann doesn't care about crime at all when looking for props. All different preferences & i hope everyone can learn from the productive conversation Stephanie & I had.

[Gabriel Latorre]

@Jason Maguire question. census forms have to be filled out and returned correct?

[Danny Paulino]

Siracuse and Rochester are good for rental properties (because student populations)

[Danny Paulino]

 I live in Hudson valley regions too, Middletown, Newburgh is good too for rental properties and price and decent for New Yorkers.

[Danny Paulino]

Quote from @Danny Paulino:

 I live in Hudson valley regions too, Middletown, Newburgh is good too for rental properties and price are decent for New Yorkers.

[Danny Paulino]

Quote from @Danny Paulino:

Syracuse and Rochester are good for rental properties (because student populations)

[Jason Maguire]

@Gabriel Latorre - so let me get this straight. You say you are confused about the data I provided. I provide the data for you from a Gov't website & then you respond without acknowledging any of the facts & say " How is the census collected"... like come on man.... just admit your initial assumptions & opinions were very far off.

I'm guessing you are questioning 2020 data collection due to COVID. Still has nothing to do with the numbers from 2010-2020.

[Stephanie Jacobson]

@Gabriel Latorre Jason has a personal vendetta of some kind against Binghamton, it's probably best to just ignore him. As I've already clearly illustrated in another post, he has no idea what he's talking about because he's not even in the market. I already refuted each of his points.

He must be allergic to actual 10% cap rates.

[Stephanie Jacobson]

Quote from @Heeyeon Chung:

Quote from @Stephanie Jacobson:

Quote from @Jason Maguire:

@Stephanie Jacobson once again you have failed to answer the questions again. This is why i talk about being biased, because you have no housing statistics or anything to back any of your claims up! Just your good ol' opinion. I bet in 2030 when they lose another 8% of their population, you'll say the economy is booming!

Seems that you legit got upset that i had asked you some iffy questions about your market.

& to answer your question, No one hurt me in Binghamton :) I had a great time being a degenerate out there the few times i visited. & also, as stated i am not an agent, lender, attorney, etc so i have nothing to gain in the Capital Region.

Wishing you the best in your career, Stephanie!

Yes, I can certainly tell you’re not a licensed professional in the business. Weird how this got so personal with you. There’s a reason I haven’t commented on your market- it’s because I have no blinking idea and demographics don’t tell the whole story. I have addressed twice now how the exact statistics you cited can be read differently and utilized as an advantage, if one adjusts their strategy. You conceded pretty quickly that the student market makes it a viable option… we probably should have left it there, eh?

Aaanyway, the whole point of this thread is to help others, and hopefully someone got something out of the back and forth. 

I am always looking for a property in Bing, hopefully 4 units or more! :) 

 Fantastic, I've sent you a request to connect!

[Janet NA]

Quote from @Jason Maguire:

@Gabriel Latorre - so let me get this straight. You say you are confused about the data I provided. I provide the data for you from a Gov't website & then you respond without acknowledging any of the facts & say " How is the census collected"... like come on man.... just admit your initial assumptions & opinions were very far off.

I'm guessing you are questioning 2020 data collection due to COVID. Still has nothing to do with the numbers from 2010-2020.

[Angela Davis]

Quote from @Heeyeon Chung:

Quote from @Jason Maguire:

I'd be careful with Binghamton- don't have the exact stats on me currently, but Binghamton is not a nice place & has been progressively getting worse over the years. I actually was just watching a video that said Binghamton was the worst place to live in NY. It's also kind of in the middle of nowhere and the only thing out there is SUNY Bing.

Please see the below link to Binghamton's crime stats. According to this site, Bing is only safer than 4% of U.S Cities. If you are looking for class A or B props, this is not the place.

Binghamton Crime Rates and Statistics - NeighborhoodScout

I'm from the Troy, Albany, Schenectady area & i think it adds a lot more value & there is a lot more opportunity in this area job wise & just in general more to do. There's also a wide variety of A-D properties, so you can find something depending on what exactly you are looking for.

I guess the main point i am trying to make, is don't just jump to the first spot with low prices because you are priced out of NYC, sometimes there's reasons as to why these towns are priced extremely low, so just some food for thought.

If you have any questions about the capital region area, let me know! I am not an agent, lawyer, or lender so have nothing to gain from giving any additional insight.

Hi Jason,
I am from the Capital region, too! Let's connect! 

I also have a 4-unit in Binghamton. I am so glad I invested in the area. I know some areas are unsafe, but I see a value in investing in Bing! 

 Hi @Heeyeon Chung , you've mentioned "I know some areas in Binghamton are unsafe", can u please elaborate on which areas? maybe we can connect? Thank u so much!

[Coty B Lunn]

Hello, 

I am a NY and PA licensed Realtor working primarily in the Binghamton area.  I also invest in a nearby town called Endicott, NY.  Binghamton is unlike other markets.  Our homes are typically lower priced and the cap rates can vary between 12-18% on average for multi-families as well as single family homes.  Our lower priced complete rehab properties start at approximately $30,000.  You can get a move-in ready single family for around $100,000-$120,000. You can get a multi-family with no repairs needed around the $100,000-$120,000 range as well.  Our average home sells around $140,000.   Feel free to connect with me to discuss strategies and what would best suit you!

[Sojourner Drye]

I will definitely be on the lookout for you! 

[Ray Evans]

Hello,

if you are interested in connecting I believe I have something that can help you 

[Erik Satterthwaite]

Hello Stephanie,

I purchased a two family in binghamton last year. I used Gary's firm to close in fact. make super low ball cash offers and you can get something nice that'll cash flow. due your diligence before committing to a purchase. everywhere, people need a place to live. just make sure the numbers crunch and you'll be fine. I have yet to find a property manager up there however. 

[Stephanie Jacobson]

Quote from @Erik Satterthwaite:

Hello Stephanie,

I purchased a two family in binghamton last year. I used Gary's firm to close in fact. make super low ball cash offers and you can get something nice that'll cash flow. due your diligence before committing to a purchase. everywhere, people need a place to live. just make sure the numbers crunch and you'll be fine. I have yet to find a property manager up there however. 

 Nicely done! That’s exactly it, run the numbers carefully and conservatively. Where in the city did you buy?

[Erik Satterthwaite]

Quote from @Stephanie Jacobson:

Quote from @Erik Satterthwaite:

Hello Stephanie,

I purchased a two family in binghamton last year. I used Gary's firm to close in fact. make super low ball cash offers and you can get something nice that'll cash flow. due your diligence before committing to a purchase. everywhere, people need a place to live. just make sure the numbers crunch and you'll be fine. I have yet to find a property manager up there however. 

 Nicely done! That’s exactly it, run the numbers carefully and conservatively. Where in the city did you buy?

 Hello,

The property is located in what is considered the North Side of town.

[Stephanie Jacobson]

Quote from @Erik Satterthwaite:

Quote from @Stephanie Jacobson:

Quote from @Erik Satterthwaite:

Hello Stephanie,

I purchased a two family in binghamton last year. I used Gary's firm to close in fact. make super low ball cash offers and you can get something nice that'll cash flow. due your diligence before committing to a purchase. everywhere, people need a place to live. just make sure the numbers crunch and you'll be fine. I have yet to find a property manager up there however. 

 Nicely done! That’s exactly it, run the numbers carefully and conservatively. Where in the city did you buy?

 Hello,

The property is located in what is considered the North Side of town.

 So a family rental? Smart, you're dodging all the rezoning nonsense on the West Side.