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Updated over 1 year ago, 03/21/2023
Binghamton Rental Property
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
Hello , i live in the hudson valley regions. I want to invest in properties in the new burgh area. Since your father does construction i think maybe see if we can do something since i am looking for a reliable contractor. I want to do fix and flips or rent. If you want to connect just message me !
@Stephanie LiVecchi where is your fathers construction company located?
I am also in a similar situation being from the NYC area. Currently I've been looking at Pennsylvania as well as some places in Upstate New York such as Albany, Troy, Johnson City, Utica, Schenectady, and Binghamton as well. Syracuse is personally a little too far from me; I've been trying to stay maximum 3 hours away from home. I wish you luck in your search!
Quote from @Andy Ramdeen:
Hello , i live in the hudson valley regions. I want to invest in properties in the new burgh area. Since your father does construction i think maybe see if we can do something since i am looking for a reliable contractor. I want to do fix and flips or rent. If you want to connect just message me !
Thanks for the offer. I don't know if my father is looking for jobs outside of NYC right now. But I will keep you in mind.
Quote from @Andrew Jennings Freerks:
@Stephanie LiVecchi where is your fathers construction company located?
We are in Queens, NY
Quote from @Stephanie LiVecchi:
Quote from @Andy Ramdeen:
Hello , i live in the hudson valley regions. I want to invest in properties in the new burgh area. Since your father does construction i think maybe see if we can do something since i am looking for a reliable contractor. I want to do fix and flips or rent. If you want to connect just message me !
Thanks for the offer. I don't know if my father is looking for jobs outside of NYC right now. But I will keep you in mind.
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.
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.
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.
Hmm. That’s a view that will help you pass over a unicorn of a market where properties are cheap and a 10-cap is standard.
The mix of Bing being historically economically depressed while now having a growing university is what makes it such a great place to invest. Rents have been climbing with no end in sight, while property values remain stagnant. That’s exactly the kind of place you want to buy if your priority is cashflow.
The one issue with Bing at the moment is that there’s a bit of upheaval going in around where the students can actually live. The city is mulling over a proposal that could limit how many unrelated occupants can live in certain areas, so at the moment student housing is at a bit of a standstill. I’d still strongly consider it, though- I recommend keeping your eye on the market and connecting with some locals who can give you the lay of the land.
- Stephanie Jacobson
@Stephanie Jacobson- let me clarify a few things for you.
1) The OP never mentioned specifically investing in college housing. That is a completely different investing strategy than traditional LTR's.
2) Binghamton has a 30% poverty rate, over 8% unemployment rate (double national avg.) & violent crime rate 117% higher than the national average
You even said it yourself- the economy is historically depressed & from 2010-2020, the whole greater Binghamton area lost over 6% of it's population. Tell me how a place with a declining population is a good place to invest? That's going to be a key indicator to future job growth, pop growth, housing appreciation etc.
Yes, it's possible to cash flow anywhere but it's not as easy as it may sound. Especially for a first time investor, investing in a place that they don't know & aren't local too/ close enough to take care of everything. Bad tenants, low appreciating housing, evictions, high maintenance properties, crime, the list goes on. What happens when her father is done with construction & the prop needs to be managed?
Lots of people from CA & NY invested in these types of areas thinking they we're going to be easy cash flow markets & are now selling their properties because of all the issues that comes with Class D Neighborhood's/ Areas. Read other forum posts on BP & you'll see. I could think of 10x better cash flowing markets in Upstate NY & that have half the risk's that Bing does as a first time investor. Cool frat parties out there though.
Quote from @Stephanie Jacobson:
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.
Hmm. That’s a view that will help you pass over a unicorn of a market where properties are cheap and a 10-cap is standard.
The mix of Bing being historically economically depressed while now having a growing university is what makes it such a great place to invest. Rents have been climbing with no end in sight, while property values remain stagnant. That’s exactly the kind of place you want to buy if your priority is cashflow.
The one issue with Bing at the moment is that there’s a bit of upheaval going in around where the students can actually live. The city is mulling over a proposal that could limit how many unrelated occupants can live in certain areas, so at the moment student housing is at a bit of a standstill. I’d still strongly consider it, though- I recommend keeping your eye on the market and connecting with some locals who can give you the lay of the land.
Do you have any properties for sale that I can look at?
Quote from @Stephanie LiVecchi:
Quote from @Stephanie Jacobson:
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.
Hmm. That’s a view that will help you pass over a unicorn of a market where properties are cheap and a 10-cap is standard.
The mix of Bing being historically economically depressed while now having a growing university is what makes it such a great place to invest. Rents have been climbing with no end in sight, while property values remain stagnant. That’s exactly the kind of place you want to buy if your priority is cashflow.
The one issue with Bing at the moment is that there’s a bit of upheaval going in around where the students can actually live. The city is mulling over a proposal that could limit how many unrelated occupants can live in certain areas, so at the moment student housing is at a bit of a standstill. I’d still strongly consider it, though- I recommend keeping your eye on the market and connecting with some locals who can give you the lay of the land.
Do you have any properties for sale that I can look at?
Absolutely. I'll send you a message and we'll connect.
Can't argue with the returns here.
- Stephanie Jacobson
Quote from @Jason Maguire:
@Stephanie Jacobson- let me clarify a few things for you.
1) The OP never mentioned specifically investing in college housing. That is a completely different investing strategy than traditional LTR's.
2) Binghamton has a 30% poverty rate, over 8% unemployment rate (double national avg.) & violent crime rate 117% higher than the national average
You even said it yourself- the economy is historically depressed & from 2010-2020, the whole greater Binghamton area lost over 6% of it's population. Tell me how a place with a declining population is a good place to invest? That's going to be a key indicator to future job growth, pop growth, housing appreciation etc.
Yes, it's possible to cash flow anywhere but it's not as easy as it may sound. Especially for a first time investor, investing in a place that they don't know & aren't local too/ close enough to take care of everything. Bad tenants, low appreciating housing, evictions, high maintenance properties, crime, the list goes on. What happens when her father is done with construction & the prop needs to be managed?
Lots of people from CA & NY invested in these types of areas thinking they we're going to be easy cash flow markets & are now selling their properties because of all the issues that comes with Class D Neighborhood's/ Areas. Read other forum posts on BP & you'll see. I could think of 10x better cash flowing markets in Upstate NY & that have half the risk's that Bing does as a first time investor. Cool frat parties out there though.
Respectfully, I'm not sure you read what I wrote. Which is fine, you don't really need to. I'm aware of the statistics you've cited, and don't see how they undo the fact that 10-caps are standard here. Rents are high for both students and non-students in relation to property values. The stats you've cited are part of what makes this a great market.
I'm a professional. I never leave my clients stranded. I have fantastic property managers, GCs, inspectors, attorneys and resources here. The rental market is healthy enough that we have a slew of full-service managers to choose from. I teach people to fish- once her father is done with the renovation, she'll be set up and able to continue on in her investment goals.
Are you okay? Did someone in Binghamton hurt you?
- Stephanie Jacobson
@Stephanie Jacobson LMAO. I just don't understand how a declining market & economy makes a good place to invest? Seriously? You never answered that question & it's okay if you don't, I wouldn't expect you too. Just because it's 10 CAP? There are a million other things to look at than an imaginary cap rate you just made up.
This is the exact reason i was offering my opinion at an unbiased level. Clearly you're living in some type of bubble. I'd stick to Ithaca if i were you :)
Quote from @Jason Maguire:
@Stephanie Jacobson LMAO. I just don't understand how a declining market & economy makes a good place to invest? Seriously? You never answered that question & it's okay if you don't, I wouldn't expect you too. Just because it's 10 CAP? There are a million other things to look at than an imaginary cap rate you just made up.
This is the exact reason i was offering my opinion at an unbiased level. Clearly you're living in some type of bubble. I'd stick to Ithaca if i were you :)
So yes, someone in Binghamton hurt you.
Ithaca is a fantastic market if natural appreciation is a crucial part of your investment strategy. Binghamton is great for beginners who want a passive setup and higher monthly cash flow. Binghamton has been remarkably stable- the statistics you’re citing neglect the transient student market, and those kids have money to spend on rent. Your comments only serve to outline how crucial it is to hire a specialist in the market.
Is your goal here to get people to invest in the capital region? If so, fine. But it’s annoying that you’re advising on a market you’re so unfamiliar with.
- Stephanie Jacobson
@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!
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!
Aaanyway, the whole point of this thread is to help others, and hopefully someone got something out of the back and forth.
- Stephanie Jacobson
Steph --- we all know you can't fix stupid. This guy has a chip on his shoulder. Opportunities abound in Bingotown!
Quote from @Gary Kline:
Steph --- we all know you can't fix stupid. This guy has a chip on his shoulder. Opportunities abound in Bingotown!
Ha! Welcome back to BP, Gary!
- Stephanie Jacobson
Quote from @Jason Maguire:
@Stephanie Jacobson- let me clarify a few things for you.
1) The OP never mentioned specifically investing in college housing. That is a completely different investing strategy than traditional LTR's.
2) Binghamton has a 30% poverty rate, over 8% unemployment rate (double national avg.) & violent crime rate 117% higher than the national average
You even said it yourself- the economy is historically depressed & from 2010-2020, the whole greater Binghamton area lost over 6% of it's population. Tell me how a place with a declining population is a good place to invest? That's going to be a key indicator to future job growth, pop growth, housing appreciation etc.
Yes, it's possible to cash flow anywhere but it's not as easy as it may sound. Especially for a first time investor, investing in a place that they don't know & aren't local too/ close enough to take care of everything. Bad tenants, low appreciating housing, evictions, high maintenance properties, crime, the list goes on. What happens when her father is done with construction & the prop needs to be managed?
Lots of people from CA & NY invested in these types of areas thinking they we're going to be easy cash flow markets & are now selling their properties because of all the issues that comes with Class D Neighborhood's/ Areas. Read other forum posts on BP & you'll see. I could think of 10x better cash flowing markets in Upstate NY & that have half the risk's that Bing does as a first time investor. Cool frat parties out there though.
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.
@Jason Maguire i am from westchester county and i currently own rental properties in Binghamton that are doing extremely well. The only issue with Binghamton is finding reliable contractors to do the work other than that it is a great place to invest and create cashflow..
Quote from @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
@Stephanie LiVecchi being that your father owns a construction Company thats one step you wouldn’t have to worry about. Another thing is dealing with city code they are very difficult to deal with i am speaking from experience i own properties up there. The problem with Binghamton is that code does not want people from the city investing and not only that the guys that work for the building code don’t have experience. Every other month they pretty much hire a new building inspector. Since 2019 i have dealt with 4 different building inspectors which means new rules that they want which in fact prolongs the projects. Other than that the cashflow is great.
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!
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!
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! :)
@Gabriel Latorre 100%, and I think what Stephanie and the others above didn't understand is that i never said that you couldn't make money in Binghamton, i just said to "be careful" because of said issues like economy, unemployment, population decline, etc. and as you also say with personal experience that finding reliable contractors is also hard to find. I didn't mean to offend anyone but it's too late for that (haha)
I think these markets drive you in with cash flow, but then you can have other issues that come with class D neighborhoods like I mentioned above and don't get me wrong if you are an experienced investor, you can definitely make it work, but it could be too much for a first-time investor to handle without the proper systems in place.
I've been investing for only 3 years now, when I first started i would have never invested in an area like Troy, which I'd prob put onto a similar demographic as Bing. Now that I have the experience, absolutely i think i could invest in a tougher market because i have the knowledge, systems, and other things in place to mitigate potential issues that may arise. That is really the point i was trying to make for a first-time investor & more specifically this thread was for a first-time investor with no experience at all.
Also, @Gary Kline, don't feel like going back & forth at all but not sure how providing legitimate facts is stupid or arrogant. As Stephanie said, maybe a few people can learn from this conversation, i don't think it was unproductive at all but appreciate your input :)
Lastly, here is just a few more links: Binghamton is the most dangerous place to live in NYS.
The 15 'Most Dangerous' Places To Live in New York State (hudsonvalleypost.com
'20 Worst Places' to Live in New York State (hudsonvalleypost.com)
Wishing everyone the best.