Looking to Purchase First Investment in Binghamton, NY

[Anthony Siconolfi]

Dear All: 

My partners and I are looking to purchase our first rental investment, in Binghamton, NY - focusing on student housing. Does anyone have any recommendations for a realtor and property manager? We have done extensive research on the area and the rents that it yields. Does anyone have any suggestions as to what we should stay away from, being that this will be our first investment property? Thank you!

[Stephanie Jacobson]

Hey @Anthony Siconolfi, glad to hear you're looking into Binghamton, it's normally a great market! I say normally because at this exact moment, when you're looking at student housing, you have to be very careful about where you buy. The west side recently went through a zoning shake-up, and the agent you work with ought to be familiar with what's now approved for unrelated occupants, what's not, and what could be.

Second, it's a tricky time of year to buy student housing. BU students lease roughly a year ahead of time, so whatever you buy should be leased out for the 24-25 school year. If it's not, you'll be in a serious time crunch trying to get it rented after January when you close. If a property doesn't have next year's leases done, I would want the price to reflect that.

Third, there's a sudden lack of management companies in Bing. KOmanage isn't in the business any more, Empire and 607 are completely full, Sall you should stay away from. There are smaller managers like Lisa Antalek and some local handyman who are doing a decent job, but finding those folks is really hard. Your best bet at the moment is to find a property that has a manager who's willing to stay on, if you're happy with the condition and lease amounts he's getting.

Let me know if I can help, but there's the crash course. Best of luck, keep us posted!