Binghamton Investment Property for Collegw Students

[Raquel Knoell]

Hello Bigger Pockets!

I have been super inspired by you all and am considering my first investment property in Binghamton.

Background-I am a licensed real estate agent on along Island. About 15 years ago (before being an agent)my husband and I took my father in laws low rental property by St. John's University and rented it to college students for 5x the rent.

We have 4 kids, a few businesses and our oldest in his 2nd year at Bing.

Been reading the BRRR book and really thinking of trying it. Our thought is to work this year to learn the market up there, gather some great contacts and buy a distressed property. We would take a loan out on our house or refinance (although we did do that about 7 years ago).

If we were to buy a property and have it ready by next fall, my son and his roommates could live there his JR and SR year and hopefully develop a following for future student rentals.

My questions are since we live 3.5 hours away, who would handle issues like initial renovation, snow removal, maintenance and any issues that arise? Since I am an agent and know the rental laws in NY have just changed, I am not sure if we can market to students only. I am also wondering if it's a good idea to use my own property that I live in to finance the deal.

Any thoughts, advice or comments are greatly appreciated!

If I can assist anyone with questions on the Long Island Market, please don't hesitate to ask, I'm always happy to help!

Raquel