Looking to buy properties in Binghamton, NY

[Will Stahl]

Hello Everyone,

I'm looking to purchase a rental property in the Johnson City / Binghamton area to use as a student rental. If you are looking to sell or can offer any advice/leads please let me know.

Thanks,

Will

[Paul McCue]

Hi Will,

I'm surprised no one has jumped in here yet! I have owned a 2-unit rental property in Johnson City for almost 15 years. It is a great area to buy and hold rentals. Now, having recently moved away, I am selling the house. Here are a few quick things I can tell you:

- The Binghamton area has great investment potential with buy-and-hold rentals. Don't expect a lot of appreciation, but with the right purchase, the monthy income is good.

- Be careful of where you buy. This is probably true for all regions, but neighborhoods change quickly. If you're not familiar with them, I'd spend some time visiting and familiarizing yourself with them. Also, I like to follow the local news with a map by my side, so I can get a better handle on what's happening where.

- Finding management in the Binghamton area is hard. Finding good management is harder. This is one reason (but not the only reason) I am selling.

- Know what type of renter you are targetting and plan your purchase location, desired amenities, and marketing strategies accordingly. You said you are looking for student rentals. I can't list all the student neighborhoods here, but generally you're looking at Binghamton and Johnson City. You mentioned those areas, so I assume you know that much. Just be careful of people marketing to out-of-town investors. If you'd like to discuss more, feel free to PM me or ask your agent.

- Speaking of agents, do you have one? I am currently working with Stephanie Jacobson - she is great and very motivated! She is also investor-friendly and an investor herself. Other than "investment property" I don't know if she has a particular specialty. There is another agent in the area that is known for specializing in student rentals, but I was never able to get ahold of him.

- For student rentals, you might also want to look into the local laws on what constitutes a "family unit" and laws regarding absentee ownership/management. I don't rent to students, so I can't help with that, but I do know that those two topics were big issues several years ago. There used to be a lot of tension between local residents and students, and it kind of came to a head, and the city cracked down on them. It might not be an issue anymore, but I don't know. My feeling is that for the last several years now, the region has been warming up to students. I think it has to do with BU and the city working together to integrate more. It is starting to blend into a college town and will be very interesting to see how it all develops, particularly as BU continues to expand.

- Don't just focus on Binghamton University students. I know many people who attended Broome Community College and lived off campus. You won't find much student housing near their campus, but no matter where you buy, you might want to market to them as well.