New multi-family investor in Binghamton, NY/Newark, NJ

[Chris Welch]

Hi all,

After 20 years studying and saving, I've recently made a jump into real estate. I recently purchased a 12br Victorian mansion in Binghamton, NY, and rehabbing it with my father -- turning it into high-end student rentals. The house is now rented through the 2014-15 school year, and working on finishing the rehab through the winter & spring.

I've really enjoyed the BP podcasts and blog, but am new to the forums. I'll be doing lots of research on private money lending and putting together multi-investor deals. All feedback is welcome and appreciated!

I'm also very interested in investing in the greater Newark, NJ area.

Cheers,

Chris

[Darren Sager]

Welcome to BP @Chris Welch ! I'm a big fan of Bloomfield around the new midtown direct train stations. I don't think those areas have yet to see the benefits of having midtown direct service. Maplewood/South Orange's real estate took off years after and I personally think a similar effect will take place however not on the same scale because of the smaller lot sizes, etc.

Prism Capital purchased the old GE building and has made heavy investment into the property. That I think is going to help change the landscape there when it starts renting in the near future.

Congrats on your first project. Best of luck in working with the students! Let me know if you ever want to grab a coffee and talk shop.