All Forum Posts by: Jason Maguire

& i want to take the time to disclaim & respond again quickly before i am ganged up on by 4+ people.

1) I never said DO NOT INVEST in Binghamton, I said "Be Careful". Two completely different things.

2) To further clarify, i also said that money CAN OBVI be made, but as a first-time investor there are more factors than just a 10% CAP RATE when evaluating a property.

All i know, is as a first-time investor, investing in a place that's not close to home, I'd want all available facts before making that decision. Idk about you guys but i look at things like the economy, population growth, crime, employment, housing growth, new companies coming into town, etc when making a decision on where i am going to invest. That's all. I was simply providing actual facts to help lay out the full picture. From there, you can do what you want with the info, that's on whomever the investor is and what they feel is best for them. Maybe Joe Smith doesn't want to invest due to the high crime, but Sally Ann doesn't care about crime at all when looking for props. All different preferences & i hope everyone can learn from the productive conversation Stephanie & I had.

@Gabriel Latorre, just because you feel like a place is safe, doesn't mean that it is lol. You are stating a matter of OPINION & not FACT, you can disagree all you want but the stats don't lie, Plain & simple. I already provided a link above that Binghamton is safer than 4% of all American cities, this is provided from the FBI- read above as you clearly didn't already.

Who is it telling me the population is declining in Binghamton? The Census data tells me that lol. Here is your link. Lost .9% of population from 2020-2021 alone. You are literally trying to argue with a UNITED STATES CENSUS LMAO. That's just 2021 as well, go look at the other link above with the actual statistics, but maybe the Census website will be enough for ya? haha.
U.S. Census Bureau QuickFacts: Binghamton city, New York

30% of the population is impoverished as well. But just because you saw someone driving a BMW M4 in Bing means everyone's rich right? (opinion)

Didn't really want to get back into the weeds but here we are, what else do you not believe?

@Heeyeon Chung  - absolutely, Heeyon, let's connect! Just sent you a request.

@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.

Thank you @Nathan Gesner! This is great advice. Will keep the community posted

@Bruce Woodruff 100%, don't think verbal cues or text messages have helped at all so maybe a notice of termination may kick him in the rear a little to get moving! Love this community.

Thanks for your advice @Matt Devincenzo, i really like this idea!! I think this solves a big part of the issue & would give him a reality check being handed a termination notice & would make the situation seem a bit more real to get him moving.

I think the trouble I've been running into so far is that he hasn't had that reality check, or any actual notice written, so he probably thinks he can just push off without anything happening so this will definitely help put things into perspective. I think this is the middle ground solution i needed.

Thanks again for your insight!

@Bruce Woodruff thank you, Bruce! & Yeah, i totally agree, at this point I've done everything in my power to accommodate & don't feel like i'm getting anything in return. Even if he wasn't able to move stuff, they could of simply texted me saying "Nope, couldn't get to it this week" but nothing, radio silence haha.

Will give my attorney a call this week to discuss options. Thanks again Bruce.

@Adam Martin- Hey Adam, i definitely think you make some very valid points & I appreciate your input & definitely gives me some things to think about!

If we weren't going to list the unit for sale at some point in the next year, then i honestly wouldn't have really worried about it, but since we are i feel like it's better to take action now than to wait as I'm already 4-5 weeks in with no movement.

When i did buy the house in 2021, i had to get a special inspection done on this "shed" just to be able to close, which it did pass. It's a nasty puke green color and there are some structural integrity issues with shed- tarp on portion of the roof, small holes in the shed, plywood as the door, etc. It's holding up

My lender also knew of 2-3 separate groups looking for off-market deals this summer that we entertained, and the shed was brought up at every showing so i'd like it gone and have a feeling it will be brought up in the future if we don't do anything.

Thank you @Scott Mac, appreciate your help! I had a similar thought about using some form of temporary storage until he could figure things out & it was more of a verbal conversation we had & he did seem open to that. It's just getting the damn things from the shed into that tarp/ tent at this point!

 Maybe i can put it in writing to make it more official & real for the tenant. Thanks again!