All Forum Posts by: Ronald Starusnak

We had two tenants who were both medical students at University Hospital in Syracuse. They paid a full year up front and I think the unit was cleaner when they left than when they took possession lol. Either way, we did end up switching to only month to month leases both on our properties and for the properties we manage in the Syracuse // Onondaga County area. 

Are we going to have to sell these properties? lol 

Are you interested in Syracuse properties? 

I have been slapped around by a bunch of lenders, paid for appraisals, and have had 6+ months wasted trying to refinance 4 double wide properties. None of my local banks will refinance the property unless you're owner occupying them, 21st mortgage who specializes in these types of properties will only do 1 property. I am looking for a lender that will refinance 4 double wide homes on permanent foundations in NYS. 

Bump - Syracuse Multi Family investing

 Frank, don't cut yourself so short lol. You're worth more than that for sure. I know what kind of tenants you're dealing with and you manage them well. 

Josh, the properties located within any reasonable distance from S.U. are already gobbled up and the ones that pop up for sale are inflated sometimes to 5x the value of a property 1 mile away. Syracuse has some bad areas, primarily West of Route 81 which is West of S.U. There has been an approved project that in my opinion will turn one of the worst areas of the city into a normal part of the city. The State is removing I-81 which has acted as a barrier between the Syracuse University community and the low income community. Inventory is very low right now and contractors are difficult to find, while money and credit is easy to come by. 

I have a lot of properties in Auburn and Cayuga county. There is a good Facebook group of Auburn NY Landlords called "Landlord Clubs". It's a hidden & invite only group. Search Anna Boim-Marinelli on Facebook. She is the admin of the page. There is a big list of bad tenants and they talk about a lot of Auburn specific issues. 

You can sue for performance of contract but not likely to go anywhere. 

Not un-safe but I wouldn't invest there. It is a very depressed area with no jobs and no appreciation in properties and no positive outlooks in the near or far future.