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All Forum Posts by: Stephanie Jacobson

Stephanie Jacobson has started 4 posts and replied 390 times.

Post: 🎓Dos and Don'ts for Investors Renting to Students at Binghamton University 🏠

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

Not to nit pick here but this looks like an AI-generated post that definitely got some things wrong. Mainly the “proximity to campus” thing it kept repeating- the majority of BU students do not live near the campus, but rather in the near West Side, or downtown for some more expensive options. I’m seeing more upperclassmen move to South Side over the past couple years. Searching for student housing in Vestal is not a good idea. 

“Advertise early” means an academic year early. Literally. 

I also like how it said “ensure compliance with fair housing laws.” Binghamton’s R3 zoning is pretty noncompliant with fair housing laws, and also the same laws don’t allow “student housing” at all. 

Anyway, I guess the rest is generically okay student housing advice. 

Post: 📈 My Real Estate Wealth-Building Plan at 20 Years Old

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314
Quote from @Ben Tutewohl:

Hey Jack,

As someone who was in very similar shoes a few years ago, I’d advise against borrowing money against your parents’ house. You've clearly put a lot of thought into your plan and taken the time to educate yourself, which is awesome.

But the reason I wouldn't borrow against there house is that you’re going to succeed regardless. You’re stepping into a lucrative field at a very young age, and you’ve got the hustle, the smarts, and a strong support system behind you.

So why risk your most important relationships just to get there a little faster? And why go in so big with no experience? The strategy I followed, and would recommend to you, is to lean on your parents in smaller ways, like helping with living expenses while you get started. It’s also huge knowing that if things go south, you've got a place to stay while you get back on your feet.

I would recommend starting by growing your portfolio slowly and sustainably and focusing on learning. House hack, manage rentals, wholesale, flip houses, partner with friends, work for free under a mentor, whatever you choose just focus on learning and working on as many deals as possible.

It might not be as flashy as going all-in and buying a bunch of rentals right away, but those first few deals are usually more about learning and gaining experience than making real money and you want that learning curve to be on your own dime, not your parents’.

Wishing you the best of luck! Happy to chat more or connect if it’d be helpful.


 This is a really excellent reply right here. 

Post: 📈 My Real Estate Wealth-Building Plan at 20 Years Old

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

Wow, this is awesome! You have incredibly generous parents, if they're willing to allow you to leverage their equity. I think your plan is fairly solid, but the market you start out in will be crucial. 

Some thoughts:

- Identify what kinds of properties you want and who your ideal clientele will be. You're at BU now, and you're probably getting to know the Binghamton market pretty well. Have you considered getting into student housing there, or in other markets close to where you'll be living? If you're young, leasing to college students is significantly easier. They're a bit more trusting of someone who's authentic, knowledgable, and close to their age.

- What are your exit strategies? Some things that could harm morale (more than it would harm financially) are an early eviction, nightmare tenants, unforeseen foundation issue, conflict with a neighbor, etc. You'll want to plan to make sure you can resell the property without taking a loss, and that math happens when you buy.

- Your numbers are conservative, which is good. Understanding you won't be netting $2k on your first property is excellent (and you'd be surprised how many people don't realize that when they start looking). You'll want to make sure you're running ARVs accurately, and accounting for vacancy and management and things folks sometimes overlook.

- I love the family aspect. The more partners you have the lower the risk to each individual, but also the lower the reward. The antidote to that is considering a long-term approach, which is exactly what you're doing. 


This is great! You'll learn a lot once you dive in, as there are always unforeseen situations, but this is a solid start.

Post: REI in College Towns

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

Which school is she going to? I'm a student housing specialist, and I'm in the Binghamton University, Cornell, Ithaca College, Syracuse U and SUNY Cortland markets. Each of those student markets are very different from each other, depending on zoning regulations, leasing norms, pricing, etc etc. Knowing where she's going will help a lot!

Post: Buying Near Syracuse U: Tenants, VA Loan, HELOC, and First-Time Investor Questions

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

There are a lot of factors here! I'll see if I can answer in order:

- If the property you're interested in has tenants, you must honor the lease. You may be able to pay them to leave early, but students are unlikely to take a cash-for-keys option. Also, most student properties are leased already through May 2026. If that's the case, you must also honor any leases that haven't started yet.

- Yes; for a VA loan, it must be your primary residence. The best shot you'd have at this would be to find a property that's occupied and has one vacant unit for you to occupy.

- The tax question is a good one for your municipality in Jersey. Get some solid numbers from them and plug those into your spreadsheet before making any other decisions.

- If you're involving another partner, I don't think you can take advantage of VA loan benefits. One of you could buy the property on a VA loan, but then the other can't be on the deed or even put money into the purchase. Maybe it could work, but it sounds legally sketchy. If you're committed to working with him, you'll need to find another way to finance.

- VA appraisals can be strict, but there's no real way to know what they'll pick out until it happens. Depending on the personality and situation of the seller, it could be good that the appraiser points out some issues, because the seller will be required to repair them to close (if you negotiate it that way). Conventional loans are less strict, but if something is really bad (like a roof or asbestos or structural issues), it will be pointed out in any appraisal. That said, sellers get nervous about VA loans, especially in a competitive market like Syracuse is right now.

- The HELOC is going to give you the most flexibility, and it also sounds like using that won't remove your tax benefits on the NJ property.

Let me know what you think on this!

Post: Cornell Students Seeking Property Manager Insights, 5-minute Survey

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

Great! I send it to a few managers I know. Keep us posted on this!

Post: Cornell Students Seeking Property Manager Insights, 5-minute Survey

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

This sounds pretty cool! I can ask around for managers to complete the survey. Is this for the Ithaca area only?

Post: Lenders for Primary SFR Coop HELOC?

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

Did you try First National of Groton or Dryden? Sometimes they can do unconventional things, and they're worth building a relationship with!

If not either of those, I would try Tioga State next. Lisa Viglione is my favorite lender there on the residential side. 

Post: Is Ithaca NY Becoming Overbuilt? Will There be High Vacancy Rates Soon?

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

I have significant anecdotal evidence for this, though I wish I had a crystal ball.

With students, "less desirable" usually means kids who can pay a little less than the $1100+/bed being charged in the larger buildings. We're still not talking about significant eviction risk, or any more damage potential than normal. In fact, many of the students who avoid larger buildings are international, and tend to take better care of the units.

At the end of the day, though, there will always be upperclassmen who prefer an older house with fewer units. They have their own kitchens, they're living like real adults, access to a back yard, a front porch; all of these things will perpetually be attractive to them. The bigger problem in Ithaca is that property values are so high, there's not a lot of motivation (or financial room after purchase) for landlords to keep their units updated and nice. There's plenty of smaller multifamily student housing in Ithaca, but not much of it is actually decent. 

All that to say: I don't expect all of this construction in Collegetown and elsewhere to wipe out the demand for smaller multifamily buildings. The problem is making the numbers work in this town!

Post: New Investor Upstate New York Area

Stephanie Jacobson
Posted
  • Real Estate Agent
  • Syracuse Binghamton and Ithaca, NY
  • Posts 401
  • Votes 314

@Kaleb Johnson welcome! Where upstate are you?