My name is James LePage, and I'm looking to begin investing in Upstate NY (Rochester or Syracuse) Student rentals in 2020-2021. I'm beginning college (at Syracuse University) this fall, and my family is moving to Charlotte, NC, giving me the unique opportunity to choose my residency (either in NY or NC).
My question is: Are their any real estate investment benefits (like deductions, financing availability or write-offs) to investing in NY while having in state citizenship? Would it be better to have an out of state citizenship?
Thank you & and feel free to connect with me via the links on my profile!
James W. LePage
there are no tax advantages in upstate NY.
Im sure that is a big part of the fam moving South.
I left Syracuse 12 yrs. Ago but still invest there. SFH.
I’d do both for student housing but NC for long term tenants. NY just passed new landlord regulations, statewide rent control and the taxes are ridiculously high. Where are you looking for student rentals? D1, D2, D3, Jr. Colleges?
@James LePage Hi my wife recently relocate from Syracuse to Rochester. While my wife was living there, I see a lot of potential there for student housing for Syracuse University students. Definitely huge!!
Thank you all for the great info!
@Nick Rutkowski I'd like to start out with Student Rentals (high cash-flow, and I feel like they're a better fit for those markets) targeting Syracuse University in the UniHill and Westcott areas & the big Rochester colleges in the 19th ward. I'll probably be spending this year researching and getting a feel for the markets. I do agree with you, NC is a better option for long term. As I build capital, I'll be looking at NC a lot more for good deals on Long-Term multi unit.