Looking to invest in the Binghamton area

USA · Member since 2022 · 6 posts · 4 votes

Hello everyone, hope all is well! Completely a newbie in this world and I have been looking in different areas in Northern NJ and parts of NY to house hack as my first my property.

I am looking to utilize an FHA loan and have landed interest in Binghamton area. Current rental lease which I share with my partner is set to expire at the end of this year and I would love to hear about experiences/challenges in this area.

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Shawn McenteerBusiness Member

Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes

@Account Closed to do low money down you will need to owner occupy, are you willing to move to Binghamton, NY? Right now low money conventional in North Jersey is working out really well, it worked out great for me and my wife and many other house hackers in are market. I love equity and cashflow, NJ is a bit more upfront to invest but at the end of the day the returns can be huge if done right.

973-975-3895

House Hacking New Jersey563 Reviews

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Shawn McenteerBusiness Member
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
4y
@Account Closed to do low money down you will need to owner occupy, are you willing to move to Binghamton, NY? Right now low money conventional in North Jersey is working out really well, it worked out great for me and my wife and many other house hackers in are market. I love equity and cashflow, NJ is a bit more upfront to invest but at the end of the day the returns can be huge if done right.
973-975-3895
House Hacking New Jersey563 Reviews
Website View Page
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Account Closed
OP
USA · Member since 2022 · 6 posts · 4 votes
4y

Hi @Shawn Mcenteer! Great to hear from you again! Thanks so much for your input here, very valuable info.
Yep, my partner and I are actually open to relocating for a year if need be. My 9-5 is remote, so I’m privileged in this case to explore a bit.
We are constantly traveling upstate NY for our mental breaks away from the city and honestly, we fall in love the more we visit. Upstate NY is definitely in our radar.
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Shawn McenteerBusiness Member
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
4y
Got it, that makes sense @Account Closed. At the end of the day you can invest almost anywhere and it make sense for yourself I would focus on getting clarity around what you are most comfortable with. Out of state means 2 things you move to the location and run numbers that way or need to be prepared to purchase out of state and have the systems in place for someone else to manage. For my wife and myself we were very close to investing out of state, almost pulled the trigger a few times. Thankfully we stuck in NJ for had we not we would be nowhere near where are today essentially doing far more work with way less gains had we gone out of state. We stuck locally did the bulk of the work upfront and now have things on auto pilot. 6 years in without 1 single missed month of rent across all of our units and high income tenants paying top rents.
973-975-3895
House Hacking New Jersey563 Reviews
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Gary Kline
Attorney · Binghamton, NY · Member since 2016 · 127 posts · 84 votes
4y
@Edwin Soto. Feel free to reach out if you have any questions.
Gary
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Gary Kline
Attorney · Binghamton, NY · Member since 2016 · 127 posts · 84 votes
4y
@Edwin Soto. Feel free to reach out if you have any questions.
Gary
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Seth Knapp
Investor · Upstate NY, Binghamton Area · Member since 2021 · 5 posts · 2 votes
4y
@edwin Soto I am also in the Upstate NY/Binghamton area. It's a great little city I think poised to make a come back, and has a great anchor in Binghamton University. Let's connect!
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