I'd like to introduce myself to this forum and see what kind of opportunities are out there. I am 21 year old currently living in Saratoga Springs and will be starting my final year of college this fall at Binghamton University. I study computer/data science with a concentration in geographical data.
Over the past year I have become obsessed with REI, from flipping to short-term/long-term rentals- you name it. Although I've spent countless hours on the forums and listening to BP Podcast, I have no real experience in the business.
I'd love to connect with anyone involved or just interested in REI in Upstate New York and talk about some real estate. I also have an interest in the rehab/construction/budgeting side of things as well.
Albany, NY · Member since 2019 · 19 posts · 9 votes
6y
HI all ... I'm in the Albany, NY area looking to connect as well. Sounds like there are more active BP members in the area than I had noticed prior. Would love to chat. I would be willing to host a Zoom intro call if there are others who are interested. At the very least to meet and talk about aspirations and challenges starting out. Let it evolve from there. I'm new as well ... currently on the hunt for my 1st house.
Investor · Tampa, FL · Member since 2017 · 589 posts · 251 votes
6y
Seems like you came to the right place. Lots of people on here willing to assist. Narrow down what strategy you want to implement and get started. You got this.
Johnson City, NY · Member since 2015 · 33 posts · 10 votes
6y
@Colton Hart
Hello Colton. I'm local to the Broome County/Binghamton area. I would have no problem putting you in contact with people around here and discussing RE with you anytime. I work Professionally in IT so I can definitely understand your educational background.
I am located in Saratoga springs. I am interested in real estate and currently just look to find my deal so I can start my personal journey. I have been searching for like minded individuals.
@Steven Luttman unfortunately Steven I have not taken any as of yet. This is all new to me and I really have only thought of doing this for a couple months. So far I have read several books and decided this is the route I want to take! I guess the rest is just research and education because I am not going to be less than the best at what I do.
Rental Property Investor · Glens Falls, NY · Member since 2016 · 176 posts · 169 votes
5y
These threads seem to pop up frequently and die even quicker along with the profiles associated.
Did you all give up? make any moves yet? Real estate doesn't seem great anymore? podcasts dried up? Interested to hear.. it has been a few months you all seemed really excited to jump into real estate, what happened?
Specialist · Elmira, NY · Member since 2019 · 33 posts · 38 votes
5y
The southern tier is a fantastic market. I personally invest in Elmira Corning area but have evaluated deals in Binghamton
As I started investing I fell in love with evaluating properties. So much so that I became a licensed home inspector. When you start shopping let's connect!
@Amos Mainville What are your thoughts on the Near Westside neighborhood in Elmira? With LECOM and the revitalization coming into full effect this year, how do you see that particular market changing?
Specialist · Elmira, NY · Member since 2019 · 33 posts · 38 votes
5y
@Alex Smolowe
Steve is correct and an excellent judge of the market.
I love our Elmira market. Like any city though there are parts I won't invest in. There are projects I won't take on. There are some that I have taken from absent landlord's that let things go too long. It's all about thoroughly vetting a property and understanding the numbers. The area around LECOM has some quality units around it. Also has some of the too far gone units.
That said, while I love working in this market I do offer a cautionary tail. Due to our affordable housing stock and fair quantity of inventory we have seen long distance investors burned. They buy and waive the inspection or rely on immoral contractors and can be taken advantage of. Same Rick with any distance investing but the low buy in price means I have seen many cases of it.
If you aren't local you really need to build relationships local and acknowledge the risk.
For numbers sake, last year we targeted to contract 3 duplexes. Our criteria was no major structural, foundation, roof, siding, or utility issues. We evaluated 35 properties to secured 3 contracts. There were 5 others that we either made offers on or had in pocket as back up if other contracts were denied.
Those 3 duplexes will each net 650 or better per month. Each had 1 long term tenant which we kept in place. In 1 unit we did gut carpet to change for lvp as well as upgrade to recessed led lighting and of course fresh paint throughout. The other 2 empty units were primarily paint with 1 unit needing a fuse panel changed for a new breaker panel.
The key with any proper is focusing on building a durable product with quality finish and appearances. This doesn't have to cost a fortune. We buy units with garages on the property to warehouse materials and watch sales. At the end of the project that garage can be a nice add on for $250 to a units rent.
@Steve Kettelle and others Thanks for the thoughtful replies! Definitely good projects in that area. My renovation of the old Granny’s Attic building is one of them ;)
I actually already own a few buildings on 2nd Street, and I’ve been tracking the market. I haven’t had much contact with investors in the area, though, just local real estate professionals who are prone to be biased one way or the other, so I’m curious how landlords view it. It feels like there’s a lot of opportunity for huge growth in this particular neighborhood.
Real Estate Agent · NH · Member since 2019 · 18 posts · 1 vote
5y
@Colton Hart (And anyone else on this tread) - I am looking to virtually invest in the area. I am actively calling property owners to see if they may be interested in selling. Please feel free to reach out anytime. I would jump on a call anytime.