advice + team-building for college rentals in oneonta, ny
Longtime property manager of multifamily Coop and Condo buildings here, and a former student at SUNY Oneonta. Over the past year I've gone through a mindset transformation which has given me the hunger to break out of my employee mindset of 13 years. It started with improving my credit score, then getting a loan for an engagement ring for my girlfriend, and now it's progressed to getting out of this work situation that has not gotten any better for me. I am going to hold onto the W2 job in order to begin the journey, as I know it will be easier to secure a loan this way, plus I need to fund my life.
Rather than continuing to go through analysis paralysis and give myself excuses to start tomorrow instead of today, I've bottled up the frustration to fuel a path to my goals.
I need to create a team in the City of Oneonta, NY where I can find deals to analyze and acclimate myself with the struggles associated with college rentals in Oneonta specifically. I'm prepared to create a business model rooted in college rentals for cash flow, and using leverage to scale up quickly thereafter. I intend to self-manage until I can quit my W2, or until it gets to be too much for me.
I would like to hear from every college rental investor in Oneonta that is willing to help a newbie out with info.
Also, are there any attorneys, lenders, contractors, agents or real estate agents or wholesalers that you know and trust, or maybe you are one of them? I'm going to keep telling myself to ask this tomorrow unless I click send and get it out there.
Congrats on the mindset shift, that's huge progress! I'm living in one unit of a duplex I bought, my first home in 2020, an hour or so west of you. I don't know Oneonta that well, and with it being a smaller town it might be a good idea to look for broad advice on investing in college towns/cities. For agents and contractors I like the general advice to interview a bunch, pick the one you like best, and you can always change if you are looking for something different. Any lawyer can probably close a deal, but not everyone can work with tenant disputes and do an eviction. If you want to look for someone in that niche and start that relationship early the term to google is "landlord/tenant law." I wish I had done that even just to get someone specialized to look at my leases (especially with roommates paying rent as one like in college towns). I'm not quite sure where my banks jurisdiction is, but it's a small local bank and that's what I'd recommend, credit unions are always good to. My bank was Trustco, it says they have a branch in Cobleskill. I did 10.5% down as an owner occupant and didn't pay PMI. They are have specials on low closing costs now, though I know many banks are. I'm not sure what an investor loan would look like through them, but definitely let me know if you do follow up or find a local bank with good investor loan terms. Good luck!
@Billy Archer congrats on getting started. All of my student rentals are a little north of you in the SUNY Potsdam/Clarkson and SUNY Plattsburgh markets but happy to share any info if there’s anything I can help with. I would guess that there are some similarities and some differences in our markets, but as a whole, they are probably very similar. Best of luck
#1 Insurance Contributor
- Insurance Agent
- Norwalk, CT
Billy,
Just saw this tread and thought I would add one thing from an Insurance perspective. Most Companies will not accept Student rentals on the 1-4 family dwellings or Apartment buildings. There are some that will so I would advise starting to contact agents and see if they can handle it and how the student rental will be rated. Good luck.
Billy,
I'm just seeing this post now. I am a Realtor based in Oneonta NY with Exit Realty Homeward Bound. I am also a SUNY Oneonta graduate. I'd be glad to talk with you and see where or how I may be able to help.