All Forum Posts by: Ademir Zukic

-Well stated. High quality tenant screening will be more important than ever. Professional etiquette and showing your tenants you care about their well-being aside from just awaiting their rent will certainly establish higher quality rapport and keep your tenants content. Especially during these difficult times. There certainly is benefit to have a corporate entity veil as a means of showing structure towards the tenant. I would also add to this to maintain a humanistic personal approach with your tenant to acquire best of both worlds. Tenants noticing your concern for their well-being for example through this pandemic, may provide a fore-thought to ensure they do by you properly and pay rent. Even if they feel the moratorium gives them a false narrative on avoiding to pay rent, they may not do it at all if the rapport is there. There is no guarantee with these mitigation strategies, but may certainly help with rent avoidance.

How much have property taxes increased for those who bought homes in Upstate New York? If it was by a considerable amount, was it due to paying more than the home was worth before (maybe completely updated), or other reasons? Looking to see what factors may have increased this after home purchase. Thanks

Wanted to see what local investors are experiencing with their investments regarding tenants, rent, mortgage payments, notification of sick tenants or tenants with no jobs currently that are unable to pay rent. and any other experiences / information that may be beneficial to share to other investors in the area with the current Pandemic. Any information or tips would be appreciated. Thanks!

Hello everyone. 

Wanted to get the take of others, what utility costs have looked like for you in the Binghamton (or surrounding) areas on your rentals. Obviously asking for an average would be difficult as this may drastically vary per rental unit and whether it is residential vs student rentals. Do these numbers tend to greatly vary per month or marginally? Another post with @Stephanie Jacobson gave a great tip regarding one contacting NYSEG to get general estimates on prior months average utility costs. Prior to doing this, is there a rule of thumb you follow allowing you to estimate (for example: electricity / gas / water / per unit, cost) before going into further detail such as using the tip Stephanie suggested? Just to get a basis of what costs may be before diving into deeper / more accurate analysis?

Thanks,

Ademir

I guess my question is the source of this "1 - 2 years" mandatory stay at a property. Is this determined by lenders and can vary for each one or some sort of actual legislation? And for your situation, did you refinance and apply for another "Primary Residential" mortgage based off of the re-appraised value? Interesting that the "timer" if you will would reset and make you stay two years even though you've been there for 10 already?

As I have discovered, a Primary Residence mortgage is able to give you some of the lowest interest rates as compared to an Investment Property Mortgage. I assume much of this has to do with what the persons intention is with the property. I understand you are able to rent other rooms as long as you are a resident of that property. If someone is looking to get a property with the intention of renting out the whole thing in the future, is this something that is even possible with the mortgage type they have? Is there a minimum amount of time they have to be in it to before they are allowed to do so? Would they have to eventually (assuming they fixed it up), do a cash-out refinance and obtain a new type of mortgage allowing them to rent it out? Does this vary per lending institution or is there actual legislation involved? Curious to see if you can help me with this, thanks!

PS: Any sources would be appreciated!

Hello, my name is Ademir and in fact this is my first post! Excited to delve into the Real estate, and even more so after running into Bigger Pockets. Much to learn but got to start somewhere! In any regard, I am looking to reach out to the Southern Tier folk and anyone knowledgeable about the current status and the "worth" to start investing in this area, especially considering the students. For those local here, it is evident that the university students are on the rise each year, with all new buildings and facilities opening around the area related to the campus. More students means much higher potential for this market, especially for this particular clientele. Although with this in mind, there are many new apartments / lofts being created that seem to be targeting this audience. Should this be noted as red flag to get into this market? Will this mean that the market rate may change for the better or worse, meaning that competitive renting prices must be met to obtain tenants yet also have cash flow? With all of these new apartments and lofts being made, it is clear that there is a prediction for the future on influx of students to this area. With that in mind, will someone getting into a startup on a much smaller scale compared to these apartments (like single or duplex housing / buy & hold) have issues with all of these new options available for tenants to choose from? Looking forward to feedback as I am learning, thanks!