All Forum Posts by: Gary Kline

Binghamton does not flood every 2 years... there were two 500 year floods in 2006 & 2011 which devastated some portion of the area.... you need to look into each property separately because the floods were limited to specific areas.... 

@Greg Isaacs

Short Sale is the practical choice.

@Frankie Betancourt any thoughts about the income tax consequences??.... you buy a thimble that you own and list for 18k... then you buy it for 18k.... looks like a capital gain to me!

Hi Josh.... each student market is different.... Binghamton vs. Cortland, etc....... hookup with some of the local talent that are replying to your post and you won't go wrong.

@Stephanie Jacobson. Hmmm. I know who your favorite is :)

The Southern Tier is truly in flux.  There are more student rental conversions but there are more students.  Prime student locations are always desired.  Students do comparison shop and rumor has it have even made an app so that they can negotiate better with landlords.  You need to pair up with a knowledgable Realtor who can walk you through the myriad of options in the market.  Talk to Stephanie Jacobson who is on Bigger Pockets.  She specializes in Student Rentals in and around Binghamton University and Ithaca (Cornell and Ithaca College areas).

If I can assist feel free to reach out to me.  I have been closing real estate transactions for 30 years and have assisted buyers in purchasing 1 unit up to multiple apartment complexes.

@Aubrey Ross I third that!

@Stephanie Jacobson. I agree....it is a slow go in JC.... time will tell but I think investors who have a few years to wait will be reward.

I have flipped some houses before it became fashionable (before TV shows) and I have been more avidly investing over the past 3 years.  I am a real estate attorney (30 years)as well as a licensed real estate broker  (less than 1 year) so I you can say I have been active in the Broome County area for some time.  All of my properties have been single family.... some I rent and some I resell and hold paper (mortgage).

There is an active rental market to students in the area but you need to know where good locations are.  Since you are a current student I am sure you know what I mean.

@Alexander Adamo

If I could do it all again (I am now 58) I would start “much earlier” and buy a house or two every year, if possible. FYI: I worked at Arthur Andersen in their tax dept in NYC for a few years before coming back home to the Binghamton area.

Good Luck

Garu