All Forum Posts by: James Lucenti

Thinking about investing in student housing near Binghamton University? With increasing enrollment and consistent demand for off-campus housing, this market offers real estate investors a stable opportunity. Students typically seek housing close to campus or along major bus routes, making location a critical success factor. The predictable rental cycles tied to the academic calendar can offer steady income, and modern amenities or furnished options can boost rental appeal and property value.

DOs

1. 📚Research the Student Market
   Understand the needs of BU students, such as proximity to campus, bus lines, and access to popular areas like Downtown Binghamton and University Plaza.

2. ✨Offer Competitive Amenities
   Include high-speed internet, in-unit laundry, and furnished options (beds, desks, chairs), which are especially valued by student renters.

3. 🔒Maintain Safety and Security
   Install exterior lighting, security cameras, and smoke/carbon monoxide detectors. Consider using keypad locks to reduce the frequency of lockout issues.

4. 📜Understand Local Housing Laws
   Stay compliant with Broome County rental regulations, including occupancy limits and zoning restrictions. Ensure compliance with Fair Housing regulations.

5. 🖋️Have a Clear Lease Agreement
   Specify rules around noise, maintenance responsibilities, subletting, and security deposits. Use plain language for clarity.
   Insist on 12-month leases to ensure income consistency even during summer break.

6. 🔍Screen Students Thoroughly
   Check credit, references, and require a guarantor (typically a parent) to reduce financial risk. Avoid application fees, which can discourage applicants.

7. 🔧Keep the Property in Good Condition
   Maintain the property well and respond promptly to repair requests. Consider using rental management software to streamline communication and payments.

8. 📣Advertise Effectively
   Market early—well before the academic year begins—on platforms popular among students (e.g., Facebook groups, rental websites). Highlight location and student-friendly features.

9. 🤝Foster Good Relationships
   Maintain open, respectful communication. Regular updates, check-ins, and a sense of community help ensure students feel valued and take care of the property.
   Shared common areas (indoor or outdoor) can encourage positive tenant interaction.

DON’Ts

1. 🚫Don’t Ignore Proximity to Campus
   Properties far from campus or major bus lines may struggle to attract tenants.

2. 👨‍👩‍👧‍👦Don’t Forget Parental Involvement
   Be prepared to communicate with cosigners or guarantors, often the student's parents.

3. ⚖️Don’t Allow Overcrowding
   Enforce strict occupancy limits and clearly outline them in the lease.

4. 🚪Don’t Avoid Property Upgrades
   Neglecting modern upgrades (e.g., energy-efficient windows, updated appliances) can make properties less competitive.

5. 🛡️Don’t Neglect Proper Insurance
   Maintain landlord insurance suited to student rentals, and require tenants to carry renters insurance.

6. 👎Don’t Tolerate Mismanagement
   If using a property manager, ensure they are experienced with student housing. Poor management can damage your reputation quickly through student word of mouth.

I am a Realtor, investor and CRE Advisor. Licenced in NYS. We deal with numbers off markets. Are you a wholesaler?

Solid cash flow potential with major upgrades already completed, including a new roof, newer furnace, updated plumbing/electrical, and vinyl windows. Remaining work needed includes ~$30K in interior finishes and ~$10K in porch repairs. Pro forma financials show a projected GOI of $48,960 and NOI of $37,000, with an 18% post-renovation cap rate. Priced at $165K with $40K in renovations with 80/100 LTV bridge loan ($172K), a 2.48 DSCR, 48% ROI, and a 4.19 GRM. Tenant utility costs can be fairly allocated via RUBS, and there's potential for added income through coin-op laundry. With strong fundamentals and location, this is a high-yield opportunity in a growing market. Property website link:

https://buildout.com/website/1520392-sale

Thanks Stephanie. I appreciate your insight and experience.

The Department of Veteran Affairs announced that it has temporally lifted its ban on buyers paying for real estate agent representation. With the recent changes from the National Association of Realtors there is a lot of consumer confusion out there. 

Average 30 year mortgage rates just hit their lowest in 2024. That's right—we haven't seen rates like this in over a YEAR.And here’s more great news for buyers...the market has more properties available than this time last year, leading to a slight drop in median prices.Now is the time to make moves. Lock in your rate before the market shifts to save on interest and then find the rockin' deal you've been waiting for.Let's get going! Lets get you connected with a local lender. 

Fannie Mae and Freddie Mac have both confirmed that buyers whose agents are compensated by the seller will continued to have access to financing through the agencies. Understand all your options resulting from the recently National Associate of Realtors Settlement Agreement by talking with a local Realtor who is familiar with the changes.

Compensation has always been fully negotiable, but that has not always been transparent to the consumer. The new changes from the National Association of Realtors focus on transparency and consumer choice. Sellers are still able to offer compensation to the Buyer's real estate agent, but this compensation can no longer be advertised in the MLS. Agents now must enter into a written agreement with all buyers prior to touring a home. There may be some instances where the buyer pays the commission to the real estate agent representing them. All if this is subject to negotiation. It is more important now more than ever to have a transparent working relationship with a real estate agent who can listen to your wants and needs, adjust accordingly and negotiate effectively on your behalf. 

While buyers and their agents have always had the option to enter into a written agreement, it is now mandated that this happen prior to touring a home. This applies to all real estate agents and buyers. The agreement must stipulate the amount of compensation your agent will receive for their work. The compensation amount must be written in an object format (i.e. percentage of purchase price or flat fee) and not be open-ended. It must be communicated to both buyers and sellers that commissions are not pre-determined by law and are fully negotiable. Determining commission amounts and who will pay them has a direct impact on the sales transaction whether you are buying or selling your home. Real estate consumers in our area are fortunate to have access to a large pool of talented and knowledgeable professionals who are backed by a strong association. 

Micron Technology's decision to build a massive 1,400-acre semiconductor manufacturing plant in Clay, NY, a suburb of Syracuse, is poised to have a transformative effect on the local housing market. This project, known as the Megafab factory, is expected to create over 50,000 job opportunities and contribute nearly $10 billion to New York’s real GDP over its first 31 years. With 9,000 of these positions offering salaries exceeding $100,000 annually, the influx of employees and their families is projected to drive up demand for housing significantly. Currently, Syracuse multi-family properties are yielding a 10 cap rate, indicating a strong investment opportunity, while in Binghamton, large multi-family listings average at or below a 7 cap rate. The anticipated surge in population in Onondaga County, expected to grow by 25% over the next two decades, will likely escalate property values and rental prices. The construction of 12,300 new housing units, including 5,300 by the end of 2024, highlights the growing demand, with a notable focus on multi-family units. Syracuse is leading in this trend, with 6,000 multi-family units under construction. Meanwhile, Clay is set to see 1,350 new single-family homes, reinforcing its role in meeting the rising demand. The overall real estate market in Onondaga County appears robust, with increasing property values and a preference for multi-family housing. Additionally, the expansion of supporting industries, such as retail and hospitality, further bolsters the region's real estate prospects.