All Forum Posts by: Stephanie Jacobson
Stephanie Jacobson has started 4 posts and replied 406 times.
Post: Advise on where to build our next short term rental.
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
@Steven Werner that's great, thank you! I'll reach out to Angelica if I have anyone who's interested.
Post: Advise on where to build our next short term rental.
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Post: Advise on where to build our next short term rental.
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Steven Werner:
NYS is looking to ban STR's statewide. Wayne county in NY just banned them. The county in the Finger Lakes Wine country where I have several properties are considering banning STR's as well. My advice is stay away from NYS as a whole. Needless to say, I have several properties for sale!
Hmm, which county is that?
Tompkins County had the conversation, but it was decided that even here, many of the municipalities just don't have the ability to enforce such a policy. Who's going to check? Who's going to issue fines? Which court will handle this? It doesn't make sense. Ithaca city and town passed restrictions, but no other municipality has. Officials in towns like Lansing and Trumansburg have said they can't imagine logistics on such a regulation. How much harder would it be for Schuyler county, for example? They don't have the bureaucratic power Tompkins has.
As fas as a statewide regulation, New York is always barking. The Good Cause eviction conversation raged for years, and in the end, only certain municipalities adopted the policy. Hochul and other threatened that no matter what, this law would pass in full for all New Yorkers! It did not and will not.
Hey, I'd love to know where you're selling properties! I've got people who will take them off your hands. :)
Post: Syracuse NY Networking
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Andrew Postell:
@Steven Cingano and everyone else in the Syracuse market. Let's try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. If you want to create your own, I would suggest posted them on both of those platforms but there are already several that exist. Even facebook will have some good local groups for you. Some of those facebook groups have thousands of members. You can even do the whole "New York Real Estate Investor" search thing since the Facebook is all online. But several meet in person too. Oh, eventbrite as well. But use those sites and the BP marketplace. That’s the best bet.
Yes- OCREIC is a great local resource! https://www.ocreic.org/
Post: Advise on where to build our next short term rental.
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
I work with a lot of folks buying STRs around Ithaca and Watkins Glen. Both towns have restrictions, but the surrounding areas don't. I really like Lansing, Ovid, Hector, Burdett, Trumansburg. The different areas have different strengths, so it's important to work with someone who knows what to look for. Nearer to Ithaca, you can find a charming country home or cabin for around $200-400k. Closer to Watkins, the range is more around $150-300k. Let me know if you want me to send some options your way!
Post: Syracuse NY Networking
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Hi Steven! I love the idea of Syracuse investors and REI folks collecting in this thread. I'm looking for a good manager to refer to myself, as my last one can't take new business. Excited to see what others say!
Post: General Contractors in Broome County
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
I really like Scott Mulrooney, owner of Scott's General Contracting: https://scotts-generalcontracting.com/
Post: Need A Property Manager in Syracuse, NY
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
@Matthew Irish-Jones yep, I can see how that would rule a lot of people out. I know some managers in Binghamton who have stayed small and done extremely well, but many are offering partial service (leasing and maintenance, for example, but the owner must collect their own rent). In order to establish a truly passive investment though, the management company has to be top-tier and have exactly what you're describing. Otherwise the owner is going to end up being more involved than they hope up for up front.
Post: Need A Property Manager in Syracuse, NY
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Quote from @Matthew Irish-Jones:
Quote from @Michael Smythe:
Connect with @Matthew Irish-Jones who does Buffalo, but may know someone in your area.
Regardless, here's our copy & pasted advice to screen PMC's.
__________________________________________________
Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that their PMC will meet your expectations. We all have different expectations and what we're willing to "settle for".
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
20 Questions to Ask When Vetting a Property Management Company: Processes
13 Questions to Ask to a PMC: Communication and Documentation
24 Questions to Ask When Evaluating a Property Management Contract
That's pretty funny. It seems there are some larger companies that are always slammed, then there are brokers who are very motivated to list the properties they're managing, and may own a portfolio themselves. Then there are small guys who can be really good, or really bad.
Post: Need A Property Manager in Syracuse, NY
- Real Estate Agent
- Syracuse Binghamton and Ithaca, NY
- Posts 418
- Votes 320
Definitely interested to see who others recommend! The guy I was using folded without any warning.