All Forum Posts by: Stephanie Jacobson

Hey @Rebecca Cho! It's awesome you found something and are planning to get it ready to rent!

1. I see Schlage locks most often. I guess I'm not super familiar with what makes keyless entry smart or not, but this company offers a variety of options. As you pointed out, it's extremely convenient to be able to change access permissions, assign temporary codes, etc. My landlords who use them love them.

2. Managing a remote renovation, even for aesthetic items, can be tricky. Call whoever did your home inspection and ask who he'd recommend. Home inspectors know who does good work in the market and who doesn't. More than the ring doorbell and other things, make sure your contractor/handyman agrees to send you photo updates and itemized billing. My favorite guys will send daily photos by text to show progress, and involve the long-distance owner in all decisions as the work progresses.

3. When preparing a unit for rental, I have criteria I want the renovation to meet: it must be pretty, hardy, and it must make sense on my spreadsheet. Prioritizing things that look nice while making sure to use materials that are safe and will last is generally a good idea. For example, your kitchen may benefit from new vinyl click-lock flooring and soapstone or butcher block countertops. Paint goes a long way, but only if it's clean and done well. Definitely do your pest control, electric/plumbing work, etc. first. 

Keep us posted!

That's fantastic!

Anyone with a real estate license must be somewhat careful about discussing these things, but at the moment, there's a lot of hype about Micron landing in Syracuse and how that will significantly improve property values. Multifamilies under $500k are trading at negative cap rates. If you're seeing duplexes under $200k, it's very likely they're in areas that are industrial or difficult to rent, need evictions, or are in pretty bad shape. Make sure you get a hold of a local agent to double check the use with your investment plans. 

Nicely done! I'm curious what neighborhood you're in and what's you're getting for rent now?

Thanks to Micron, it looks like the hot market in Syracuse won't be slowing down any time soon. Your budget will dictate where you buy and what kind of condition the property is in. Can you tell us more?

I would also check with Rob Hazelton at Tioga State Bank: 607-972-6011 ; and Nick Castronova with Oxford Capital: 585-749-8360. For a refinance of a rental portfolio I think Nick will be your better option between the two. 

Not to nit pick here but this looks like an AI-generated post that definitely got some things wrong. Mainly the “proximity to campus” thing it kept repeating- the majority of BU students do not live near the campus, but rather in the near West Side, or downtown for some more expensive options. I’m seeing more upperclassmen move to South Side over the past couple years. Searching for student housing in Vestal is not a good idea. 

“Advertise early” means an academic year early. Literally. 

I also like how it said “ensure compliance with fair housing laws.” Binghamton’s R3 zoning is pretty noncompliant with fair housing laws, and also the same laws don’t allow “student housing” at all. 

Anyway, I guess the rest is generically okay student housing advice. 

 This is a really excellent reply right here. 

Wow, this is awesome! You have incredibly generous parents, if they're willing to allow you to leverage their equity. I think your plan is fairly solid, but the market you start out in will be crucial. 

Some thoughts:

- Identify what kinds of properties you want and who your ideal clientele will be. You're at BU now, and you're probably getting to know the Binghamton market pretty well. Have you considered getting into student housing there, or in other markets close to where you'll be living? If you're young, leasing to college students is significantly easier. They're a bit more trusting of someone who's authentic, knowledgable, and close to their age.

- What are your exit strategies? Some things that could harm morale (more than it would harm financially) are an early eviction, nightmare tenants, unforeseen foundation issue, conflict with a neighbor, etc. You'll want to plan to make sure you can resell the property without taking a loss, and that math happens when you buy.

- Your numbers are conservative, which is good. Understanding you won't be netting $2k on your first property is excellent (and you'd be surprised how many people don't realize that when they start looking). You'll want to make sure you're running ARVs accurately, and accounting for vacancy and management and things folks sometimes overlook.

- I love the family aspect. The more partners you have the lower the risk to each individual, but also the lower the reward. The antidote to that is considering a long-term approach, which is exactly what you're doing. 

This is great! You'll learn a lot once you dive in, as there are always unforeseen situations, but this is a solid start.

Which school is she going to? I'm a student housing specialist, and I'm in the Binghamton University, Cornell, Ithaca College, Syracuse U and SUNY Cortland markets. Each of those student markets are very different from each other, depending on zoning regulations, leasing norms, pricing, etc etc. Knowing where she's going will help a lot!