All Forum Posts by: Stephanie Jacobson

Let's go over the listings I sent!

Hi Jorge!

Yes, we did our first flip in Brooktondale and our first house hack in Dryden. I would love to help you out with this- as you know, you make your money on the purchase with house hacking. Competition is tough in the areas you’re looking at, but prices are improving overall. I’ll send you a DM so we can chat about your specific goals. 

Welcome Crystal! Let me know if I can ever help in Syracuse or the surrounding area!

Any market is going to be tough under $120k at the moment, because inventory is so low. Binghamton would fit, but you'd have to be very careful about what you buy and where. Student properties in Bing would be out- they're at a premium right now- but you could find some long-term rentals in places like Johnson City or Endicott.

Call Rachel Miller at Aswad & Ingraham, she'll send you in the right direction.

Hey Nico! @Zalman Ives and I work together to cover this area, and would be happy to help as buyers' agents. I also just met @Ethan Cramer, a lender who graduated from Binghamton and will work with BRRRR buyers in this area. I also have a favorite hard lender, but the property will have to be vacant. Watching to see who others recommend for management and contractors as well!

@Ethan Cramer could be a great option for you. He specializes in residential investment properties upstate. There’s also a local portfolio lender, Tioga State Bank, that will consider 79% of rent towards your personal income, as long as the lease has six months left. I highly recommend Lisa Viglione there. 

Is there a reason you’re looking to purchase a single family instead of a duplex? Prices in Tompkins county are high- maybe that’s an obstacle? Most lenders will consider rental income when underwriting your loan, and you may have some more options than you’re imagine with a multi. 

 Right. So prices are high, and rent is high. The cost of leasing commercial space is high. People are making money. Some markets are just like that. 

Hayyyyy Nick!!

Well, you already know my thoughts, but the investment landscape in Ithaca is so strange. It's incredibly insular- you're competing with the same few buyers who are also local, and who don't really care about financials because they're more interested in picking something up near their other properties, or they know the seller, etc etc.; I find it's incredibly difficult to even get I&Es in this market. Which is pesky.

The other thing is that the appreciation is reliable, but cap rates are relatively low for central New York. My folks who buy here value that natural appreciation over having to force it through tenant stabilization or renovation- though if you can do both, you're in a great place.

That said, I do love this market. Commercial/investment inventory has been low, but not as low as in Binghamton or Syracuse. Ithaca has been recovering from Covid well. Prices are slowly coming back down, competition is less fierce, and more listings are coming on in the summer months (unlike this time last year). As you know barrier to entry can be high, but the returns are there in the form of stability and growth. I think your strategy of keeping an eye on mixed use properties will pay off- Ithaca is walker-heavy, and storefronts/brick and mortar businesses tend to do pretty well. Student rentals remain around 7-8% caps, which is alright, and rent continues to climb. It's just about watching what comes on and obtaining as much income and expense info as possible during DD. 

I'm interested to hear what others have to say!