Meet Jeremy Dunn - an investor who has formed a mini real estate empire throughout the University Heights.
He owns a total of 25 properties in the Heights, 15 of which are on the first two blocks of Winspear Avenue. Another five are on Northrup and the remainder are scattered. Chances are good that if you have or will live in the Heights, this enterprising man who graduated from Cornell will be your landlord.
Born and raised in Lyndonville, N.Y., Dunn comes from an entrepreneurial family, and was the first to attend college. After earning his bachelor's degree in economics from SUNY Geneseo in 1989, he went on to continue his education at Cornell University where he was in a master's and Ph.D. program in consumer economics and housing.
He was aspiring to be a college professor when a small investment in personal housing changed his career path forever after.
"I looked at all the rent I was paying and realized all this rent could have bought me a house," Dunn said.
He bought his first home in 1993, somewhere in the small college town near Cornell. The investment sparked the idea of starting a modest real estate business. He thought if he could own one house, he might as well own more.
Dunn gradually invested in eight more properties while at Cornell. He obtained his master's degree in economics, but decided to drop out of the Ph.D. program to focus on his real estate business.
At the start of his business, Dunn said he was earning only $12,000. With mortgages on all the properties, he had to divide half the earnings from the rent to make mortgage payments. The profits from his investment were low until the mortgages were eventually paid off.
"Patience is important," Dunn said. He knew that in the long run his investments would work out.
After Sept. 11, 2001 rolled around however, interest rates in the region plummeted. Many new real estate investors arrived with extra money to spend on housing, which drew costs higher than Dunn could afford to invest, so he decided to invest elsewhere and bought a property near SUNY Brockport.
Around that time Travis Ballard, former real estate investor of the University Heights, came into the picture. Ballard told Dunn about the growing popularity of the Heights, which Dunn found to be affordable. He moved to Buffalo and acquired his 25 properties within a few short years.
Dunn still owns his original properties near Cornell, as well as the property in Brockport and a few others around Canisius College. He also manages an additional 15 properties that are owned by his mother and sister. His father and brother are also entrepreneurs who own a scrapping company.
"You need to have a lot of street smarts to succeed in the small business," Dunn said, who considers himself a work-a-holic. He puts time into his business seven days a week.
Dunn said he takes pride in building a good reputation as a landlord. His rentals are reasonably priced - ranging in $225 to $275 per person a month, plus utilities - although he doesn't plan on buying any new properties anytime soon.
As an individual, he is proud of himself for finding a career that is self-supporting as well as rewarding.
"If you are willing to work darn hard, put in a lot of hours, and have patience, you'll be successful," Dunn said.
