Rentals in Albany, is it a good Idea?

Question

Hi,

that will be my first time buying a house, and I would like to get one and rent it. However, I am living in Long Island. I don't know what type of loan to get. And I don't know if investing in Albany is a good Idea. I was leaning toward student rental. Please help me, I am completely lost.

Thank you :)

Anthony J Campanella · Answer

Hi Rose, if looking for a property in Albany region — connect with @natemonson

He is a local agent, works with investors and is an investor himself. He has his finger on the pulse on the local real estate market.

Will Gaston · Answer

@Rose Laurent re: student rentals, this thread may be helpful:

Nearing 1,000 College Students: Here's What I've Learned

Steven Luttman · Answer

@Rose Laurent

There are a number of business models what can work in Albany. Student rentals by the UAlbany campus is certainly doable, however may become more competitive with the upcoming closure of Saint Rose. Clients are reporting great success with mid term rentals catering to traveling health care professionals at Albany Med. Of course there is a demand for quality housing for all of the state workers seeking longer term leases. Either way, if you offer a good product at market rate you should be successful. -Steve

Kiernan LaFaver · Answer

Hey Rose! I’m in the Syracuse ny area which is about 3 hours west of Albany. While I can’t speak to Albany market conditions, I can help with some of the initial process. Student housing is a great way to get your portfolio going as the properties practically rent themselves, at least in my area. If your finances and credit are in good standing, it sounds like conventional would likely be the best way to go, if it’s your first rental property. Are you looking to buy a ready to go house or put some work into it? That will affect what loan type would work best for you. Happy to be a resource for you throughout this process and would be happy to connect!

Rentals in Albany, is it a good Idea?

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