Real Estate Agent · Ozone Park, NY · Member since 2014 · 38 posts · 8 votes
I am a newbie. I wanted to buy a multifamily house in Albany NY.I just need an advice where is the good area to invest in Albany? I saw so many multifamily for sale under $100 thousand in 12209, but not sure if it is a good catch. Rental is around $650 minimum.
Rental Property Investor · New York, NY · Member since 2013 · 136 posts · 101 votes
12y
@Mary june Martillo I own properties in the vicinity and I agree with Shane about the different neighborhoods. In 12209 you want to be on Delaware Ave or preferably west of it. 12208 is the area around Albany Med/Law schools which has a lot of good neighborhoods but prices are higher and cap rates are low.
Developer · Albany, NY · Member since 2013 · 7 posts · 4 votes
12y
hi Mary.
I'm going to make up a word here but Albany is very "neighborhoody."
By this I mean that even though we are a small city, there are clear lines as to the right places to invest. Sure you can find rental properties under 100k still but they most certainly will not be in a desirable area. There are many strategies to investing in real estate, and I won't say any one is better than another, but I think you get what you pay for and no one wakes up in the morning wanting to be a slumlord.
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask if they know anything coming up for sale.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Rental Property Investor · New York, NY · Member since 2013 · 136 posts · 101 votes
12y
@Mary june Martillo I own properties in the vicinity and I agree with Shane about the different neighborhoods. In 12209 you want to be on Delaware Ave or preferably west of it. 12208 is the area around Albany Med/Law schools which has a lot of good neighborhoods but prices are higher and cap rates are low.
Real Estate Investor · Victor, NY · Member since 2013 · 49 posts · 3 votes
12y
There are lots of good areas for investing close by, which might offer lower taxes, better quality tenants and higher rents. Check out Watervliet, Troy, and Cahoes.
Rental Property Investor · Littleton, MA · Member since 2019 · 13 posts · 12 votes
6y
Check out Troy, NY area. Especially around RPI (my school). Lots of students want good, cheap housing and won’t shy away from holes in the wall or other cosmetic issues, and will rent by the bedroom. Let me know if you’d like to invest around there... looking for my first deal!
Brooklyn, NY · Member since 2018 · 5 posts · 0 votes
6y
Not to be that guy, but Albany has been pretty good to me. I bought a 3 family on a whim last August and don't regret it. Got a great handyman to hold things down for me (I'm in NYC and go to Albany twice a month). I get what everyone is saying but don't let things scare you. Albany is just like any other place in NYC as far as I see it. Some blocks are worse than others but if you do your due diligence you'll come out ahead. Truthfully If I had the cashflow I would gentrify a certain area myself ala the resurgence of Troy.
Not to be that guy, but Albany has been pretty good to me. I bought a 3 family on a whim last August and don't regret it. Got a great handyman to hold things down for me (I'm in NYC and go to Albany twice a month). I get what everyone is saying but don't let things scare you. Albany is just like any other place in NYC as far as I see it. Some blocks are worse than others but if you do your due diligence you'll come out ahead. Truthfully If I had the cashflow I would gentrify a certain area myself ala the resurgence of Troy.
Property Manager · Troy, NY · Member since 2017 · 204 posts · 81 votes
6y
@Hein A.
Many of our properties are over 100 years old and I love them! They have such wonderful character. In my opinion, the key is getting in and catching up on the deferred maintenance before renting them. We prefer vacant properties for this reason. We’ve had great luck with our most recent contractor. Happy to chat more if you’d like.
Many of our properties are over 100 years old and I love them! They have such wonderful character. In my opinion, the key is getting in and catching up on the deferred maintenance before renting them. We prefer vacant properties for this reason. We’ve had great luck with our most recent contractor. Happy to chat more if you’d like.
Yeah, it definitely helps to have a contractor you trust. I'd appreciate whatever info you could share! I bought a 3-family property about 2 years ago and looking to invest more in the area.
I just read a lot of great comment and my small advice will be; check out 12203 probably the best area, 12208 close to Albany Med & Saint Peters hospitals, Albany Law School, 12209 Delaware Ave, and check out carefully 12206.