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.
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
Account Closed thank you so much for the info.
@Shane Mahar thank you for you advice.
@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.
@ Ahmad Hijazi thanks. i will look at it.
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.
Hi @Chris C. what are the Rent to Value ratios in the Troy/Watervliet/Cahoes area? Curious how it compares to the Boston suburbs.
Albany has a variety of properties just like any other city. You have your good neighborhoods and bad.
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