Investing in Schenectady, New York: Worth it?

3 Replies

I recently began my investment journey and purchased a duplex as my first investment property. I read an article and began to familiarize myself with Schenectady, New York. It is growing on me and I would like to begin to seek my next investment property in this County. So far I have read the best towns are Northside, Union Street, East Glenville, Scotia, Eastern Ave, Stockade and there are a few others. I'm open to any discussion especially if it will lead me to my next deal. I appreciate your time, knowledge and experiences.

Thank you,

Chris

Hey Christian, I invest in the area including Schenectady. 
where did you buy the duplex?

I currently have a few near union college just off of union street. And just put an offer on two more right by the college. 
all the areas you mentioned are good if you find the right deal. That’s the key. 
- Eastern avenue: great corridor. It’s up and coming and the city is pumping a lot of money into making it a good corridor especially the side closer to Nott terrace. We flipped a duplex there 2 years ago and it sold quickly. 
union street : great street. Hard to find great deals but if you do, go for it! 
- stockade: this is one of the nicest historic areas of Schenectady. Hard to find deals but also hard to make any exterior changes as it is a historic district. Building codes  are much stricter. 
- scotia: nearby town. Haven’t done anything there but it’s a nice town over. Not sure if there are many deals to be had. I will stay in Schenectady. 
Glenville: pricier next town over area. Not sure if you want to start there. Great area though. 

Good luck on the journey  very exciting !

@William Amiteye Thanks for the details. I bought in Endicott, NY and got a pretty good deal. Are you renting to college students hence why you're purchasing near there?

Getting a great deal is definitely the key. I'm sure the areas I looked into are the pricier ones, would you recommend any other areas that are in your opinion a good investment? You mentioned that you will stay in Schenectady, does that mean that is your go to market? Sorry for all the questions, just very interested. Ince again thank you.

Chris

@Christian Valencia I am not renting to college students. I am actually running 5 aibnbs in those units next to the college which do very well. 
I do have many other regular rentals in neighboring towns that are starting to get attractive. 
nearby towns such as Amsterdam NY are starting to ‘buzz’ which is where we have done several great BRRRRs so far including a 9-plex. 
the new deals we got near union college were off market that we plan to fix and hold. 
At the end of the day many markets are starting to get interest in the upstate NY region. 
I don’t know much about endicott but I was interested in Binghamton NY a year or so which I see is not far From Endicott, but I never ended pursuing further. 
sounds like you got a good deal which hopefully will help give you an awesome experience. If it works keep going ...it’s all about the deal and buying right!

William.