What is the best location in buying multifamily house in Albany, new york

9 Replies

Hi, I am a newbie in buying real estate. I live in downstate NY and I want to buy a multifamily home in Albany New York. I would like to rent to students or city employees of Albany. I am looking for a real estate broker in Albany NY who can help me with search and property management as well.

What is the best location in Albany, NY?

How do I find a good property management company in Albany NY for a potential purchase?

Thank you

I'd stay away from the bulk of college kids, they are rather destructive. And knowing your an out of town owner will only make things worse. 

Thanks Paul for the advice, I was thinking of using property management company for the property. What would be the best areas for renters?

@Lele Min

Make a call to the college off campus housing office. Ask them where the students like to live, what they are paying and getting with their rental.

Go to IREM.org search ARM certified find ones that handle student housing call 5 find out how they screen and find the students.

Paul

Excellent advice. I was planing to pursue a similar market in NJ

@Paul Mendel

Do you have experience renting to students in Albany? Why do you say they are destructive? I agree that in general they are harder on properties than other people, but I still feel if you do your due diligence and check them out throughly a lot of problems can be avoided. Just want your thoughts on this as this is a sub-group I've been interested in as well.

Originally posted by @Lele Min :

Hi, I am a newbie in buying real estate. I live in downstate NY and I want to buy a multifamily home in Albany New York. I would like to rent to students or city employees of Albany. I am looking for a real estate broker in Albany NY who can help me with search and property management as well.

What is the best location in Albany, NY?

How do I find a good property management company in Albany NY for a potential purchase?

Thank you

 Lele Min - I am very familair with the Albany NY area.  Investing in the college area is great, but certain areas are difficult to manage due to the tenants. I know property owners who ahve 30+ properties in the college area and do perfectly fine but they are very familiar with what areas to invest in. Please see your PM.

let me start with Iv been in Albany my whole life, Right down to Albany High.!, There is no doubt there are many kinds of students. But you when you quickly refer to student housing in albany, MOST realtors will target what we local calls call "the student ghetto" its a approx a 6 block radius where come sunshine every porch is covered with kids.  Let me give you a video of how "roudy" the student ghetto can get.

https://www.youtube.com/watch?v=5RNVsil0PEA 

With that being said. The landlords that can tolerate the annual damage are making good money. But this area is not for the faint of heart. Keep in mind NOT ALL college kids are the same, But if they choose to live in this area, then they are...

If your buying in this section all the due diligence in the world wont help you.

Now my suggestion is to move away from the "typical" Student rentals, You can still rent to other students Albany has Lots of colleges,  Target  med or law students or even pharmacy, This is a different neighbor hood, you will spend 30-50k more on a duplex, but will have a much easier go at it.

Im not saying you should never rent to students, Im saying make sure you word your questions properly and work with someone who knows the area and what you want.


Originally posted by @Paul Mendel :

let me start with Iv been in Albany my whole life, Right down to Albany High.!, There is no doubt there are many kinds of students. But you when you quickly refer to student housing in albany, MOST realtors will target what we local calls call "the student ghetto" its a approx a 6 block radius where come sunshine every porch is covered with kids.  Let me give you a video of how "roudy" the student ghetto can get.

https://www.youtube.com/watch?v=5RNVsil0PEA 

With that being said. The landlords that can tolerate the annual damage are making good money. But this area is not for the faint of heart. Keep in mind NOT ALL college kids are the same, But if they choose to live in this area, then they are...

If your buying in this section all the due diligence in the world wont help you.

Now my suggestion is to move away from the "typical" Student rentals, You can still rent to other students Albany has Lots of colleges,  Target  med or law students or even pharmacy, This is a different neighbor hood, you will spend 30-50k more on a duplex, but will have a much easier go at it.

Im not saying you should never rent to students, Im saying make sure you word your questions properly and work with someone who knows the area and what you want.


 Agree

Thank you everyone for your advices. I am taking all of them in consideration. This will help me to make a good decision when purchasing a multifamily home in Albany, NY. I know I have a lot to think about :)

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