investing in Albany Georgia

22 Replies

I'm new to Bigger Pockets. I am trying to educate myself and this seems to be a great place for it. is there anyone on here from Albany, Georgia? Most of the ones I see on here from Georgia are from the Atlanta area.

@Kathy Young

Welcome to the vibrant BP community. Your time here will be well spent.

Since you didn't mention a specific REI area of interest, I added the below links from the three most popular niches for your review and selection of one or all while waiting for local Albany, GA networking connections.

http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)

http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)

https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)

Now that you have made the move, below are some links that will help with the navigation of the site.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

Before your 1st purchase, please ensure you visit the below link for some tips.

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational, thought provoking ideas relevant to REI.

Hello, Kathy how are you doing. I am a Investor living in the Albany area. Hope I can be of some help to you. I currently invest in non performing notes. Mostly using private funding or Investors IRA's to get them returns of up to 10%. I sent you a colleague request and hope we can network.

Hey Katy, I am a real estate investor in the Albany Ga. I do residential and I have learned a lot along the way. Albany is a unique area more then 50% of the houses in Albany,Ga are rental units so it is a landlords paradise in my mind. If you have any questions about bank relationships in the area, areas to invest in, rent income potential please feel free to contact me.

Thanks! I really don't know where I need to begin. I signed up for Robert Kiosaki's class; but it's definitely not what I thought it would be and expensive. I then enrolled in Phil Pustejovsky program. He has a lot of good information. I wish I had known about bigger pockets before I had forked out $5500 for these classes. How did you get started? Any other advice and information would be greatly appreciated.

@Marquis W.

The Albany market seems to not have a good spread between purchase prices and rent amounts. At least that is what it looks like on the surface.

Is Albany courts landlord friendly when it comes to evicting deadbeats? Seems to be plenty of crime in Albany too.

Tony you might be looking in wrong area, my last house I paid 1=$15,000 put 10k in reno and it rents for $805. Courts are very landlord friendly. Just don't take partial payments on rentals because if you do you automatically stuck with that tenant for another month. 

Hello BPers, I know this is an older thread but I figured I'd chime in for networking opportunities. I am looking into investing in several good rental markets. Albany seems to be good from the surface but I do not know the area very well. I would like to learn which areas to hunt and which to steer away from. 

FYI I will be closing on a properties in both Montgomery Al and Albany Ga over the next few weeks and looking for a good contractor and PM. Any assistance would be great. 

Thanks all

jay 

Albany is a great market for rentals. I am a product of the city and also a firefighter so I know the area like the back of my hand. Albany is more then 50% rentals so we have a very low vacancy rate. I have 5 rentals now trying to buy as many up as I can while the getting is good. Just to give you an example of the opportunity here in Albany my last to purchases where a total investment of around $50,000 that includes purchase and renovate cost and I rent them for combined $1430 I don't know many places where $50k gives you a monthly $1430. But I also get all my work done for really low prices because I know people that do good work for cheap. So come on to Albany and get some of this money man its more then enough for everyone.

@James H. I new to BP and live in the Albany Area.  I have been fostering working relationships with local contractors and now ready to step out and try, but trying to find the right area.  We were just hit by a tornado and I know that some good deals will be showing up.  I was thinking I needed to invest in the next town over Leesburg, but houses there are so over-price.  Anyway.  I know some great contractors, so feel free to connect with me.

Thanks guys for the input. Let's all keep in touch. I am negotiating a buy and hold deal right now where the rehab estimates have swelled and making it not such a good deal for me. I have asked the seller to bring the price down so we will see what they come back with. I may have to walk.

Find any amazing deals out there give me holler!!!

Jay

Hello all,

I know this is an old post, but I myself am a young real estate investor looking to get my first crack at the whip. I’m in the Atlanta area, but am looking at an abandoned apartment complex in Albany less than 2 miles away from ASU. It’s a rehab project, and my concern is that I don’t have my GC license, so I’m wondering how the municipalities down there view rehab work as it relates to permits, inspections, etc. My goal is to call them and ask about the process.

Secondly, I can only imagine how managing the rehab process for 3 hours away would be difficult. I do work in construction so I think the management of the project could be less difficult than I think, but still extremely hard because I’m not within close proximity to the project. 

On paper this property looks like a great opportunity, but I would love to connect with another investor in the area that’s interested in multi family and discuss this site and area further. Maybe even put something together to tackle this as a team if interested. I’m new, but I’m ready to get my hands dirty and tackle what I think could be a game changer as my first property.

@ Myles Cardenas

I see this thread is a few months old.  I wanted to reach out and see how your project turned out.  I am in the Atlanta area as well and I want to invest in Albany too.  

Ronelle Hunte

Hello everyone, I am following this post as an Atlanta investor who occasionally locates properties in Albany.  I am curious about the zip codes that good for the rental market.   I'm looking at a property in 31705.  

Thanks!

@Marquis W. Hello Marquis, What area in Albany did you find this gem? What other areas in Albany would you recommend. I’m considering investing out in Albany. I heard Leesburg was the nicer area and I did a little research on it but for those prices I might as well stay around in a different market.
@Cheryl Wilson I live in Albany and I am currently working on my first rental deal in town. 31705 is mainly comprised of south east Albany. The area was hit hard by a tornado in early 2017 and there some properties that are still damaged so comps are pretty low, which is good if you are buying, even so I would plan for very little if any appreciation going foreward. The city is pouring a lot of money into downtown revitalization but the city has a long history of crime. So with all that being said if your looking I would not want anything under a 12% Cap rate and 2% rent rule. The one I am working on now is 3% and a 20% cap but is lowest income area.
Originally posted by @Robert Howard :

@James H. I new to BP and live in the Albany Area.  I have been fostering working relationships with local contractors and now ready to step out and try, but trying to find the right area.  We were just hit by a tornado and I know that some good deals will be showing up.  I was thinking I needed to invest in the next town over Leesburg, but houses there are so over-price.  Anyway.  I know some great contractors, so feel free to connect with me.

Hi Robert, I'm in the market for some good contractors in the Albany, GA area.  I'll be closing on my property the end of the month and am looking to do some small renovations on a couple of units, a something a bit more involved in another unit. Any referrals would be awesome. 

Originally posted by @J. Mitchell Bernier :
@Cheryl Wilson I live in Albany and I am currently working on my first rental deal in town. 31705 is mainly comprised of south east Albany. The area was hit hard by a tornado in early 2017 and there some properties that are still damaged so comps are pretty low, which is good if you are buying, even so I would plan for very little if any appreciation going foreward. The city is pouring a lot of money into downtown revitalization but the city has a long history of crime. So with all that being said if your looking I would not want anything under a 12% Cap rate and 2% rent rule. The one I am working on now is 3% and a 20% cap but is lowest income area.

Hi Mitchell, I'm closing on a property in 31707 the end of the month... I thought the neighborhood to be pretty decent.  I'm hoping to find another small multi-family property before the end of the year.

I was born and raised in Albany Georgia. There is very little appreciation in Albany, GA. A very large portion of the tax base has left and moved to lesser taxed surrounding counties. Albany, at one time, was a very up-and-coming city. It lost half of its population after 2008. I believe that it was once around 130,000 people and now it is around 75K. There is some industry in Albany, namely, Miller Brewing, Proctor & Gamble, and a small Marine base. One of the largest employers n Albany is a regional hospital, that is about to get some serious competition from the county just to the North, that has a much better school system, and is where a large portion of people who work in Albany live. 

In my opinion and through observation, most people who have children prefer to live in the surrounding counties because of the school systems, while still not great, but easily better than Albany's schools. This is all verifiable info.

I am a new investor, being from Albany, I wanted to find something, I still do, but I saw better opportunities a few counties in every direction from Albany, with better appreciation, better ROI, and other factors.

In my opinion, right now, there seems to be a surplus of inventory for sale however, the prices are set a little high. 

This was taken from the USA today. https://www.usatoday.com/story... These are the worst cities to live in America. Is yours one of them? Samuel Stebbins and Grant Suneson, 24/7 Wall Street Published 6:00 a.m. ET Feb. 7, 2019 | Updated 11:12 a.m. ET Feb. 7, 2019
27. Albany, Georgia
• Population: 74,892
• Poverty rate: 33.2 percent (top 10 percent)
• 2017 violent crimes per 100,000 people: 1,130 (top 10 percent)
• Median home value: $101,000 (bottom 25 percent)

"Albany, Georgia, residents are more likely than most Americans to face financial hardship. Nearly a third of the city's population lives below the poverty line, one of the highest poverty rates in the country. The city's median household income of $31,843 a year is well below the U.S. median of $57,652.

There are likely many factors that contribute to low incomes in the area, though one of the most significant is employment. Across the United States, employment increased by 6.1 percent from 2012 to 2017. In the same time period, employment in Albany fell by 4.0 percent. Albany also has a five-year unemployment rate of 9.7 percent, more than double the 4.1 percent U.S. unemployment rate during that same time."

In 2018 Albany was the 7th worst

7. Albany, Ga.: "The populations of several cities on this list are shrinking, but few are losing residents as fast as Albany, Georgia. In the last five years, Albany's population declined by 4.8%, even as the U.S. population expanded by 3.7%. The falling population is likely attributable in part to bleak economic conditions. Some 32.5% of city residents live in poverty, more than double the state poverty rate of 16.0% and the U.S. rate of 14.0%."
https://www.usatoday.com/pictu...

50 worst cities to live in  Sep. 26, 2018


I hope that this helps.