Does anyone have any active project in Schenectady NY?

Question

Hi All,

I am new to investing and this is my first post. I have been looking for a market to buy in and a friend pointed me in the direction of Schenectady NY. I am based out of NYC so not crazy but far enough to be an inconvenient trip. I set up an appoint with an agent and started looking at some multi family properties. I saw a combination of “turnkey” and gut renovation properties owned by the city. Does anyone have experience working in this area? And or on one of the city owned properties?

Does anyone have any active rentals in this market? If so what are the challenges you have experienced?

I am ideally looking for a multi family building to fix and hold. Any advice?

Elizabeth Harding · Answer

@Frank Alliegro I haven’t invested in Schenectady yet but have right outside of it. There is a woman I worked with who does some consulting. She ran numerous renovation projects for a large flipping company in the region and now is out on her own. She might be someone you want to connect with since you are not local. She has a ton of contacts, has a good eye, can help with budgets and SOWs, etc. fees are reasonable IMO. Message me privately if you want her contact info.

William Amiteye · Answer

@Frank Alliegro welcome to the forum. I live near Schenectady (Ballston Spa). I actually moved up this way many ‘moons’ ago from just outside NYC and I haven’t regretted the decision other than the damn 6 months of winter, Lol.

I am on full throttle investing in Schenectady and other nearby towns. I own some properties in Schenectady and nearby and have done some flips there as well. I am about to put in an offer for a mixed use building in downtown Schenectady soon. It was an off market deal.

There’s is a ton happening here and a lot of investor money pouring in. Just 4 years ago no one would touch Schenectady with a 100 foot pole but so much has happened in the last 4 years since the Casino. And there are many other massive investments coming to the area including a national aquatic center that will host national competitions.

If your coming in at this time then you’re jumping in at a critical juncture.

It’s good that you are having a real estate agent come with you but I hope he or she has an investor angle so they can give you a compete picture of past present and future as well as opportunities and are well versed in the area.

Yes lots of city owned properties which generally tend to be full gut jobs but some are also in relatively ok shape for the price being offered.

Even with all the changes happening you still want to pick and choose your spots especially since you’re starting out.

If you have questions or would like to bounce off some ideas let me know. My business partner and I can try to help.

Good luck!