Hi from a NY state investor!

14 Replies

Hi everyone, I'm an investor primarily focused on the Capital District, with a concentration in Troy, NY. But I go as far west as Buffalo, as far south as Hudson, NY, and as far north as Mechanicville, NY.

My primary business line is acquiring distressed two to ten unit properties(though I've picked up a few single family homes and also acquired a few larger projects,) renovating them, and getting them fully tenanted with very happy tenants. Of course, it's the last part that is the biggest challenge.

I've written one book on real estate titled "Rentals to Riches: Making Money in Multifamily Real Estate"

Definitely- my current preference and focus is the 2-10 unit space, though that will likely change in the near future, as I'm seeing opportunities in the distressed commercial space.

And I've been in residential for a long while- it would be nice to mix it up a bit.

Hi @Michael Gansberg , I'm a newbie that's begun looking in the capital district, specifically Troy. I'm outside Boston but my wife's family has been there for 30+ years.  Boston market is unaffordable at this point (and not a very good deal anyways) so I've taken to looking around. I like Troy because I know it's starting to be a little rejuvenated. When my sister in law told me they'd actually prefer to rent in Troy I knew it was a good sign. 

How do you feel about Troy and even the surrounding towns like Cohoes and Watervliet?

@Michael Gansberg

Welcome to the site.

question for you. How did you go about finding a publisher for your book? Or did you?

It is a goal of mine to write a book in the distant future. Just curious to see how the process worked for you.

Hi Michael, 

Welcome to BP! 

In your adventures in the Boston area, how far around Boston did you work? I ask because a project that I've been working on outside Boston, takes place in a town that is about to undergo a major rejuvenation.

BTW...BP is full of some amazing people I'm great information!

Victoria 

Hi Josh Robbins and James Wise, 

Sorry for the slow answer, I just noticed your questions. 

Josh- I highly recommend investing in Troy, it is a very landlord-friendly environment. The rules and regulations are not overly restrictive, and the eviction process is not extremely onerous. Cohoes, unfortunately, is quite the opposite- their code department is less than reputable, the eviction process is incredibly expensive and time-consuming, and the real estate prices reflect that sad reality- smart investors want little to do with Cohoes. I have no assets in the Watervliet region(not for lack of trying,) so I can't directly recommend it, but I can say that what I've heard from other investors suggests it's a good place to invest, and should the opportunity present itself, I would invest there.

James, I published Rentals To Riches through CreateSpace on Amazon.com. It's a fairly simple process, the two hardest parts of it are writing your book and formatting your book, not necessarily in that order. Once you've written it, it's fairly inexpensive to pay an expert to help with formatting(though I did it myself. Probably an error, in retrospect.)

Good luck!

Originally posted by @Michael Gansberg :

Hi Josh Robbins and James Wise, 

Sorry for the slow answer, I just noticed your questions. 

Josh- I highly recommend investing in Troy, it is a very landlord-friendly environment. The rules and regulations are not overly restrictive, and the eviction process is not extremely onerous. Cohoes, unfortunately, is quite the opposite- their code department is less than reputable, the eviction process is incredibly expensive and time-consuming, and the real estate prices reflect that sad reality- smart investors want little to do with Cohoes. I have no assets in the Watervliet region(not for lack of trying,) so I can't directly recommend it, but I can say that what I've heard from other investors suggests it's a good place to invest, and should the opportunity present itself, I would invest there.

James, I published Rentals To Riches through CreateSpace on Amazon.com. It's a fairly simple process, the two hardest parts of it are writing your book and formatting your book, not necessarily in that order. Once you've written it, it's fairly inexpensive to pay an expert to help with formatting(though I did it myself. Probably an error, in retrospect.)

Good luck!

Very cool. Thanks for the info.

Welcome! 

I've been focusing mainly on the lower hudson valley (have a deal in the works in Peekskill), but am interested in Troy/Albany too as they look very financially appealing. Love to hear any tips you may have about the region!

Hi John,

I'm a big fan of Dutchess county, haven't invested there yet but it's a place I'd like to live.

Troy and Albany are both very interesting- I'd find a great property manager first, and look at prospective investments with the manager. Both Troy and Albany may have challenging areas that a newer investor in the area may want to avoid. I also would cast my vote for Troy as being more investor-friendly than Albany, but I think you can do well in both areas, 

Michael

Welcome to BP!

I invest in multi-families in Troy and have been trying to stay on the East side of the river simply to keep my concentration area smaller. There is a lot of opportunity there for cash flow, not so much for capital appreciation in the foreseeable future. Troy seems to be on the upswing by comparison to the other towns in the area, though like in all cities there are regions to avoid. 

I'm always looking to increase my portfolio and find partners on deals, DM me if you'd like to discuss opportunities!

-Taylor

@Josh Robbins Troy is definitely starting to do better. The shopping district of South Troy is starting to turn out very nice and beautiful. I am actually sitting down here as we speak, in my favorite cafe. I've been looking into investing down here myself as well, as there's an endless supply of tenants(not necessarily all good ones) thanks to the three colleges in the area.

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