Hi All! I'm an investor living in the greater Albany NY area (Ballston Lake, near Saratoga). I bought my first house when I was 21, a distressed 2-family that I lived in while repairing and had renters paying 2/3 of the mortgage. I sold the property after 4 years at a surprising profit, bought a single family home as our primary residence (also distressed) and intended on purchasing more rentals/flips immediately, but that happened to be around 2008 when all the lenders vanished overnight so that got put on hold. Then came marriage, baby, new job, and various other typical excuses that prevented me from making the jump back into real estate, but now I'm back and making the plunge!
Thanks to all for the great posts on here, I've been a reader and student of BP for years.
Welcome to BiggerPockets Ryan and good luck investing!
I also started at 21 and it took me 20 years to finally get serious about investing. All I would say is don't give up, it has been great getting back into investing and I love it.
Ryan, welcome to the site. I am a new member as well, still reading and learning all I can before I make my first purchase. I'm actually interested on where you are focusing your search in the Albany area. I live in CA now, but I'm originally from Delmar and would like to invest in the area. There seems to be a budding tech industry in the area that I think can add growth potential to the market. The question I have is, where do the people who would take these jobs want to live? And more importantly where do they want to rent, as I'm looking for a buy and hold property. There is the Global Foundries operation in your backyard, which I've been told has attracted people to Saratoga Springs, but the rental rates up there don't really work with the housing prices. Then there is all the nanotech stuff going on down at SUNY, so I would imagine the neighborhoods around there might be in play like Colonie, guilderland or some of the western neighborhoods in Albany itself. Anyway I'm just curios to hear your thoughts on the area.
Welcome to Bigger Pockets. Make sure to check out all the informative podcasts.
@Ryan Vienneau Shockingly, I am actually in Ballston Lake for family matters currently. How is the house hunting up here? Finding any deals?
Thanks for the kind words everyone! This website is awesome, it's so cool to get that many replies so quickly from people familiar with the area. The Global Foundries thing has been good and bad, several developers WAY overbuilt rentals on spec so there's a lot of high end inventory in Saratoga and Malta at the moment, but they're so ludicrously overpriced I don't see them being able to hold prices forever.
My brother in law just moved out of the new complex by Kohl's in Wilton, he was renting a 600 sq ft, 1 br 1 ba apartment in there for $1400/mo, and that did not include a garage space. He hated it, he could hear people talking through the walls on both sides of him, and he lived on the 2nd floor but still got woken up every morning when the basement garage doors would open and close. It was also impossible to fit a couch through the door because the hallway turned 90 degrees as soon as you walked through the door, whoever designed that in a brand new building should be fired. Also, anyone who understands construction could see the apartments are cheaply built, but Saratoga renters are suckers for granite and stainless and that's all you need to charge insane rents up there it seems. Overall, Saratoga is a little pretentious for my taste, I prefer a more blue collar tenant that doesn't call me for a light bulb change.
Colonie is very desirable and deals can be had, as are Delmar, Guilderland, and that area south of Albany. Troy has had quite the downtown Rennaisance, several friends are investing there, but within 2 blocks of the desirable areas are still major drug activity and shootings, so I'm not quite sold. You can buy 4plex converted mansions in Schenectady county for $80k, as long as you don't mind paying $12k/yr taxes (I do mind!).
Overall, the suburbs just south and north of Albany are the investor sweet spots I think.
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