Albany, NY · Member since 2016 · 5 posts · 4 votes
Hi Everyone,
I recently relocated to the upstate NY Albany area. I'm currently renting but would like to acquire my first deal within a years time. My intention is to purchase a duplex/ multifamily property , live in one unit and rent the other(s) out. Any advice specific to the market in my area would be appreciated. P.S I'd like to begin working on my loan pre-qualification so if you know of any solid lenders for first time buyers I'd appeciate it.
Welcome to the capital region Daniel. I’m very familiar with the area after graduating from SUNY Albany and lived in a few surrounding neighborhoods. I also recently purchased a duplex in Troy.
What neighborhoods are you interested in? Location is a huge determining factor because the difference between a nice and reliable tenant pool and a bad one can be a matter of a few blocks.
Welcome to the capital region Daniel. I’m very familiar with the area after graduating from SUNY Albany and lived in a few surrounding neighborhoods. I also recently purchased a duplex in Troy.
What neighborhoods are you interested in? Location is a huge determining factor because the difference between a nice and reliable tenant pool and a bad one can be a matter of a few blocks.
Daniel, Welcome to BP. I am also a newbie investor in the pre-investment stages, and i am a native of the capital region(born and raised in albany and colonie) , also looking to invest in that region. Feel free to reach out(to me) with questions about the area and the market. Though im not an investor yet, i do have a bit of knowledge about the market around this area. I have a 10plus year construction background and am always looking to meet new people and help out where i can.
here is a link to a good article you may find useful : https://www.biggerpockets.com/renewsblog/2015/03/25/fha-financed-duplex-ideal-first-investment-property/
My wife and I did the exact same thing a couple years ago uptown in Albany. I actually went to school with @Kadeem Howell so I know the area pretty well. Let me know any questions you may have.
Hi @Daniel Smith , welcome to the capital region. Are you aiming to buy specifically in Albany? Any quality apartment near the Ualbany campus would appeal to professors as well as the large number of state employees in the area. As far as upstate in general, I've had good luck with my 4 unit in Troy, and from a quality of life perspective you can't beat Saratoga Springs. The latter market is a bit heated at the moment, but I find there is no shortage of quality tenants when vacancies occur. If you are still in need of a lender recommendation PM me, happy to pass along names of those my clients and I have had previous success with. Best of luck, -Steve