Starting Out in Schenectady NY

[Colin Young]

I’m looking to buy a 2 family in Schenectady NY that is in fair condition, 203k it to good condition, and owner occupy it while renting the bottom floor for a year or two then hold onto it and rent both units. This area is historically not the nicest (in fact there are some ghetto areas) but a lot of money is being put back in throughout the area and his has brought serious investors back. It’s on the up and up. To give you an idea almost 2-families are as low as 60k-80k. Any advice for someone like me who is getting his feet wet with real estate investing in this way?

[Brian Barnes]

I have rental property in Bellevue and Rotterdam. Location is everything, especially in Schenectady! Stay in the upper Union area,  Bellevue (near Rotterdam line) or around Ellis Hospital. There is cash flow but don't count on ANY appreciation. If I were you, I would consider spending a few extra $$ and look in Rotterdam or Scotia. They may not appreciate that much but they will at least hold their value.

Schenectady has seen a lot of investment in the past decade and downtown looks much better than before. The new casino is already in financial trouble and will (IMO) fail within the next few years.