Investing in Albany, Georgia and building a team
I a looking to start investing in Albany, Georgia, and build a team to help me buy real estate at a long distance. I want to start with SFH and then move into multifamilies. Feel free to reach out to me directly about this.
If I may ask, why Albany ? If you are looking for investment property, Albany may not be the right place. Declining population, higher than average crime and low income levels are all the factors that will surely lead to a lot of ache as a landlord and potentially no appreciation in the long run. Just my 2 cents.
You just described Baltimore and Detroit, and people still buy there because the numbers are good. Plus being so close to Albany State University you'll always have people who will be going to school there unless it closes down. If you get a good property manager you can still cash flow which in the long run might be better than appreciation since the price of these places are so low. And if I am going to do the appreciation game I can wait a decade or two to see what happens in the environment of the city.
@Louis Porter Jr.
I have a friend who has a similar strategy. He is heavily focused on investing in smaller towns and he is doing very well. The value of a lot of his houses are under $100k, but he’s getting $1000+ a month on all houses. He rents to section 8, seniors, and veterans.
His returns are crazy.
Once you get a good team in place you’re golden. People shy away from small towns, but some of these places can be gold mines.
Best of luck to you.
Canesha
That is how I invest in Tallahassee, FL. Not only is it the state capital that have three universities within 15 to 20 minutes of each other with a combined enrollment of over 50K. You think they don't need rentals? I look to buy 3 bedrooms / 1 bath single family which are PERFECT for single mothers with one or two children who might be starting over. They stay for a few years and then move onto a better property for themselves, like owning their own house.
Investing in Albany, GA is part of my plan. My long term plan is to focus on HBCUs locations so I can do my dream goal of creating "HBCU Fraternity & Sorority Greek Rows" at HBCUs where I can build Multifamily and 50 to 300 unit apartments for the student body. Better still the apartments will be mixed use where we have retail locations on the first floor and the rest is student rental.
@Louis Porter Jr.
I have similar goals of scaling into larger multi family in the future. Let’s definitely keep in touch.
Canesha