does anybody know any good areas in upstate NY albany-Troy for multi-family rei 75-150k turn key or not much work needed in decent neighborhood? Thanks in advance
Hey Carlo - I'm in the same area as you (Let's connect!). I've had good luck with Schenectady and Troy for low cost housing rentals. However, most properties in this area, if not all, will require some major renovations just giving the average age of homes in this area. Expect to pay at the higher end of your budget for something turnkey.
Watervliet, Waterford, Niskayuna, Wynanskill tend to have more rental properties with less renovations needed, and I don't think you'll have a problem with a budget of 150k. However, I've seen very little in these areas lately for multi-families. There are a few big name investment firms in our area that tend to snatch up good deals before they are placed on MLS unfortunately.
Best of luck! :) Hope you find what you're looking for!
Taylor's right on the money, I'm in the market myself right now for some multi family's in that area and live near Clifton Park, 30 mins north of Albany. One thing about Troy and Schenectady, beware of taxes, and beware of the block you're looking into, both those cities have some beautiful downtown areas, yet one or two blocks away are gang shootings and crackhouses, so definitely look at street-level comps, doing the standard comp within 1/2 mile can give you hugely varying property values.
In waterford, much of the city is in a flood zone, so beware of that also. Personally, I'm a fan of Watervliet for rentals, but it seems everyone else is too because rental purchase prices are fairly steep there for the rents you can get.
I would stay of crane street and Hamilton hill in Schenectady. Too much crime there.
Check out Glens Falls NY. About 40 mins north.
I am also in the Glens Falls area. There are a lot of lower cost multi family buildings up there. Rents around 700-1000.
Albany is a solid area to invest. Colleges, state workers, and hospital give it a pretty stable tenant base.
I am interested in investing in upstate NY around the Monticello, Middletown and Newburgh, etc.. areas (i guess 'mid-state'). Basically within 100 miles from the city.
I have been to Albany (a stretch to our investment criteria) but have not see many multifamily buildings / complexes available (30+ units) Would appreciate any insight on the area and introductions to brokers or whole sellers.
I currently own 47 units (3 complexes) in mid-stat. I have investors very interested in investing in our investment and management strategy but as most know, inventory is low. We invest in highly distressed complexes and have entered into JVs with owners. Thanks in advance.