Schenectady NY market? Results?

Question

HAS anyone been investing i. the Schenectady, NY market on properties under $100,000? Results?

Joseph A. · Answer

I was able to purchase for 32,500 initially my rehab was 36k but recently some other issues with plumbing and electrical came up and the rehab budget is now 46k. The ARV of the property is 115k and will be able to pull most of my money out of the deal. The one drawback about purchasing one of the city owned properties is that it will take about 2 months to close due to bureaucratic red tape, I was hoping to be almost done with rehab by now. Other than that it's going well and @Nate Monson is an excellent agent that can guide you based on your investment strategy.

Nate Monson · Answer

@Luis Angamarca I have a client @Joseph Akingbade that was able to purchase a property through the city and he is looking to make out well. He is currently starting the rehab process on the property which is going well. I will let him share the rest if he wants

Mark Navarrete · Answer

Hey @Joseph A. was following the thread and wanted to see how you were making out? Im interested in the Schenectady market and was doing a little research.

Joseph A. · Answer

@Michael Perez Had another issue come up that I had no idea about. The gas line was cut from the street and had to wait about 2 months for national grid to come and install it then once that was done finding a plumber to tie that into my system took some time because everyone was swamped. The property is now on the market for rent. Total rehab budget came up to about 56k. Had a lot of setbacks but I learned a ton on this one deal.

Ronald Starusnak · Answer

ARV's are very low inside the city. Very hard to make equity for BRRRR even if you're getting the property for pennies on the dollar. Too much volume, too little B+ demand, and a lot of trash properties selling all over will really kill the ARV that you actually get from an appraiser hired by your refinancing bank.

Michael Perez · Answer

@Joseph Akingbade, how did it work out for you? Anything you would like to share from your experiences or have learned since finishing? I recently have thought about investing in that area homes values vary vastly in price.

Nate Monson · Answer

@Luis Angamarca almost anytime your talking about the city the answer is going to be...it depends. But they aren't hard to obtain as long as you follow their guidelines. Most the time they are just looking to make sure the apartment is safe and efficient.

Joseph A. · Answer

@Luis Angamarca haven't gotten that far yet as I'm still in the rehab stage.

Luis Angamarca · Answer

@Nate Monson @Joseph Akingbade thank you for your prompt responses. Do you have any information on the "rental certificate"? I read on the town website one must get one each time before renting. Is it difficult?

Luis Angamarca · Answer

Looking into investing there. Any updates?

Schenectady NY market? Results?

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