Home Buying in Albany>Question Details

Tricia Henry, Home Buyer in Long Beach, NY

I'm looking to buy a multi-family residential investment property in Albany.

Asked by Tricia Henry, Long Beach, NY Tue Sep 16, 2008

What are some good neighborhoods to buy in? What are the parts of Albany that I should avoid? What's Center Square like? Is that a good place to buy and investment property? Will the units rent quickly?

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5
Voices Member’s answer
Tricia,

Currently we have lots of great investments if your interested, please contact me if your still looking. Center Square has a great demand for rentals and there are many attractions nearby this location.
0 votes Thank Flag Link Thu Nov 20, 2008
The neighborhoods you buy in really depend on your business model. I work with many many investors both locally and on the national level. Each use a different set of criteria in evaluating neighborhoods, properties, and areas they want to be in. Some are long term players. Some only want to fix, optimize the rents, and flip. Some like student rentals. Some like section 8. Center Square is great neighborhood and rents quickly. However, many of my investors are looking elsewhere at this point due to the prices. Give me call or send me an email to discuss your plan and goals.
0 votes Thank Flag Link Tue Nov 18, 2008
You can see the current rental market at Center Square of Albany http://albany.craigslist.org/search/apa?query=Albany+Center+… and get a feel of the kind of rentals you can obtain. Click around to see some photos and send out some emails to ask current landlords, you may be able to get the first hand market info.

In general, if people do not buy for any reason, people have to rent.
0 votes Thank Flag Link Tue Sep 23, 2008
Tricia,

Try Jesse Lena at Advantage Realty in Saratoga for excellent service. He will be able to provide you with the information you need. 518- 369-2730

email jesse@saratogacapitalusa.com

Good luck,
The "Eckler Team"
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Tue Sep 16, 2008
Tricia, you will want to watch carefully for units to become available in Albany. Because of the demographics of the tenants in Albany and the location and most importantly, the lack of rent control, the units that come up get snatched up quickly. Center Square is a fine place to buy investment property, but availability is the issue. If you do not plan on living in the property, a nice 4 unit property came up three months ago, is now off the market, but I believe it is a very good investment in the 700K - 800K range for 4 units. Albany will be a good long term investment for you. If I can be of help, just let me know. all the best. Liz
0 votes Thank Flag Link Tue Sep 16, 2008
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