Market Conditions in Albany>Question Details

Jim Tsai, Other/Just Looking in Toronto, OH

Is Albany N.Y. a good place to invest multi-family units for investment purposes?

Asked by Jim Tsai, Toronto, OH Fri Jun 13, 2008

I am considering to take advantage of the housing price fall out by buying multi-unit property in the Albany area. I was wondering if Albany NY is a good location and if not, what are some other locations to consider.

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The prices here have stayed the same mostly, they never went up that much. As for the area, nothing happends, nobody will make a lot of money, everything is always status quo.... Has always been that way for some reason.? Very blah. Tech Valley in this area is just a so called name, it really isn't. Most people in my gen, tell others to leave NY (Did not want to believe this for a while but true), too expensive, taxed to death. Every one from gen X left and never came back? I don't see any one here in my age group? Good area otherwise. Was cheap pre 2000.
0 votes Thank Flag Link Mon Jul 14, 2008
Hi Jim... the Albany area overall has a solid history of a stable econonomy. The main reason is because it is the State's Capital and the government is a major influence as far as employment goes. Most recently the local area has enjoyed a growth spurt with the influx of several hight tech, microchip research and manufacturing companies and the peripheral business that comes with it.

That being said, you of course will need to crunch numbers. A lot of the answers to "is it a good investment" questions depend on many unknowns. What type of financing will you use? What rate of return do you expect? Do you subscribe to a financially managed rate of return or an internal rate of return? How long do you plan on holding the property ?

Some of the answers I read before responding are dead on right. If you are serious about "investing" in the Albany area, you'd do well to get in direct contact with an Albany based Realtor and initiate a consultation. After that you will hopefully feel a little more comfortable about making your next move.

You could make a visit, check out the area and get a better feel fro what's going on here. Albany is a terrific place to live!
0 votes Thank Flag Link Sat Jul 12, 2008
Jim,
When you say Albany area do you mean the City of Albany? If so, there are many different area's in Albany to choose from. What type of renters do you want? That is the main question you need to tackle before you choose an area. We have many student area's that rent year over year but the students beat the properties up. The average 3 bedroom in a student area rents anywhere from 900 to 1150 a flat depending on the street. Troy, Cohoes and Watervliet might be of interest to you as well. Hope this helps.
0 votes Thank Flag Link Sun Jun 29, 2008
Albany is a great market to invest in multi family units. The rental market in Albany remains strong driven by students, hositpal employees, and a strong base of state employees. We have not seen a huge swing in prices that other areas of the country have seen. Demand for units with positive cash flow is still high and properties priced correctly are still selling in a short period of time. Rental rates from recent surveys as well as my own experience show rents are going up. This may be due in part to the more difficult financing environment we are facing. Potential home buyers are now renters. While there is money to be made in the rental market you need to purchase the right property at the right price. You are not purchasing an annuity, it is a business. Boilers break, roofs leak, and tenants fail to pay on time. It just goes with the business!
Web Reference: http://clancyrealestate.com
0 votes Thank Flag Link Tue Jun 24, 2008
Jim,

That is a great question...Albany is a very good place to invest in multi-famlies. Albany has so much to offer.Not only are there a number of colleges both private and state, but it is also the capital and that has appeal also.You have to be careful and buy in the right areas of Albany though... because if you don't it is very easy to buy a "great deal" on paper, but come to find out a year down the road you have buyers remorse. There definatly are some great properties out there that are offering some appealing "Cap Rates." Another area you might want to look is Troy there are a number of great changes in the pipeline for Troy...
0 votes Thank Flag Link Sun Jun 22, 2008
Id like to see \where I can get a property in Albany for 50-80k and I can generate monthly STABLE rental income
Flag Thu Dec 19, 2013
Hi, I am a Realtor in Oneonta, NY and we have alot of people who like to invest in the multi family units because we have 2 colleges and in the summer people come from all over the country to send their kids to baseball camps in Cooperstown and Oneonta and need places to stay. If you would like the listings emailed to you, send me your contact info, phone number and email and I can discuss it with you further.
We are also only 3 hrs from NYC, NJ, Long Island. I would be glad to help.
Web Reference: http://www.olsenre.com
0 votes Thank Flag Link Fri Jun 13, 2008
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