Out of State Investing in Albany, NY

[Eric Cozby]

Anyone investing in Albany, NY from out of state?  Interested to know your thoughts and experiences.  I'm in southwest Florida and looking at this market.

Thanks,

Eric

[Michael Gansberg]

@Eric Cozby - I invest in Albany(and the Capital District in general) from New York City. It's similar to out of state investing for me, as I only go up there about once every two years. I've had generally good experiences. High cap rates, but watch for the fool's gold(a listing with an outlandishly high cap rate, for instance- on those, you'd be lucky to attain half the cap rate.)

If you're not planning on having your boots on the ground, I'd say don't start with a property needing tons of rehab- better to start with a high-quality and high-functioning property, build your team, and then go for a rehab if that's what your goal is. Rehabs are only smart when you have people you can trust(and still you'll have to verify) or if you're there to keep an eye on it and make sure nobody is robbing you blind. 

It's totally doable. 

Michael