NY State - Capital Region - Best Areas/Neighborhoods opportunity

[Justin Hale]

Hey BP members,

I'm a newbie investor looking to get started in the Albany Area/Capital Region of New York State.

I currently live in a small town in Albany County that isn't really conducive to Buy and Hold Investing (houses that have been listed have been on the market for 100-300 days/not much job growth or attraction in the town).

I was looking for an area in the Capital Region that would have solid job growth/diversification and get a good ROI.

Any help would be appreciated. Thank you for your time.

[Jerid Meagan]

Hi @Justin Hale,

There are lots of good areas to invest in the Capital Region, but I would suggest narrowing down your investment criteria (needs and wants) first, and location should follow second. Also, if you haven't already I would suggest getting preapproved first before getting too far into the process so that you have an idea of what type funds are available.

Some questions to ask:

1 - How much are you willing to spend (after preapproval)

2 - Are you interested more in multi family buy and holds or more interested in single family rentals, flips, etc (pros and cons for each)

3 - How much do you have for a down payment - this may factor in heavily

4 - Risk tolerance 

5 - Investment criteria - are you looking for cash flow, appreciation, tax shelter, or all of the above.

These are just a few things to consider when getting started. Hope it helpful. Once you have the answers I can start to point you toward some areas that I think will be of interest in the Capital District.

All the best,

Jerid