What is the best location in buying multifamily house in Albany, new york

[Account Closed]

Hi, I am a newbie in buying real estate. I live in downstate NY and I want to buy a multifamily home in Albany New York. I would like to rent to students or city employees of Albany. I am looking for a real estate broker in Albany NY who can help me with search and property management as well.

What is the best location in Albany, NY?

How do I find a good property management company in Albany NY for a potential purchase?

Thank you

[Paul Mendel]

let me start with Iv been in Albany my whole life, Right down to Albany High.!, There is no doubt there are many kinds of students. But you when you quickly refer to student housing in albany, MOST realtors will target what we local calls call "the student ghetto" its a approx a 6 block radius where come sunshine every porch is covered with kids.  Let me give you a video of how "roudy" the student ghetto can get.

https://www.youtube.com/watch?v=5RNVsil0PEA 

With that being said. The landlords that can tolerate the annual damage are making good money. But this area is not for the faint of heart. Keep in mind NOT ALL college kids are the same, But if they choose to live in this area, then they are...

If your buying in this section all the due diligence in the world wont help you.

Now my suggestion is to move away from the "typical" Student rentals, You can still rent to other students Albany has Lots of colleges,  Target  med or law students or even pharmacy, This is a different neighbor hood, you will spend 30-50k more on a duplex, but will have a much easier go at it.

Im not saying you should never rent to students, Im saying make sure you word your questions properly and work with someone who knows the area and what you want.