New Investor looking in Albany/Troy NY region.

[Robert Bienes]

Hello All,

A newbie here living in NYC looking to invest in multi-family (2-4) units for buy and hold purposes and I will not be living in the property. I'm looking into the Albany/Troy area of New York because buying in NYC is probably out of the picture for me at the moment. Fortunately I have a partner that lives in the area with skills that will be able to handle the management of the property.

Some of the pros of the area are seat of government, hospital, many good colleges and affordable properties. I know the area well enough to know the neighborhoods can change almost on a block by block basis from good to not so good.

So far I have created a list with the help of a realtor of a few properties that I'm going to see this coming weekend. I've run several of them through the Rental Property Calculator and as long as my inputs are reality based, they can give a nice return.

I'm just trying to gauge whether or not I'm on the right path, or is this an area to be avoided? Any advice I can get on the area will greatly be appreciated, or any other advice for a new investor.

Thanks,

Rob

[Paul Timmins]

@Robert Bienes

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). You can Google to locate them and go to meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul