Investing in Schenectady/Albany area

[Imran Na]

Hi all,

I’m new to real estate investing so any and all advice would be much appreciated.

I've secured a HELOC for $250k against my primary residence in NYC and looking to invest in a multi-family update. I'm currently looking know the Schenectady/Albany area but the prices have shot up almost 100% a few years ago.

Is anyone familiar with this region? Is it a worthwhile investment considering how tenant friendly NYS is? (Especially with all the recent laws that were passed in 2019).

[Angela Weller]

I'm an agent in Schenectady and I work with a lot of investors. Currently we, like everywhere else, are in a crazy sellers market. Most properties sell in 24-48 hours with multiple offers way over asking price. Multi-family units are the most sought after and are usually purchased by cash buyers or those willing to pay above appraisal amounts. If you are seriously looking to buy in Schenectady right now you have to be available to look at and put an offer in on a property within 1 or 2 days of it going on the market. Basically know what you want ahead of time and submit an offer they can't refuse. There are some properties that have been sitting on the market (because they are over-priced) but are usually bad flips. Then you have the city owned properties that you can buy cheep, but the rules are more than most people want to deal with and the closing can take anywhere from 3 months to 2 years. It's tough out there for buyers, but not impossible, you just need realistic expectations. I'd be happy to answer any other questions you have.