Flipping homes in Albany, NY?

[Nae Bell]

Hello,

I am from NYC and my friend and I is interested in getting into flipping houses. We wanted to start in Albany, NY. What are the upsides to buying a low priced 2 family house in Albany and renovating it then renting out the units? What all would we need for this. We are new to all of this and need guidance. What is the typical cost to renovate this type of home? Around 2k-3k square foot.

[Bill Regan]

Hi Nae, welcome to BP, there is a wealth of information on this site!

I used to live in Albany and there are quite a number of 2 family or small multi family homes that can be purchased and rented out to the large college student population.  Prices are pretty low (especially compared to NYC), and rents a decent amount.  However, students being students, your house will take more of a beating than with some tenants.

Your idea has merit, however there is no one thread that is going to show you how to do all of this.  

For starters I'd suggest reading through topics on this site regarding finding properties, rehabbing/flipping, management, etc.  Find some relevant episodes of the Bigger Pockets Podcast and listen to those for inspiration and to learn a bit more.  There are also numerous books published on the subject.  In short, spend a little time educating yourself with this vast free resource.

I'd suggest paying a few visits to Albany and working with a local Realtor who knows the market and the neighborhoods.  Look at a bunch of houses and learn the market.  Figure out which ones appeal to you and your comfort zone.  The cheapest house isn't always the best deal as a lot has to do with the surrounding neighborhood.

You'll want to meet with local contractors and property managers too.  Find people who understand what you are trying to accomplish and you can trust as you won't be right there.

Good luck on your journey and have fun!