Albany Capital Region for buy and hold

[Peter Stellato]

Hey all,

My partner and I are heading to Albany this week to look at some potential properties.  We are looking all around the capital region and upstate New York for investment properties.  I am somewhat familiar with Albany and my partner is a little more familiar than me.  I know there are some rough areas and we are looking for multi-families to rent to workers in the various institutions in the area (medical center, university, etc.).  Anything we should know about the city before we visit?

[Michael Gansberg]

@Peter Stellato, 

Very glad to hear you're thinking of putting some capital to work in the Capital District. It is my favorite stomping ground, and it's where I cut my teeth(I started in Hudson, NY. That's where my teeth were kicked in, but it was so worth it.) 

My epicenter of operations is Troy, NY, a bedroom community to Albany. If you're looking in the Capital District, I'd recommend checking out the bedroom communities. In no particular order, you might want to investigate Waterford, Watervliet(really a part of Albany,) and Troy. Schenectady has some tax issues that can be challenging, and Cohoes has a court which stumbles all over itself to let non-paying tenants live rent-free. Come to think of it, maybe I should move to Cohoes...

And it's been 2 months since you've posted, would you share your experiences?