All Forum Posts by: Steven Luttman

Hi Elizabeth,

I'd be interested to hear more (contractors used, what lender, etc.) about your rehab project in Troy? I have a 4 family over by HVCC that so far has been a great experience.

All the best
Steve

Hi Alex,

I've owned a few rental units in downtown Saratoga Springs the past 5 years and overall its been a great experience. Living in the area I'm sure you see/read about all the new condo and apartment projects (mostly higher end) being built in Saratoga. All the new supply coming into market does give me cause for concern so I branched out into Troy over the Summer and bought a 4 unit. Certainly not the same quality of life, but cap rates seem a bit more attractive.

All the best,
Steve

Hi Desiny,

Saratoga is great and if you're able to find a property where the numbers work for your investing requirements then great! Otherwise I'd give consideration to areas more to the south like Troy or north in Glens Falls. Cap rates are a bit more attractive.

All the best,
Steve

Hi Lauren,

Hopefully law school is going well for you. I've owned rental apartments in downtown Saratoga for the past 5 years and its been a great experience overall. Going forward I do have concerns about the number of new projects adding to the supply of rentals, so while you can't beat the quality of life in Saratoga, personally I will be looking at other areas of the Capital Region for future acquisitions. 

Many people are talking about Glens Falls these days, I think that's a great option. Last year I bought a 4 unit in Troy and thus far has worked out well.

All the best,
Steve

Hi Bogdan. From a quality of life perspective you can't beat living in Saratoga. The people are great and there's always plenty going on. From a rental standpoint there has been an influx of new supply (mostly high end) apartments that have both come on market as well as that are in the pipeline. For a vacant apartment I may have formerly received 20 phone calls in the first week, now its probably closer to 10.  

With that said, Saratoga Springs is still a great option. Skidmore, GlobalFoundries and of course the track will continue to bring renters to the area.

All the best,
Steve