All Forum Posts by: Steven Luttman

@Michael Fyvie

Short term I see no reason for prices/competition to subside. Inventory levels should rise however as lenders start to end forbearance periods, resulting in owners with non paying tenants needing to sell. 12 months ago I expected this to be occuring now. My revised timeframe is again 12 months from now. Just a guess.

Michael,

As you mentioned Capital Region (Albany/Schenectady/Troy) multifamily is extremely competitive at the moment. A majority of buildings I'm touring with clients these days contain tenant(s) in some state of delinquency, so become comfortable with inheriting a possible headache. If considering the area, especially the city of Albany, I'd encourage you to read up on the incoming Good Cause eviction legislation working its way through the state legislature. 

With that said there are many pros to investing here as well. The Port of Albany recently announced plans to build a wind tower factory, possibly creating thousands of new high paying jobs. Global Foundries intentions to relocate their headquarters to their Malta (30 minutes north of Albany) location along with additional expansion. 

Positive things ahead, certainly worth consideration. 

@Anna Phillips there's an awesome monthly meetup in Saratoga hosted by @Allison Keib. Great people with a lot of knowledge to share, hopefully you guys can make it.

@Jain Mai if the goal is strictly a multifamily portfolio have you considered selling both SFHs and using the proceeds towards the purchase of an apartment building?

-Steve

@Vladimir Riché in addition to being an agent I've also been investing in the Capital Region for the past decade. I'll DM my contact info momentarily should you wish to connect. -Steve

@David Kiszka

Alex with AVB taxes does a nice job and also is an investor.

https://avbtaxes.com/

-Steve

Chris I'm always happy to chat about what I'm seeing both as a landlord and as an agent in today's market. I'll email you my contact info momentarily.

Thanks @Ryan Vienneau for the intro 

@Ronnie Diaz I'm always happy to chat about what I'm seeing as a landlord and as an agent in today's market. I'll DM you my contact info momentarily. 

Thanks for the introduction @Ryan Vienneau

@Josh Shaughnessy welcome to the BP forums. If your experience is similar to mine you'll find that people are super generous about answering questions and offering advice.

What part of upstate NY are you considering?

@Avani Sharma congrats on getting started. You'll encounter mostly brick buildings within the city, which you'll want to inspect to see how it's been maintained/repaired over the years. Outside of that things like heating systems, roofs, electrical will all look similar to something youd see in more recent construction as well.

As you mentioned Pine Hills multifamily (and the Capital Region as a whole) is very competitive. My recommendation would be to have your financing in place and schedule showings the day a property goes on market.

Steve