Are you interested in investing in multifamily properties in Albany, NY? There is a lot to like about investing in real estate now, especially in affordable residential housing areas such as Albany, New York. Here, you can get a number of cheap houses to live in or to rent out and receive positive cash flow from. Investing in real estate has ever been easier because of all the online resources at our service. Today I ‘d like to share with you among the best real estate deals online.
There are a series of great real estate websites out there. The first that come to mind are Trulia, Zillow, AOL Real Estate, and LoopNet. These mainly focuses on investment properties.
An interesting spin on this
As I said in an earlier article, I believe that investing in real estate constitutes one of the best things you can do right now (along with investing in gold and silver, of course). My reason is on account of the super-low interest on the 30-year mortgage, and because I believe that prices have hit a bottom and will be going up shortly.
And Even More…
As I pointed out in an earlier article, I believe that real estate is perhaps the best investment class there is for several reasons.
The biggest problem beginners might have, besides coming in place with the down payment for the house is finding a good property to look at.
I am interested in the town of Albany because of the local economy. This is driven by the State University (a large public school). There are plenty of students looking for housing in Albany, especially the downtown area. Housing in Albany is very cheap and rooms can be rented out easily, giving investors a steady stream of income.
They also build a market and a mini hospital near the housing projects so that the purchaser doesn’t have to go far for the basic facilities and medical help. The residential projects have been taken into a small cities where everything is situated at a stone throw. Noida has become a hub for educational institutions as well. There are so many colleges and institutes that have come in place in the area. The students are on the lookout for houses and there is a tendency to give their houses on rent. It is like an added income to the house owners who buy these houses from the real estate developers.
The house owners provide some great furnishings to the students in order that they have a comfortable stay. Real estate is at its peak and present and is all set to gain more momentum in times to come. The schools and colleges coming up in such areas, more and more individuals are all set to invest in these Properties projects in Noida.
The price is $399, 000, and has a cap rate of 12 percent. The Net operating income would equate to $47, 880, and you can expect a cash on cash return anywhere from $17-$22k a year.
A Beaver St. Loft Conversion is selling for $299, 000. This has 12 units, with a cost per unit of close to $25, 000. ‘ Phenomenal loft redevelopment opportunity in downtown Albany directly across from the Times Union Center (multipurpose arena). Vacant shell totaling 2 buildings 14, 317 sq/ft (sold as-is) with small exterior parking lot included as well as possible underground parking scenario. The property was formerly an old union hall offering exposed brick, elaborate moldings, doorframes, and original harwood floors, with ground floor office or retail possibilities, be the first in Albany to offer loft living in a true downtown setting. ‘
I would recommend speaking with a real estate agent and a professional property manager in the area you’re looking to invest in, before making any decisions. Investing in real estate is a team sport. These are just two several important members of your town. Usually a property manager will set you forward with a good home inspector, contractor, etc. A real estate agent should know the area very well. The property manager should manage properties that are such as the one you’re buying.
Investing in multi-family properties is all about the income aka cash flow. You want to purchase a property that, when paid all the expenditures and debt, leaves you with a nice chunk of cash each month.
Do a lot of research and reading before you decide that real estate investing is for you. There are several great real estate books out there. I recommend anything by Matthew Martinez and Robert Allen. They are both seasoned experts and will give you invaluable advice on investing in real estate.