Wednesday, April 9

Real Estate Investments

After spending the past nearly 8 years clawing my way back from a post-9/11 layoff, when I was younger, dumber and overextended, I'm finally in, or nearly in, a position to consider investing again.

I've been giving some pretty serious consideration to real estate investing. I need to buy a home sooner than later -- tired of throwing away equity as rent.

Some six to twelve months from now, I envision myself purchasing a multi-family home in need of rehab. Something with two units is probably what I'm aiming for. Rehab unit #1 while in my current apartment, move into unit #1, rehab unit #2, rent unit #2, then find a single family home to rehab and maybe flip, maybe move into.

Albany and Troy are putting increasing pressure on absentee landlords, I'm hoping to come across some genuine deals in the coming months. The area offers a lot of colleges, so I'm thinking there ought to be plenty of opportunity to get into REI in lower-priced properties. Then again, maintenance costs of college housing run high. Ideally I'd love to target young professionals, young families, but I'm not sure the market is as suitable for that.

EDIT: This is what I'm talking about.

2 comments :

Michael O'Shaugnessy said...

Real estate is for losers. I totally want to put solar panels on my house and get off the grid. When you get some cash help stick it to the man and buy me some panels!

Andrew Badera said...

Riiiiight, lemme get right on that ;)

I certainly wouldn't mind going solar, even wind, myself, but NYS isn't the most cost effective of places to do either of those. Depending on your location though, solar might pay off in ~15 years.

That said, I'd do it for the environmental friendliness factor, if my eventual home is appropriate for it.