I have to admit it I have never been a fan of investing in Schenectady Real Estate. The taxes are high, properties are not maintained,and it seems like the city is charging landlords for more and more services. Add to this what I call a population of many "professional tenants" that move from landlord to landlord sticking them for months of unpaid rent. I always have investors that see Internet listings in Schenectady they want me to show them. We check them out and after we put our boots on the ground and my buyers realize the "bargain" is a dump, we end up back in Albany.
That said I have had the opportunity the last couple of months to spend a lot of time in Schenectady. Time at the City Mission, time touring the GE power generations system facility, time at Super power. I also have had the opportunity to experience Schenectady in a way many people don't get to. Such as spending a night riding with a Schenectady cop. There is something exhilarating about putting on a bullet proof vest and flying down state street with lights and siren blaring. After spending time in a patrol car, housing projects, and hamilton hill I have renewed respect for the Schenectady police force and the challenges they face. Last week, I had time to actually visit Schenectady high school. They were in "lock down" when I was there. In fact, I almost couldn't get in because I didn't have a photo ID. It is one thing to see the low inner city school rankings. It is entirely different to hear the passion of a Schenectady school teacher as he talks about the high tech offerings and the trend toward problem solving based teaching. I was also privileged to hear the president of Union Speak about the positive things going on there. One amazing thing I noticed was that downtown actually had business open and people going to the movies.
The bottom line is I am seeing positive things going on in Schenectady. I am not saying the City has reached a "tipping point" but it is heading in that direction. INVESTORS TAKE NOTE. My past experience tells me risk takers and early adapters are the ones that make the money. Now might be a time to consider investing in Schenectady. I am not saying buy Hamilton Hill but there certainly are areas worth a look. I am also not saying put your entire portfolio in Schenectady. However picking up one or two solid properties with good tenants and cash flow might be worth the risk.
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If you have any questions please do not hesitate to contact me. Thank You!
Sincerely,
Kevin Clancy
518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com/
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