I do a considerable amount of business with investment properties in the Albany area. Investment properties take more time and effort in my opinion for many reasons. This is due in part to the many, additional zoning, rental, code, and financial aspects of the business an agent must learn. It is also because of simple things like dealing with tenants that don't want a new landlord. Showings are generally a hassle as most tenants do not like to be bothered with showings and often don't return calls. However, its part of the business.
Recently ,I had a conversation with one of many California investors I am currently working with. This investor also happened to be an agent in California. In her area of the state, buyers are not allowed into a property for a showing until an acceptable contract to purchase the home has been accepted. The homes are purchased based on the financials and a drive by and are contingent upon a satisfactory inspection by the buyer.
When I first heard this it sounded crazy but as a thought about it, it is probably the way we should do business in Albany, NY. Doing so would force listing agents to provide accurate income and expense data for all listings. Currently it seems like financials are an after thought for many listings agents. If homes were purchased strictly on financials it would make listings agents price them correctly and make all learn what returns are necessary for homes to sell. I don't know how many overpriced homes I have shown that I couldn't tell were overpriced from the listings because they didn't have complete financials. By using financials only and shopping properties based on income and expenses many hours of wasted showings and tenant inconveniences could be avoided.
In my opinion, this is at least one area where Albany should be more like California. Buyers, take the time to get complete financials and run your numbers prior to even looking at a property. If you need help analyzing financials or need to know what type of ROI's you can expect in Albany call or email me anytime.
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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