My favorite city for landlords who want to own investment property is Troy, New York. Today, I’m explaining why it makes such a great place for investors.
Evictions are done quickly in Troy. When tenants know this, they are more likely to pay rent on time every month. If a tenant knows it will take months or even a year to get evicted, they won’t always pay. There’s no real incentive to catch up on overdue rent. But, if they know it will take half a month to get evicted, they’ll pay pretty quickly and get caught up with what’s past due. That’s an excellent reason to love Troy.
It’s easy to invest in Troy because you can buy a three-family property for under $150,000. For such a small investment, you can bring in between $2,400 and $3,500 a month. Do the math, and it won’t take you long to see that it’s a good deal. I recently worked with someone who bought a property that’s giving him a 25 percent cash on cash return. It’s a three-family property, and now he’s buying a four-family property. I told him to invest in Troy, and now he’s not sorry that he did.
Landlord Friendly Policies
The code enforcement policies work well for landlords in Troy. This is a landlord-friendly city. They are pro-landlord, and I don’t think other cities in the Albany area are. Troy is going to grow and have a great future because the city works with landlords. You have to work with landlords when there are so many properties that aren’t owner-occupied. You can’t say you don’t like landlords or you won’t support landlords when 60 percent of the properties in town are rentals.