Updated almost 4 years ago on . Most recent reply
Starting Out! Newbie in New York
Hello,
Long time admirer, first time poster!
After a few months of reading and research I would love to make 2022 the year that I get started in REI. My initial investment goal is to do a few flips for immediate profit i order to be able to pay off student loans, then pivot towards the BRRRR method for long term cash flow. I am at a lost of how to pull the trigger and get started. If I had a choice I would want to stay in Long Island, New York close to home but with house prices and the low inventory I do not see how that is possible.
My next thought is to go out of state and invest. Possible areas upstate NY (Westchester), Philly, CT area.
I have about $50K saved up and okay credit to get me started.
Questions that I have? How hard is it to get funding as a first time investor? What underwriting criteria do most HML use? Is it possible to know what I would qualify for before securing a property to comfortably know that I can put in an offer?
How did you go about building your team? How do you do this while working a FT job?
Anyone start their journey in NY and it worked? NYers that invest out of state, where are you investing?
What mistakes/lessons have you earned along the way? If you could do it all over again what would you do differently?
Anyone get started by partnering with someone on their first deal?
Looking forward to learning from this community!