Help me flip!

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Help me flip!

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Brooklyn, NY · Member since 2015 · 40 posts · 4 votes

Hello Bigger Pockets Community,

My name is Anthony and I currently live in Brooklyn, NY. I have always been interested in real estate. Even to the point where I received my salesperson license but haven't really perused the sales aspect of it. I am more passionate on investing in any way possible (flip, hold properties, commercial, sublet rentals etc. ). I have been reading the forums to try to get some advice. But I am hitting a wall.

The fact that I am 21 with only 10k saved doesn't really open to many doors for me. In particular, the NYC Metro area is expensive and most people want 20% down for a purchase. I am looking for some type of guidance of where I can start with my current situation. I'm not looking to wait a couple of years and save more because TIME is MONEY! 

Any advice would be greatly appreciated! Thank you in advance!

-Anthony

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Carlton Kohler
Wholesaler · Buford, GA · Member since 2014 · 119 posts · 15 votes
11y

You guys are in the right place for information, but you're asking the wrong questions. There's tons of different ways to get started in real estate without having any money. I suggest you start here http://www.biggerpockets.com/real-estate-investing

This should start getting things going, then spend more time browsing and reading. 

Welcome to BP

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  • John C S.
    Flipper · Poconos, PA · Member since 2015 · 198 posts · 42 votes
    11y

    Thanks I'll be sure to start my search now and I'll keep you posted

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    OP
    Brooklyn, NY · Member since 2015 · 40 posts · 4 votes
    11y

    I can't believe all the support I have been receiving on this forum. 

    As of now I'm looking in the Yonkers/White Plains area for a co-op that allows subletting. In that area the prices are reasonable around the 80k-120k area, so it would be possible to make a down payment on the property in the very soon future. The rent prices tend to stay in 1100-1400 area for a 1 bedroom. If I find a good deal I could be looking at $400-$600 cash flow after the expenses. 

    I can't wait to get started, if anyone is looking for a partner or a "newbie" to tag along while looking for investments, be sure to send me a message. I would appreciate the help and experience! 

    Thanks again everyone, I couldn't be anymore grateful!

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    OP
    Brooklyn, NY · Member since 2015 · 40 posts · 4 votes
    11y

    @Aldo Ricaurte I have been looking into wholesale, but I don't know enough investors to pick and chose who to assign contracts too. I feel like a need to have some type of reputation before I can successfully start wholesaling. 

    Unless someone can break down key factors to look for when wholesaling a property. I have been reading the guides and watching some video but I feel like I wouldn't know how to identify a good property to give to a rehab-er. 

    Plus how does the compensation work anyway? Is it similar to deed-flipping?

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