Starting Out In NYC

7 Replies

Hi All,

I'm new to this forum and currently living in Queens NY. I'm interested in buying a muli-Family. My problem is that I don't know where to start. I have no capital and I'm not familar with the terms but I want to get in and start but I don't know where. I hear that ny is a really tough market and that won't make money. Is that true? 

Hi Ron,

Welcome to the site! I see you live in Ridgewood which is a great place to start. When you say "no" capital do you mean zilch, or something like 15k? In either case it's a tough road to hoe.

I'll get the cliche advice out the way, subscribe to the podcast and make sure you put in key terms to track relevant forum posts (that's how I noticed your post about queens!) 

The most helpful beginner book I read was Brandon's investing with no and low money down. You can conceivably use an FHA loan (3.5% down for first time homeowners to live in) to acquire a property with around 20-40k down. However with such a low down payment your best hope would be breaking even.

If you are truly starting from 0, it may be too late to look in and around Ridgewood and the typical areas of Brooklyn. They are saturating quickly. The "rougher" areas of ocean hill and cypress hills may have the combination of appreciation and rent that will make you rich.

Hope that helps, I'm in a very similar predicament to you :)

@Ron C.

I was in the same place as you about a year ago. I recently bought a two-family in Cypress Hills for zero money down. I used a loan program called NACA (naca.com). I don't work for them or anything, but they saved me a ton of money so I'm grateful. There are some drawbacks to their program, but I considered it a safe investment.

I definitely listened to BiggerPockets podcast and read the forum.  I read a lot.  Talked to a lot of people.  Home buying is a bunch of details, but it's not rocket surgery.

Personally, I don't find Cypress Hills "rough", but @Account Closed is probably right to call it "rougher" in comparison to some of it's neighbors.  We are finding the quality of life pretty high around here and if we want something more, like a nicer restaurant, we just go over to Bushwick.

Hope that helps.  Good luck.

@Ron C.

Welcome. 

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul