How to start if I'm not living in the market??
Real Estate Agent · New York, NY · Member since 2016 · 15 posts · 1 vote
Hi everyone! :) I am currently working in Long Island, NY and would like to begin investing in real estate in my hometown, Westchester, NY (about 2 hours away), because my mom is a real estate agent and I understand the market better. I've been applying to jobs near my hometown to move closer, but no companies seem to be contacting back. I would like to make real estate investing my career as soon as possible, but I feel as though I can't begin doing any investing because I don't have experience and don't live near the market I am investing in. Is there anything I can do to get my feet wet? Do you think it's possible to quit my job and invest in real estate full-time with no experience?
Thanks for your input!
@Brendan Yu -The last thing I would do is quit my source of income, unless you are already wealthy enough to live off part of the savings and still be able to invest in a meaningful way. Personally for me, two hours away is not a big deal. Most of the homework can be done right on the Internet. Yes, you might have to drive there few times to get sense of the area, surrounding etc. With the help of a good and trusted realtor, you can invest across the country these days. Whether to quit your job and get something close by entirely depends on lot of other variables, and its your personal decision.
I have been investing in real estate for over last five years, and still have my full time job. Actually, I am at my day job right now.. (shhh...don't tell my boss..lol..) Having a full time source of income coming in is a great blessing. I don't rely on my real estate investment income to survive at all. In fact I don't even touch my real estate investment income for anything other than expenses related to the investment itself, and making more investments, of course..
Is your mom, who is a realtor, local to Westchester area? If yes, your work is half done. Why not use her expertise to tap in the real estate market. Realtors have access to great deal of information. I am sure you will be able to negotiate a better deal with a family member and make some investments as opposed to getting a realtor from the outside.
Good luck..
@Chinmay J., thanks for the response!
Okay, I don't mind driving two hours if it's going towards real estate! What homework are you talking about, like searching for houses online? I thought creative financing was done from knocking on doors, hanging up signs, etc. to find distressed home-owners?
Haha don't get fired! Yes, my mom is a local realtor, but she doesn't understand the creative financing aspect of real estate investing. She thinks that homes can only be financed through banks with a 20% down payment..
I think another important part for me is that from reading books and listening to podcasts, I'm getting lots of bits and pieces of information, but I still don't feel comfortable going out and doing my own deal. It'd be nice if I could find some a mentor to guide me through the process, do the math, talk to the owner, set up the contract, etc.
@Brendan Yu - Homework can mean a million different things. It all depends on what kind investment you are interested in getting into. REI is a very vague term. It seems from your response back to me that you are much more interested in "driving for dollars" style of marketing. You can still use craigslist, and depending on how powerful that engine is out there, you might get decent response. I have successfully used craigslist to get some tenants. I have also heard people being able to buy PRE FORCLOSURE lists, but I am sorry that is not my area of investment.
Good luck.. I am sure someone else on the site will be able to help you out.
@Chinmay J. Oh I should of mentioned that, I wanted to get into buy-and-hold investing as a way of passive income.
Oh definitely not, I would rather stay home and go on the internet if I can haha it just seems harder to find distressed sellers online from what I have heard.
Thanks for all the help! :)
Hi everyone! :) I am currently working in Long Island, NY and would like to begin investing in real estate in my hometown, Westchester, NY (about 2 hours away), because my mom is a real estate agent and I understand the market better. I've been applying to jobs near my hometown to move closer, but no companies seem to be contacting back. I would like to make real estate investing my career as soon as possible, but I feel as though I can't begin doing any investing because I don't have experience and don't live near the market I am investing in. Is there anything I can do to get my feet wet? Do you think it's possible to quit my job and invest in real estate full-time with no experience?
Thanks for your input!
@Brendan Yu
First and foremost do not quit your job. Real estate for most is slow long term wealth. This does not happen over night.I would look into working with your mom and getting my real estate lic. If I could go back and do things again it would have been get my real estate lic first, then contractors lic. Here I am 16 going on 17 years and getting my real estate lic now.
Investing is just as much about education,networking , and marketing all three can be accomplished by any one. Promise I am one of the least educated people on this site. Yet I do okay in all three areas.
So first start by attending some real estate meeting close to home and the area you going to be working. Side note I grew up in Rokonkoma Long Island. Miss the area but love the south.
Second start slowly and work your way towards a career in real estate. No reason to rush anything.
Make sure to turn tv off and spend at least 1 hr a day here reading about real estate , soaking up as much as possible. Some very smart folks here in on BP.
Should you ever need feel free to pm and ask away. More then happy to answer any questions the best I can.
Alex
Thanks for the response Alex! How would a real estate license benefit me if my mom already has her license?
Yup, I've been reading tons and am definitely going to start attending real estate meetings to learn more and also find a mentor to guide me through the ropes. No way, I graduated from Stony Brook University and live in Farmingville right now!
Thanks for all the help Alex!
Thanks for the response Alex! How would a real estate license benefit me if my mom already has her license?
Yup, I've been reading tons and am definitely going to start attending real estate meetings to learn more and also find a mentor to guide me through the ropes. No way, I graduated from Stony Brook University and live in Farmingville right now!
Thanks for all the help Alex!
@Brendan Yu
A real estate lic is best easy way to get active in this business. Besides being active on the mls and studying the market you can also make a living selling homes on he side.. Side note my parents lived right close to Stony Brook. I used to go to parties there when I was in my younger years. My parents moved to Port Jeff in 92 my last year of highschool. So I finished at Connectquot highschool but hung out in the area. Took my wife to the highlight dinner and so miss that place.
But can I really make a living selling homes that are 2 hours away? Currently, my mom works almost all day showing houses to clients, and I don't know how I would be able to do that if I live so far away. I can use my license to search the MLS, but I'm not sure if I would be able to use my license to become a realtor.
Also, I was thinking about purchasing a multiplex using an FHA/203k loan to get started. What do you think about that?
Oh that's awesome. Do you know about Boardy Barn? I went for the first time on Memorial Day Weekend.
But can I really make a living selling homes that are 2 hours away? Currently, my mom works almost all day showing houses to clients, and I don't know how I would be able to do that if I live so far away. I can use my license to search the MLS, but I'm not sure if I would be able to use my license to become a realtor.
Also, I was thinking about purchasing a multiplex using an FHA/203k loan to get started. What do you think about that?
Oh that's awesome. Do you know about Boardy Barn? I went for the first time on Memorial Day Weekend
@Brendan Yu yes know it well in the hamptons correct. Wild place and brings back memories.
A real estate lic is a way to speed up your education and you would be selling where you reside. Hopefully finding a job selling real estate while you slowly build your portfolio.
Multiplex if numbers make sense why not? Are you thinking living in one unit , renting out the rest.
Alex
Getting a real estate license for the education will help definitely, but I still cannot see how I would be able to sell houses when I live 2 hours away. Of course getting a licenses definitely can't hurt.
Yup, that's the plan! I want to live in one unit and then rent out the rest, basically house-hacking.
Getting a real estate license for the education will help definitely, but I still cannot see how I would be able to sell houses when I live 2 hours away. Of course getting a licenses definitely can't hurt.
Yup, that's the plan! I want to live in one unit and then rent out the rest, basically house-hacking.
Pm me and lets talk some time soon more then happy to answer any questions and yes love the hamptons and a lot of the bars that way, I still have a brother that lives on long island,.
Yup, Port Jefferson and Patchogue are the places to be in terms of bars. I'll definitely send you a PM soon. Thanks!
Hello, Brendan Yu.
This word is abundant. Think as if the universe bends to your will. Truly believe every person is here as a blessing or a lesson. Seek and you shall find. Brendan, congratulations.
Hi Naima,
Thank you for your response. I do believe that is happening right now. You sound like a genuinely great person. I also see that you work in Hauppauge, I do too! Maybe we can meet up sometime. Let me know, thanks ;)
Is the property on 140 Grandview av. still avail. ?
if yes please inbox me. Thanks