NYC First Time Investor, can you help?

Question

I want to purchase my first property. I have a full time job so I don't need the money but have always been fascinated with the idea of flipping properties and renting them. I want to purchase my first property and would like to start in the perhaps the Bronx or Brooklyn. Any advice?

I'm looking to connect with and network with members who have similar interests.

I'm looking to connect with and network with members who have similar interests.

Basit Siddiqi · Answer

@Daniel PichardoWelcome to biggerpockets!As many investors have echoed - NYC is a very expensive marketYou have the following options1) Investing in NYC - require large capital and a good choice if you are banking on appreciation in the future.2) Invest in upstate NY or CT/MA/PA/NJ3) Invest through a turnkey property4) Househack(may be difficult in NYC but doable in parts of NJHave you looked into attending any local real estate events in NYC?

Steve Kontos · Answer

@Daniel Pichardo

To echo what @James Thomas Nakashian said, it's an extremely expensive market.  This is exactly why I went out of state as my New York money went a lot further then it would have here.  Definitely attend local REI meetings and speak to more individuals about your investment criteria.  Hopefully something can come out of it that way.

Ken T. · Answer

@Daniel Pichardo If you do a quick search of the forums, you'll find that there a number of posts about turnkey companies, such as Roofstock. Several of these posts are from BP members describing their personal experiences, which can be very helpful. Personally, I own two investment properties, both of which were purchased from turnkey companies (and one from Roofstock). Feel free to contact me with any questions.

Daniel Pichardo · Answer

Thanks @James Thomas Nakashian. I will definitely take you up on that offer. Have you heard or know anyone who has purchased with HomeUnion or Rootstock? I have been researching them as well, keep my options open.

Abel Curiel · Answer

@Daniel Pichardo My advice would be to consider house-hacking. Its a great way to get started as an investor with little money down. If you plan on investing long-term, house-hacking will help you gain acquisition experience, property management experience AND you're getting paid to do it!

Best of luck to you!

-Abel

James Thomas Nakashian · Answer

@Daniel Pichardo Unfortunately, no I have never heard anyone using those sites.

James Thomas Nakashian · Answer

@Daniel Pichardo Hey Daniel, I am from New York as well. New York is obviously a very expensive and competitive market you just have to find out what works for you and go after it! But, it is definitely possible! Sounds like you are on the right track and are willing to learn. Just keep learning and try to find your first deal. If you have an questions specifically don't hesitate to contact.

NYC First Time Investor, can you help?

Most Popular Reply