I'm brand new to REI and looking to get involved in a market near me (NYC). I've read some books, blogs, and listened to podcasts but am still struggling to "get started".
I recently started looking into small multifamily units in Philadelphia and was wondering if anyone here has experience in that market and is willing to share some advice.
Welcome to BP community! You'll find a ton of resources here. In terms of your question, you can also search BP yourself for investors in Philly market.
Also, I run a local NYC meetup for RE investors. More details under my profile. You're welcome to join us.
Real Estate Investor/Wholesaler · Philadelphia, PA · Member since 2015 · 757 posts · 318 votes
7y
What's preventing you from getting started??? What are you actually "struggling" with and what kind of advice are you looking for to help get you started. I would say start now! You learn more when you fail than not trying at all would be my advice.
Appreciate the advice! I would say I'm concerned about "pre-deal" and "post-deal" items.
Pre-deal:
I don't know enough about the area (e.g., what are good neighborhoods to invest in)
Lack of confidence in the calculated costs for expected and unexpected items (e.g., electricity, gas, CapEx repairs).
Post-deal:
Becoming a landlord and managing/ renting out the property
Because I don't know these things, I am worried about making a bad investment (especially since it will be my first). Any thoughts on good articles to read or people to speak with?