Dear Bigger Pockets members,
I've been reading all of your posts for many months. Thanks for all the amazing insights. I'm sure they will be helpful once I actually buy a property. Unfortunately, I'm having trouble getting started. I have everything lined up but I just can't find any good deals and the ones that I have either get bought before I can take action or they get taken off the market. I could be wrong but the prices seem like they are just to high i.e. the monthly rents would barely cover the rent, expenses, and taxes.
I could really use some advice on how to can find a property that can be purchased for a reasonable price. The quote that comes to mind is "You make your profit when you buy, not when you sell." I live in NYC and am looking at buying properties in the metropolitan area. However, I'm willing to consider to other areas along the east coast. Thanks in advance for your support.
Real estate investing is more art than science. You can understand cap rates, expenses, and numbers that matter for an investment but it doesn't make a difference if don't get started. I've never been to NYC but I know is it's incredibly expensive. If I was investing in a city that big I would focus most of my time on finding PEOPLE. Build relationships with local investors, agents, and like-minded friends. Not for the sole purpose of business but because you want to help others on there journey. I would consider other markets within a short drive as well.
Deals will start coming your way if you can achieve this.
You probably need to purchase properties somewhere else. With all the recent events, I'd also consider moving elsewhere if I were you.
Thanks so much @Jaron Walling ! That's really good advice. I've been trying to let people around me know and hoping that the "law of attraction" principle theory actually works :)