NYC Flight Attendant Looking to Spread Wings into Real Estate

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NYC Flight Attendant Looking to Spread Wings into Real Estate

Ash Clarke
Investor · New York City · Member since 2021 · 11 posts · 5 votes

Hello everyone, 

I am new to the BiggerPockets community. It might be early in the game, but I already feel like discovering BiggerPockets is one of the best things that has ever happened in my life. I couldn't think of a better platform and resource to start this exciting new career path in real estate investing. I am a fast learner with a deep appetite for knowledge and an incredible self-drive. 

To get started, I've decided to build a strong educational foundation as I believe this will be critical to my long-term success in this industry. I've read the BiggerPockets e-book, "The Ultimate Beginner's Guide to Real Estate Investing," in its entirety. I found that book to be so resourceful and helpful, I went ahead and purchased the more in-depth book, "How to Invest in Real Estate - The Ultimate Guide to Getting Started," by Joshua Dorkin and Brandon Turner. I am almost done reading that one. 

These books answered many of the questions I have as a new investor. I feel like I have a proven roadmap ready to guide me along my investment journey. I have extensive experience in other industries outside of real estate. One thing I can tell you is that having a solid educational foundation can make a crucial difference in the probability of success in any endeavor. So my advice to my fellow newbies is, please don't skip this part. 

In terms of my preferred niche and strategies, I am pretty open-minded and flexible, but I do have a preference for cash-flowing multifamily rental properties implemented with the buy-and-hold or the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) investing strategy. I am willing to test other niches and strategies, but I would like that to be the anchor of my investment portfolio.

For my very first investment, however, I might start with a house hack. The ideal scenario would be to buy a quadruplex, financed through an FHA loan. I would live in one unit and rent out the other three units. Eventually, I want to scale my operations to a level where I own big cash-flowing apartment and commercial complexes in cities all across the United States and possibly in other countries as well.

One important lesson that I've learned from my research so far is to pay close attention to the numbers and data in any given real estate investment endeavor. Although I have my preferences, I'm willing to try my hands at a few different things over time then evaluate the data and see which provides the best ROI and fits well with my long-term plans and objectives.

I am currently working on assembling a winning real estate team. Real estate, as we know, is a team sport and a people-oriented business in many respects. As many experts in the field have said, it often takes the work and corporation of a number of different individuals working together for a deal to be successful. I would love any guidance, tips, or advice that anyone can provide in this regard. 

I live in New York City (the borough of Queens) which is a very expensive market. I know deals are still possible here, though it might take a lot more effort than in other markets. I am very flexible and adaptable though. I am willing to travel and/or invest at a distance if necessary -- I work for the airlines and have easy access to travel anywhere in the United States.  

Before I conclude my post, here are a few things about me: 

  • I currently work as a Flight Attendant for a major airline 
  • I trade equities and derivatives on the stock market as a side job
  • I am a commissioned Notary Public within the State of New York  
  • I am currently working on obtaining my Real Estate License 

I love the networking aspect of real estate. I look forward to getting to know each of you, and I hope there is some way I can contribute to the growth of your business as I travel my own journey. Please feel free to follow/connect with me. Let's grow together! 

Finally, thank you for reading my long post. Venturing into real estate may seem overwhelming at first, but as the saying goes, "a journey of a thousand miles begins with a single step."

Best,

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  • Nicolas Nuvan
    Real Estate Agent · Brooklyn & Queens · Member since 2020 · 49 posts · 22 votes
    5y

    @Ash Clarke

    Awesome Ash. Similar effort, more money needed in Queens vs. another state.

    I helped my client purchase a 2 family right next to JFK. They're cash flowing around 500/mo after cap ex, vacancy, mortgage, PMI etc. Tenants pay all utilities except water.

    1Reply
  • Ash Clarke
    OP
    Investor · New York City · Member since 2021 · 11 posts · 5 votes
    5y
    Originally posted by @Nicolas Nuvan:

    @Ash Clarke

    Awesome Ash. Similar effort, more money needed in Queens vs. another state.

    I helped my client purchase a 2 family right next to JFK. They're cash flowing around 500/mo after cap ex, vacancy, mortgage, PMI etc. Tenants pay all utilities except water.

    Hi Nicolas, thank you for your response. That sounds amazing! I would love to buy similar rental properties near great locations like that. I might need some time to line up the financing that may be required for the Queens market, but I will be in touch with you soon.  

    1Reply
  • Alexander Szikla
    Real Estate Agent · New York City · Member since 2020 · 818 posts · 639 votes
    5y

    Congrats on getting in the game Ash! 

    Definitely house hack via FHA (3.5% down) in NYC right now. If you can get a 4 unit and a basement, that would be ideal and create major cash flow and equity creation, plus you can not worry about a property manager and boost your yield. You can even AirBnB the basement when you aren't there while on flights or out of the city for extra income!

    Howard Beach has pretty attractive yields and is close to the airport. 

    Personally, I am very bullish on New York. Sure it suffered due to COVID, but you want to buy when there is distress. I think all the folks who moved away are already getting bored and already coming back. Plus, the vaccine is getting rolled out which will curb the spread tremendously. Now is the time to buy.

    Cap rates came all the way down to 3% (or below!) during the "boom" times but COVID has loosened everything up and now 5% can be had in Manhattan, 6%-7% in Brooklyn and even 8% in the Bronx. Nationwide rates hit a low of 2.7% - so there has really never been a better time "spread" wise.

    Moreover, the FED has printed so much money (~25% of all dollars in existence were created during COVID). This has been reflected in real estate nationwide except NYC which is a laggard. We know inflation is skyrocketing and RE has taken off, New York is a matter of time. Get on the rocket before it takes off.

    Long term, I think NYC will come back as it always has time and time again. I am also a great believer in investing when there is distress and deploying capital when you can.

    If you are seeking out asset accumulation and equity appreciation over the long term then there are certainly fortunes to be made. And there is still plenty of cash flow opportunities in the outer boroughs if you buy right!

    1Reply
  • Ash Clarke
    OP
    Investor · New York City · Member since 2021 · 11 posts · 5 votes
    5y
    Originally posted by @Alexander Szikla:

    Congrats on getting in the game Ash! 

    Definitely house hack via FHA (3.5% down) in NYC right now. If you can get a 4 unit and a basement, that would be ideal and create major cash flow and equity creation, plus you can not worry about a property manager and boost your yield. You can even AirBnB the basement when you aren't there while on flights or out of the city for extra income!

    Howard Beach has pretty attractive yields and is close to the airport. 

    Personally, I am very bullish on New York. Sure it suffered due to COVID, but you want to buy when there is distress. I think all the folks who moved away are already getting bored and already coming back. Plus, the vaccine is getting rolled out which will curb the spread tremendously. Now is the time to buy.

    Cap rates came all the way down to 3% (or below!) during the "boom" times but COVID has loosened everything up and now 5% can be had in Manhattan, 6%-7% in Brooklyn and even 8% in the Bronx. Nationwide rates hit a low of 2.7% - so there has really never been a better time "spread" wise.

    Moreover, the FED has printed so much money (~25% of all dollars in existence were created during COVID). This has been reflected in real estate nationwide except NYC which is a laggard. We know inflation is skyrocketing and RE has taken off, New York is a matter of time. Get on the rocket before it takes off.

    Long term, I think NYC will come back as it always has time and time again. I am also a great believer in investing when there is distress and deploying capital when you can.

    If you are seeking out asset accumulation and equity appreciation over the long term then there are certainly fortunes to be made. And there is still plenty of cash flow opportunities in the outer boroughs if you buy right!

    Alexander, thank you for this overview of the NYC real estate market. I share your bullish sentiments and agree that now is an opportune time to invest as there are some covid-related weaknesses in the market that will soon disappear as we return to normalcy after the pandemic. 

    It's a little harder for me because I am a new investor without significant capital. However, I know where there is a will there is a way. I look forward to networking with my fellow investors here in the NYC metro area and buying my first deal soon!

    Best,

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