Brooklyn, NY · Member since 2015 · 1 post · 0 votes
Hi BP Forum!
My name is Jiawei and I recently discovered BiggerPockets while looking for more information in Real Estate Investing. A friend and I are contemplating on the idea of investing in real estate (Buy & Hold), but there's just one huge "problem" we can't figure out, hence we're here to ask for your opinions. Before I begin, I'd like to thank you for your time and help!
We are currently situated in NYC (Brooklyn), and housing can get pretty expensive around here. We have a car and a fulltime job, which makes it possible to invest across a larger radius around NYC.
My question is how should we get started? Are there any particular states or neighborhoods you'd recommend we look into? Our price range is between 30k - 70k (Single to multifamily homes). In addition, are there any tools you recommend we use to make real estate investing an easier process?
Research Assistant · Glen Rock, NJ · Member since 2015 · 19 posts · 1 vote
11y
Jiawei,
I am in a similar situation. I just statted graduate school at NYU Poly and I'm struggling to find a more permanent place to live in Brooklyn.
I'very spent most of my life in New Jersey (23 years) and my fiancée has spent a lot of her life in CT so I am pretty familiar with those areas. (And unfortunately those areas tend to be a little more expensive due to the proximity to NYC). If you turn to creative financing it should be possible to find a small multifamily property in the outer bouroughs or the tri-state area. If your just getting started... what do you want to accomplish with the first purchase...??? Do you want it to cash flow while you save income for the next purchase...??? Is this a primary residence (where you'll rent out the other units)...??? Do you plan to flip the property to make (I can sag limited things on that subject).
There's a lot of questions that need to be answered, but I'd argue that you should focus on creating a business plan (because Real Estate Investing IS a business). Make sure you have (or can leverage) a strong team (marketing, legal, accounting, etc...). If you don't have a team at your disposal... use BP (or other networking tools) to find like-minded individuals, lay down a plan for your first deal (and your goals for the next five years), and learn. Devour the webinar and podcasts and Knowledge that people with years of experience have shared on these forums.
Also... if you made it this far down the post, I would thoroughly enjoy a discussion with you and your friend over lunch this week...!!! I've been running a few ideas around my head but I haven't put anything to paper yet.
ThanKs, good luck, and I look forward to seeing you around these parts...!!!
~Diner
P.S. I wrote this on my smartphone while on a train. Please forgive any typos.
Investor · Philadelphia, PA · Member since 2014 · 205 posts · 52 votes
11y
Hey Jiawei,
With your budget, and what Inknow about the NYC market, I would recommend looking into town close to the city that offer access to the city through mass transit. Preferably through a train as they are not at risk of traffic. MFH is a great way to buy with owner-occupied financing which has the advantages of a lower down-payment. Honestly, the best first step might just be finding an investor-friendly agent to help you u derstandable the whole process and the costs.