Why I'm investing

[Julius Dixon]

Hi guys, I'm a recent grad just beginning my career in nyc. With my current job im just above cash flow neutral due to a high New York rent that I'm now locked into. For the past 8 months or so, I have read and learned about real estate investing from books and forums like bp. My new job is somewhat demanding (left work at around 330am for past 3 days), so while I am able to teach myself about rei remotely, I'm not physically available to look at properties and analyze deals in person because I'm at my desk at work all day. Also, in 5 months from now, my student loans become due, so I have a time crunch on the time within which I must have tied up my first deal (hoping to BRRRR). I believe that I could have access to private money for solid deals. How would you solve the problems of being physically located in a city you're priced out of, without the time availability to drive for dollars, do personal inspection, etc. to find an amazing deal? It's crazy how motivated you can become when you realize if you got fired from your job there's no way you could afford your monthly rent...

[Kuba F.]

Hi @Julius Dixon

You have some pretty difficult constraints. I'm not sure if you meant that you want to get a full round of BRRRR done in 5 months before your student loans are due, and if that's the case, I'm not sure that's possible. Without deal flow, the lead time to buy will be a few months, selling could take a few months unless you're in a hot market, if you are refinancing then do you need to season for 6months, and of course there's rehab time. But if by tied up you mean just the B, then you should have plenty of time as long as you don't get analysis paralysis, and then your biggest problem becomes sourcing the deals. If you have access to private money, my suggestion would be to partner with someone who already has some experience, and who can do more of the legwork while you're at work.

As far as a license, I think under your constraints, that's pretty much going to be a distraction for you.  Eventually it makes sense to have a license on your team, whether that's you, or your partners, but right now your job is to find some deals.

Good luck,

Kuba