New to Real Estate · New york city · Member since 2020 · 41 posts · 20 votes
What does the process look like for someone like myself from NYC who is trying to invest in their first rental property out of state and with little to no money down? 12 year history of credit is great and above 800. Interested in a small single family home to start.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
5y
Hey @Cesar Gomez everyone's journey is different, but from my view point and experience real estate investing requires sacrifice. What are you willing to give up to get the first property?
Nobody invests for free. Without money (skin in the game) you can't do much. Work more hours, pick up a second job, do whatever you can to save $15-20K and see what happens. That's a nice chuck of change. It's enough to rehab distressed SFH in my market.
Market research is everything. If you don't have much cash find a great DEAL. The money part will come after that. Get connected with local agents, investors, or friends and family. Visit the market and connect with people that know someone interested in selling off market.
Think outside of the box. If you can't fund the deal what else can you do? If you can add value to someone (seller, investor partner, friend) you'll get the deal done. None of this is rocket science. That's what makes REI so fun. Good luck man.
New to Real Estate · New york city · Member since 2020 · 41 posts · 20 votes
5y
@Jaron Walling Thanks Jaron! Really appreciate that. Yes I'm willing to put everything on the line to get started. I have between 5k and 10k saved right now. Also 25k in credit available. But I am going to start networking more. I have been researching for about a year or so now, so now is this time for me to start acting on it. Talking to agents, investors, and anyone who can push me forward and give me more insight. I have seen some distressed properties in a near by state that going for some good low ball prices in good family residential areas. Reading Brandon's book is getting me fired up lol.