Hello everyone, I joined last week! I reside in New York and I'm looking to invest and live in a MFP in the Westchester County, Bronx County or Fairfield County area. I'm looking for good deals, as this will be my first property. For those who know about this market, what do you suggest?
Hi Colet, welcome to BP! There are a lot of people on here working in the markets you mentioned. Best of luck!
Hello @Colet Coke and welcome to the forums. You'll find a lot of useful information here. I strongly suggest you read up as much as you can and put the knowledge into practice.
First and foremost, you may want to enlist the service of a Real Estate Agent in the market you are looking to invest in. You'll want to know your numbers, be pre-approved, and be willing to be coached on how to go about purchasing investment property. If you choose to go at it alone, that is fine. Just be prepared to do a lot of the leg work.
Then the shopping begins. Explain to your agent what numbers you would like and he/she will present you with properties and hopefully do the analysis for you. They will likely want you to sign an Exclusive Right to Represent as most agents wish to have some assurance in writing for the amount of work it takes to analyze properties and show.
And ask questions! Ask many many many questions!
Congrats on taking the 1st steps to buying your 1st property! There is a lot of information here on this site as to how to find deals. You should definitely look into networking, check out the bigger pockets events and happenings page to find some local places.
You should definitely interview some realtors that have experience in multifamily and in the areas you mentioned. Look into getting preapproved with a local lender that's in the market. It will help with offers being accepted in a multiple offer situation.
Thank you everyone! I found a great deal, I just need to work out the numbers.