Good evening BP members. My name is Mark. I’m currently living in Maspeth NY and I’m interested in getting in to the real estate business. I think house hacking would be my best option starting out. Myself and my partner make very good money between us and and would like to buy something in the queens area. The prices are high in queens but we would be willing to move a lil further out if needed. Any advice on how to get started or how to identify an up and coming area ? Thanks
Welcome @Mark ONeill and congrats on making the jump! If you'd like to learn how to better analyze markets, consider Neal Bawa's (free) course on Udemy (dot com). Just go to that site, and search his name, and click the first course that pops up, something about Best Cities or neighborhood or something like that. It is a wealth of info for you to consider when choosing a market.
Beyond that, I'll ask some basic Q's to help you consider your path:
Why real estate?
What are you hoping to get out of this short term? Long term?
Are you looking to be an active investor, or passive investor?
And yes, House Hacking is the winning move if you can swing it.
Excited for you! Go get em!
@Chris Collins has asked some great questions. Quick thoughts. House hacking can be a great way to start. Duplexes are great starters, but 4+ units can be more scalable and can help mitigate risks on vacancy/turnover downtime. Buy good fundamentals, not projections. Good luck and welcome to BP. You will learn a ton. Learn more before you jump into anything.
@Chris Collins Hi Chris. Thank you for your reply. I’m definitely looking to be an active investor. Just want to make the right first step 👌
@John Drowns Hi John. Yes i definitely believe house hacking is the best way to get started. That is how I plan on getting started and then hopefully away I go.