Advice for someone starting in New York

3 Replies

It is probably impossible to start yourself off in New York unless you’re born in a super rich family in my opinion. Because of the skyrocketing prices that are here I’m just a simple property what is advice you can give to someone that wants to start himself off in New York and doesn’t wanna go out to state

but doesn’t have that much money

@Dov Schoenbrun

Hey Dov,

Real estate in New York is tough no matter how you look at it. First things first I would say an average starting price for anything in our area is $400k-$600k looking at 20-25% down you need $80k-$120k of capital to get started. Obviously being a cashier at a fast food chain will have its limits on investing so anyone who wants to get serious in this market should have an above average income to make things possible. But I do know people who make $150k a year and only rent because they are horrible with there finances. Being financially literate is the first step, in my opinion someone can be a bartender (pre COVID 19 restrictions) hustle there *** off and make $1000-$2000+ a week and save there way into a real estate investment. So my advice to you not knowing your current situation would be too educate the hell out of yourself! Save as much as possible! Become financially literate making wise financial decisions on a daily basis and then learning everything you can about the world of real estate! People use FHA loans for 3.5% down on a 2 family and "house hack" so a $400k 2 family home in our market might only cost you $12k to get started. If all of this seem out of reach then you can always look at other markets in upstate New York such as Albany where a 2 family can go for $80-$100k and you might only need $5k to invest.

Best of luck and feel free to message me for any info

@Dov Schoenbrun If investing in NY was impossible, then there wouldn't be any investors here. You do not have to be from a rich family to get started. My first piece of advice would be the switch this "impossible" mindset to asking "how can I?" instead. When you constantly ask how you can do something, it forces you to think of other solutions. @Nicholas Mann and @Nick Rutkowski have already provided two different types of ways to go about it. There are several other ways as well - it's definitely possible. Just have to want it bad enough and find a way to make it happen.

Might not be a bad idea to get in touch with @Abel Curiel . He's an agent who understands investing and specializes in the Queens area. He might have some different strategies for you in that market.

Best of luck!