I upgraded to Pro couple weeks ago. I'm a wannabe investor, and about to sign up for an online course to get my real estate license in New York â I live in Manhattan. I've been lurking on this forum for awhile trying to educate myself about Short Term Rentals â I use Airbnb where I can when I travel, and love it, and want to run STR myself. After searching for a perfect potential STR for couple years it suddenly hits me that why narrow my options to STR? I obviously love to travel and want to make a living from real estate! I now open to all things related real estate investment. The goal is to set me free! So I cut down, way down, on my working hours (fortunately I'm a freelancer and have control over my hours), upgraded to BP Pro, read everything related to real estate investment, sign up to get my license (not to sell properties, just to learn the business), listen to tons of podcast... So I'm a newbie, a wannabe investor, have plenty of times, some cash and amazing credits. I also own a coop in Manhattan. Any ideas, suggestions, advices? I'm all ears. Willing to partner up too, or become a mentee if someone willing:)
@Adam Harper , if you own a co-op in NYC, and are serious about investing, that is a great starting point. If you can sell that, and turn it into a 2-4 family to househack in the surronding area, you will be on your way. You can also try to use one of the units as a STR in the right area.
Out of curiosity, how do you think getting your RE license will help you learn the business?
Best of luck on your journey!
@Scott Wolf , I'm open for anything, but house hacking, lol. OK, I'll take that back. Living in NYC is important to me and house hacking in NYC is out of reach unless I can afford a brownstone, which usually is in 7 figures range. Also, NYC is one of the most anti-STR cities in the country, from what I gather in my hunt for the perfect STR. Regarding getting RE license, I don't have specific reasons but I always value educations and knowledge, and whatever I want to do in life I want to be an expert. When I know what I'm talking about and believe what I say others will believe me too. Thank you for your reply.
Theres no point of getting your RE License just to "Learn", your license will become a liability not an asset.. In order to keep your license you will need to park it w a licensed Broker and there will be revolving fees involved to keep your license.. If you will not be a realtor there's no point to have a license.
I suggest continue learning, AIRBNB is great for some but if you're planning on doing AIRBNB in NYC make sure you understand the laws there has been recent changes and unfortunately not for the better for investors.
As @Scott Wolf mentioned having a Coop is a good start if you have good equity you can tap into it and can be used as a good downpayment. You need to give yourself a budget and depending on your finance and downpayment you have available it will determine the market and type of property you can afford. If your downpayment is low you will need to find a different market, we have 3 major airports endless possibilities of markets to pick from!!!!
@Raul R. Thank you for the advice. I won't be doing STR in NYC since the laws so tough on the owners here. I'm leaning toward multi-family home rentals investment, turnkey or rehab. And it won't be in NYC or even tri-states area since the market is too high to have any cash flow. I have to find a market first. In the meantime I will study for RE license I know It will have more pro than con for me if I'm in this for a long haul. Thanks again.
If you're already set on your RE investing niche (STR's), then your next step should be:
1) continue learning all you can about it.
2) concentrate on selecting a market.
3) once you identify your market, you got to build your team there: maintenance, cleaning, attorney, insurance broker, etc...
4) find place(s) to rent and take action
You should also network along the way, locally and in the identified market by going to the REI events.
@Alina Trigub , thank you! I'm thinking Philadelphia, buy and hold multi-family home. It's an 2-hour drive from NYC and pricing is reasonable. I also like the old architectural properties.
What's your cashflow goals? We target small towns in Texas. Buy SFH for 10k, owner finance using fb marketplace for 40-60k and the take out a loan against the deeds of trust.
Mitch Stephens does this too I believe and offers coaching... It's more of a side hustle for us now that we are doing small apartment deals.
@Corey Thompson , good question! it depends on how much $ I put in, I guess. What would be a good percentage for cashflow, you think?
We prefer dead 8. No less than 20% though.
@Corey Thompson , not sure what you mean dead 8?
Sounds like you're set on step #2. So go ahead and jump to the next step, but don't avoid step #1 I listed.
Originally posted by @Adam Harper :
@Alina Trigub, thank you! I'm thinking Philadelphia, buy and hold multi-family home. It's an 2-hour drive from NYC and pricing is reasonable. I also like the old architectural properties.
@Adam Harper lay an 8 sideways
There are certain disclosures that come with being an agent. If you are strictly going to invest getting your license may not be the best idea.
@Matthew Irish-Jones , thank you for the advice! I have read many blogs and articles about the pros and cons on this issues. I’d say 50/50 divided. However, I side on the licensed. I hate to approach something and not fully understand or blurring the lines of legality.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing