New to the Industry, on the East Coast

New to the Industry, on the East Coast

New to Real Estate · DMV & NYC · Member since 2021 · 8 posts · 7 votes

Hey BP Community,

I am brand new to the real estate world and have been researching for months (analysis paralysis?) getting prepared to purchase my first home. I am looking to network and learn from others, both experienced investors and newbies with their own perspective! 

What drew me to REI is the possibility for short term rentals; the hospitality industry has always been of great interest to me and I'd like to provide experiences in cities along the East Coast. In this initial stage though, I am searching for a multifamily unit, preferably in DC or the DMV area. I spend much of my time in MD, but currently live in NYC and work in NJ! Eventually I'd like to invest in several properties along the East Coast, including Orlando and Tampa, FL for short term rentals.

I would love to understand how you got started in RE, how you found deals (is there such thing as off-market deals in this climate?) and what made you successful in this industry. I am looking to network with this like-minded community, share ideas, and understand today's market in 2022. Looking forward to chatting with you!

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Member since 2021 · 112 posts · 59 votes
4y

Hey Courtney! I saw you are looking to buy your first property. Did you mean investment, personal or are you planning to house hack? I personally started off with a home for myself that I then flipped. This pulled me into the world of flipping. I now flip as well as use the BRRR strategy for buy and hold properties to build wealth.

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  • Member since 2021 · 112 posts · 59 votes
    4y

    Hey Courtney! I saw you are looking to buy your first property. Did you mean investment, personal or are you planning to house hack? I personally started off with a home for myself that I then flipped. This pulled me into the world of flipping. I now flip as well as use the BRRR strategy for buy and hold properties to build wealth.

  • New to Real Estate · DMV & NYC · Member since 2021 · 8 posts · 7 votes
    4y

    Hi Tsipora! I am aiming for an investment property, but also do not want to lose out on the FHA loan opportunity. So I think purchasing a multi-family that I can live in and rent out would be my best option. Thanks for sharing your experience. I think the BRRR strategy would also work well for me for subsequent purchases. I like the idea of holding and build equity. What markets do you typically look in and will you be continuing your same strategy for 2022?

  • Investor · Rochester, NY · Member since 2016 · 576 posts · 358 votes
    4y

    Seems like your geographical area is perfect for your plan and goals. The DC area  has a tremendous demand market for short term rental. Best of luck to you!

  • Jay BreitlowPro Member
    Property Manager · Orlando, FL · Member since 2020 · 137 posts · 85 votes
    4y

    You have the right mindset, so first and foremost you will be a success anywhere you go. My wife and I moved to Orlando from Colorado 2 years ago for the real estate and the sun.  We have since started acquiring property and also have a Short term property management business.  I will say this, anyone who is putting in the amount of work you are will be a success.  If I can help you get comfortable in and around ORL let me know.  We would love to chat up the area irrespective of your timeline.

  • New to Real Estate · DMV & NYC · Member since 2021 · 8 posts · 7 votes
    4y

    Thanks for your responses and support! It is so nice to hear your positive and motivating messages.

    @Jay Breitlow - LOVE Colorado, what a courageous move! Congratulations to you and your family- you are definitely in the right location for the business :)  I would love to hear more regarding your property mgt business-- I've really only explored the 'vacasas' of this area but want to understand what all is out there. Do you have a website?

  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    4y

    Hi Courtney, welcome BiggerPockets! You came to the right place to learn more about real estate investing!


  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    4y

    @Courtney Allen

    Welcome to Bigger Pockets!

    You’ll find plenty of friendly, knowledgeable people willing to help respond to your questions.

    There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides


    I really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

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