New member from New York City (open to invest elsewhere)

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New member from New York City (open to invest elsewhere)

Adam Shbib
Banker · New York City, NY · Member since 2013 · 7 posts · 2 votes

BP Community,

Uh oh. . another newbie! Hello BP members - thanks for taking the time to read yet another 1st (but not the last) post!

Quick intro - 25 Yrs - Lived and educated in the England, the Middle - East, and California - Currently live in New York. Work on Wall St in Relationship Management at a Global Investment Bank.

I have enjoyed trying my hand at entrepreneurship from a primitive age and have always appreciated the education those ventures have provided me through success or failure. My first major investment has involved running a ticket brokerage firm which (after 2 years of hard work) yields me a solid fairly passive income for minimal effort. I enjoy the feeling of investing in something that can yield greater value in the long run provided one thinks out of the box, is not too fearful of failure and has enough patience to seek the desired results.

After doing some homework (thank you BP for the insight and knowledge provided - I greatly appreciate it) I am seeking the next necessary steps in order to begin on a journey of building a portfolio of buy and hold properties and to reach my ultimate goal in creating enough passive income in order to retire before I am 50.

Steps I am taking:

1. Research research research

2. Do those 75 hours at NYREI to obtain the sales license

3. Expand REI network - Introduce yourself I want to meet you!

4. Sourced 2/3 partners who are willing to invest with me (need to figure out how to structure that) Look into the FHA loan more in depth.

5. Find a state and area to specialize in - on the surface it seems New York seems extremely difficult to get started in?

6. Work on increasing credit score (new lines of credit/ keep utilization low)

I have a ton of questions/ forum topics mostly related to the above. I think it is best if I post them as separate posts.. In this post it would be great for people to introduce themselves/ maybe comment on my steps/ or just say hello! I understand it is all about helping others out and I am limited in advanced REI knowledge, however I am happy to provide information regarding the Ticket Brokerage world for those interested!

Thanks,

Adam

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Pete Nater
Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
13y

I complete agree with @Darren Sager ,"


If either of you do decide its worthwhile in getting your license I'd highly recommend parking with Keller Williams. Your take home is higher and Gary Keller is an investor himself writing several books of which are recommended highly by a number of BP'ers. " I've read two of his books MREI & MREA.

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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    13y

    Hello and welcome @Adam Shbib to Bigger Pockets!

    I wouldn't say "uh oh another newbie" but rather "awesome! another person ready to begin their investing career!"

    (Quick Tip: "Awesome" is the word of choice on Bigger Pockets.)

    Podcast Guest on Show #29
    0Reply
  • Adam Shbib
    OP
    Banker · New York City, NY · Member since 2013 · 7 posts · 2 votes
    13y

    Haha I am only joking Dawn. But in all seriousness - It seems like there are too many members who post their first post never to return to the boards again.

    I looked at your bio Dawn. Mighty impressive I must say! Are you close to hitting your goal? :)

    0Reply
  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    13y

    @Adam Shbib

    I don't like to put the cart before the horse, but I'm getting there. 2013 ends in just 3 months!

    Podcast Guest on Show #29
    0Reply
  • Eva Marin
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    Hi @Adam Shbib

    welcome to BP :)

    I think you plan is good, you are heading in the right direction.

    I am in the Bronx, my plan is to buy my first investment property (duplex or triplex) here in the Bronx, within the next 4 to 6 months. Right now just as you say I am searching and learning, contacting people, making phones call and getting to know the business little by little.

    If you want to talk sometime will be great to discuss and exchange ideas.

    My 2 cents, let's keep learning, learning and learning from the people who already are doing it right like @Dawn Anastasi ...congratulations Dawn, it is very inspiring to see other women doing REI so successfully

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  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    Welcome to BP. I'm in the Bronx. We've started a NYC area meetup or BP members. Here's the link to the group http://www.meetup.com/Unofficial-BP-NYC-Real-Estate-meetup/

    0Reply
  • Adam Shbib
    OP
    Banker · New York City, NY · Member since 2013 · 7 posts · 2 votes
    13y

    Thanks for your '2 cents' @Eva Marin it would be great to talk to someone from a similar area and get a grasp of where you see the market moving in the next 10 years. You may be interested in this article I read the other day about the opportunities of investing in Harlem. Will send you a PM so we can talk more. @Pete Nater thanks for the link. I will make sure to attend the next meet up!

    1Reply
  • Eva Marin
    Homeowner · Bronx, NY · Member since 2013 · 23 posts · 3 votes
    13y

    @Adam Shbib thanks for the article, just read it now, really good, they talk about north of pelham parkway for houses and that's where i am looking at :) great!! and then they talked about havana cafe haha funny ( i am cuban) ..lol

    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Welcome to BP @Adam Shbib . I agree with @Dawn Anastasi that its not uh-oh but awesome! The more the merrier in my opinion. I like the fact that you came on here with a plan in mind. Its good to see your organized thought. I'm currently licensed in NJ and have started courses for my NY license. If you're not going to do investing in NY thought I would recommend not getting your license as you'll not get a return on it other than the occasional referral fee. My friend @Pete Nater is right about coming to the local meet ups and networking. There's a good chance you can meet up with some other investors who want to partner up. If you need source for an FHA loan let me know and I'll send you some contacts. If you need other sourcing let me know however if you're a banker you might be good to go in that department. Be sure to ask your questions. You'll find there's always someone who'd been there and done that. Most importantly here on BP they're willing to give you advice and share with how you can be your best at it.

    862-208-2287Podcast Guest on Show #48
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  • John Moore
    House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    13y

    Welcome to the BP family, where everyone shares. It is truly amazing just how many people are willing to participate and share their knowledge. I'm in Pennsylvania, yet most of my clients come from the NY metro area and commute. I'm a flipper, yet there are a lot of buy and hold types in this market, it's about 2 hours from the Big Apple (dated). Again welcome aboard.

    0Reply
  • Account Closed
    Brooklyn, NY · Member since 2013 · 19 posts · 4 votes
    13y

    Hi Adam,

    Welcome aboard! I'm across the East River in Brooklyn. Best of luck to you as you put more time and energy into your growth as a real estate investor.

    I'll look forward to meeting you at one of the meet ups!

    John

    0Reply
  • Adam Shbib
    OP
    Banker · New York City, NY · Member since 2013 · 7 posts · 2 votes
    13y

    Thanks for your insights @Darren Sager . From what I have read - the FHA loan seems to be a great starting point; especially to utilize in a market where the prices are generally quite steep. I need to learn more about it and other forms of financing (on a more advanced level I feel). Once I have done that I will certainly reach out to you for your contacts - that would be great thanks! Lastly, when you say return (on getting a NY license) what do you refer to? The time aspect, monetary or both? It's $250 to do the course and take the test and $2500 for the MLS etc? It's definitely a shame there is a lack of reciprocity between most states for the license - they really have it figured out don't they..

    @John Moore Nice to meet you too.. do you attend local meet ups in NY?

    @Account Closed I'll see you soon!

    0Reply
  • Charmaine M.
    Queens NY, NY · Member since 2013 · 467 posts · 107 votes
    13y

    Welcome!!

    Tons of info and a great bunch of people and resources.

    Good Luck!!

    0Reply
  • Account Closed
    Real Estate Investor · Philadelphia, PA · Member since 2012 · 20 posts · 10 votes
    13y

    Hey welcome @Adam Shbib Sounds like you have a solid plan in place and I wish you all the success in your journey! If you're trying to take the salesperson's license course in NY there's a groupon right now offering it for $150 check it out:

    http://www.groupon.com/deals/real-estate-education-center

    Also you need to park your license with a broker to get access to the MLS/have a valid license (correct me if I am wrong), have you thought about who you will work for/with?

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  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    @Adam Shbib I don't think its worth getting your license in a state where you'll have to pay to park it and you will not be selling/investing in that state to make it worth your while. Here's the list of states that offer reciprocity to a New York real estate salesperson or broker license:

    http://www.dos.ny.gov/licensing/realestate/re_reciprocity.html

    Unless you're planning on investing in those other states I would recommend saving your money unless you really want to have a license. Along with that comes continuing education, E&O insurance, etc. I wish that NJ and NY had reciprocity but they don't and hence why I'm getting my NY license.

    @Account Closed That's a great rate. Wish I could take advantage of it however online classes work best for me. By the way welcome to BP as well!

    If either of you do decide its worthwhile in getting your license I'd highly recommend parking with Keller Williams. Your take home is higher and Gary Keller is an investor himself writing several books of which are recommended highly by a number of BP'ers. Feel free to reach out to me if you'd like to know more. I'm going to be parking my license at the Park Avenue office in Manhattan.

    862-208-2287Podcast Guest on Show #48
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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey @Adam Shbib! Welcome to the site! Definitely start jumping into the community here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

    Also - here's a couple articles you might enjoy:

    The 21 Best Real Estate Investing Books Ever

    How to Rent Your House: The Definitive Step by Step Guide

    How to Be a Landlord: Ten Tips for Success

    How to Start Investing In Real Estate at a Young Age

    See you around the site!

    Podcast Guest on Show #92
    0Reply
  • Shlomi Mor
    Rental Property Investor · New York City, NY · Member since 2013 · 48 posts · 4 votes
    13y

    @Adam Shbib welcome to BP

    I hear a lot of advice that is being said over and over again about the importance of having access to the MLS and it was said again in podcast 37 which was FANTASTIC

    However , I it is better to figure out the farm zone first before investing in the license....

    But anyway I wish you best of luck and I hope to see you in one of the meetup!

    0Reply
  • William Robison
    Real Estate Consultant · Kansas City, MO · Member since 2013 · 388 posts · 200 votes
    13y

    @Adam Shbib

    Welcome to the BP..again.

    The resources are awesome at the forum. Blogs can be very insightful too.

    When looking at markets, focus on where you can find a reasonable cap rate with appropriate property grade risk. Sure, there are several areas where the cap rate can be huge, but there is an inheritant risk involved to be managed and measured. The midwest is a good, stable market area with good cap rates for the managed risk.

    It appears that you have a good plan. Give some consideration to building your portfolio using a self-directed IRA that can grow your wealth without tax on capital gains. Using trusts will also give you added personal protection on top of an LLC. Given your profession, you likely understand these tools and their value.

    All the best. Let us know how we can help you.

    0Reply
  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    I complete agree with @Darren Sager ,"


    If either of you do decide its worthwhile in getting your license I'd highly recommend parking with Keller Williams. Your take home is higher and Gary Keller is an investor himself writing several books of which are recommended highly by a number of BP'ers. " I've read two of his books MREI & MREA.

    1Reply
  • Adam Shbib
    OP
    Banker · New York City, NY · Member since 2013 · 7 posts · 2 votes
    13y

    @William Robison there are definitely deals to be found in every state and specializing in your own market has a tremendous advantage in terms of finding the greatest value. I am however, highly attracted to other markets after doing some simple macro analysis. Texas (Houston specifically) being on the top of my list. After your comments (@Shlomi Mor and @Darren Sager ) I have to re evaluate whether getting the license is worthwhile. I must admit (and I hope my employers do not see this comment) but I am quite taken into the idea of being an agent! It's really something I can see myself being proficient in and would help me develop the skills and network for developing my own portfolio in property. I believe that it's almost a must in today's fickle economy to be able to perform at multiple jobs/ have more than one job (especially in markets such as NY)! I have had countless conversations with agents after a prolonged search for a new rental apartment about their line of work.. all of them either reportedly love it or hate it.. To me it seems if you are good at the job (and you have a passion for RE then you most likely like it) I am sure there are many other factors such as agent competition/ market conditions etc - maybe @Pete Nater @Darren Sager you could comment on that? Thanks for your feedback @William Robison may contact you soon for some additional insights on setting up a trust/ using the IRA to avoid taxation.

    Adam

    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    @Adam Shbib if you want to get your license to work part time as an agent and have a back up plan with your current then that's a better reason in my opinion. If you do get it, utilize it part time and see if you can turn it into a full time career allowing you more flexibility to focus on your investments. While having your license you will get a better understanding of the local market and possible opportunities for yourself. I'd be happy to talk to you more about this option if you like. Just let me know.

    862-208-2287Podcast Guest on Show #48
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