Investor · farmingdale NY · Member since 2013 · 37 posts · 5 votes
New to bigger pockets and brand new to RE investing. Looking to gather some tips from you guys and maybe answer some questions. I am based out of Long Island NY and have been researching and reading about RE investing for little over half a year. I have read the bigger pockets beginners guide as well as many other RE books and listen to the pod casts daily. Basically My partner and I want to get started in wholesaling and gradually start flipping and acquire buy and hold properties. Can someone guide me in the right direction to get started. Do we need to contact lawyers and title company's? Build a buyers list? Drive for dollars? Appreciate all comments and help
Rental Property Investor · Long Island, NY · Member since 2013 · 44 posts · 9 votes
12y
Anthony, Welcome to BiggerPockets. I am a fellow Long Islander myself. This is a great website to get questions answered and meet fellow investors. I started my company up in CT as the property is cheaper and I have a good niche up here.
I highly recommend on joining your local REI Club and any other Investment clubs that you can get to. From there you will find buyers, sellers, and fellow entrepreneurs like yourself. You can add me to your buyers list. Shoot me a message with the questions that you need answered.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Anthony Favoroso welcome to the site! I'm glad you are getting some good wisdom from the site.
As for the best place to start- I think you've found it: the forums. Seriously, jump in every day and ask questions, engage in conversations, and meet people on the site who are doing what you want to do. Soon, it will become very clear what the next step is!
Real Estate Investor · Boca Raton, FL · Member since 2013 · 56 posts · 4 votes
12y
That's awesome that you guys are able to answer Anthony's questions. It motivates me that there's other investors that are willing to help. I'm in the same position as Anthony and I've been contacting anyone I can for advice but as you know that not everyone is willing to give advice for free. Great post
Do we need to contact lawyers and title company's? Build a buyers list? Drive for dollars?
Yes. Yes. Yes.
Lawyers, unfortunately are a requirement in NY. I'm always so envious of those who can close with a 1 page contract and a title company.
You're attorney will refer you to their preferred title company. Since New York is regulated - title insurance cost the same no matter who writes it. So it doesn't matter too much who you choose it just gets down the service and most title companies, at least around here, have excellent service advice to join a REIA is excellent. It's one the first things I did and it's been fantastic.
House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
12y
Welcome to the BP family. I would suggest you evaluate the money you have available to invest and select the geographic area that you can get the largest bang for your buck. You need to determine if you are going after sfh or multi-family; distressed, fixer uppers or ones that only need cosmetic improvement. I would attempt to determine in which direction you wish to take and explore the opportunities. Hope this gives you food for thought. Again, welcome aboard.