New from New York (NYC / Manhattan)

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New from New York (NYC / Manhattan)

Parul S.
New York, NY · Member since 2013 · 24 posts · 4 votes

My name is Parul, I live in New York City and I am a newbie to the world of real estate investing! While new to the world of investing, the last decade of living in 5 apartments throughout the city and now owning the apartment that I live in (with my husband) has given me sufficient exposure to the world of real estate to know that I was bitten by the real estate bug.

I now have a bit of capital to invest, and some free time to explore the world of real estate investing. Through preliminary research, I am considering a buy and hold strategy for passive income via single family homes using my own (leveraged) capital.

In my brief time on BP.com, I have been very impressed by the knowledge, camaraderie and overall generosity of the members of this site. I look forward to the year ahead!

In terms of next steps, my first challenge is to find a neighborhood that I want to focus on. Unfortunately, the neighborhood I am most familiar with (Manhattan) does not currently provide realistic or attractive options for my level of capital. I am open to focusing on neighborhoods anywhere in the country. Any suggestions, blogs, articles on how to develop and hone knowledge of locations/neighborhoods? Thank-you very much!

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J. MartinPro Member
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y

Hi Parul, and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

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  • Account Closed
    Landlord · NY · Member since 2013 · 23 posts · 5 votes
    12y

    Hi Parul-

    Welcome to BP. Also from Manhattan, NYC. First, you need to ask yourself what you want to do, how comfortable you are with leverage and if you can borrow money.

    In Manhattan, the returns are very, VERY low right now because the rent/sales price model will not work in Manhattan (or much of the NYC boroughs as well). Since you own your own apartment, have you borrowed against it (Mortgage, HELOC, etc). If not, you could borrow against it and use those proceeds to invest into cash flowing properties.

    You will want to narrow your search down- search on zillow, streeteasy for single-families first. Deal with areas you have at least some knowledge, wouldn't recommend going blind into a new market.

    Hope this helps!

    0Reply
  • Mehran K.
    Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
    12y

    Welcome to the site @Parul S.! I live in Los Angeles and feel the same way about my local market. I turned toward investing out of state and have been extremely happy so far.

    I talk a bit about how I researched and got the information I needed to move forward on the 25th BP Podcast

    I think my segment comes on around 48 minutes. Hope that helps! If you have any questions, just ask.

    0Reply
  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    12y

    @Parul S. welcome to the site! There are many people here to answer your questions and give advice. Ultimately though you need to make some decisions on what you want to do.

    It sounds like of the myriad of options on how to invest, you have decided on "buy and hold". Now you need to find a location. Do you want to stay investing in New York, or open the field to potentially investing anywhere in the country? Does that make you comfortable?

    Podcast Guest on Show #29
    0Reply
  • Joe Fairless
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Parul S. - welcome to BP and nice to see a fellow NYCer on here! I have the same challenge as you do. A great quote is "live where you want to live but invest where the #s make sense." I live in NYC but invest in emerging markets for cash flow.

    I recommend you first start looking at markets you'd like to invest in then qualify them based on their market qualifications. Market qualifications range from population size to being landlord friendly to, most importantly, JOBS.

    0Reply
  • Mark Ferguson
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    Welcome to the site ! You've found a great resource.

    0Reply
  • John Moore
    House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    12y

    Welcome to the BP family. Hope you and your family have a healthy and prosperous New Year. You might consider New Jersey as it would be easy to supervise your investment, close enough to have oversight and far enough away not to be to involved. You should start exploring after the first of the year.

    0Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    12y

    Welcome to BP Nation Parul.

    Podcast Guest on Show #130
    0Reply
  • Parul S.
    OP
    New York, NY · Member since 2013 · 24 posts · 4 votes
    12y

    Thank-you @Mehran Kamari. I have downloaded the aforementioned podcast and will be listening to it shortly!

    @Dawn Anastasi - thank-you for your message. I am comfortable investing anywhere in the country, as long as the numbers make sense!

    @Joe Fairless - great quote! Any resources that you've used that have helped you assess market qualifications?

    @John Moore - I'm open to opportunities in the Garden State (or anywhere else for that matter)! Let me know if you have any tips or advice for NJ.

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Parul S. welcome to BP! I appreciate the kind words! See you around the forums!

    Podcast Guest on Show #92
    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    Welcome to BP @Parul S. ! Is living in Manhattan a requirement for you and your family? I'll admit its a great place to be and live however if you consider living outside of it while having easy access to it via the subway or train there's a great chance you lower your cost of living by purchasing a small multi family and living in one of the units. From there you can build into more rental units. My suggestion would be if you're starting out to keep things as close by as possible while you learn the ropes. No doubt being here on BP will bring you up to speed faster than most places however there's no way to force experience into you. Keep it close by and make it as easy as possible for yourself so you can be happy with it. That will keep you going at it long term.

    862-208-2287Podcast Guest on Show #48
    0Reply
  • Aly W.
    Investor · Middletown, NJ · Member since 2008 · 2k+ posts · 1k+ votes
    12y

    Welcome @Parul S.! I live in NJ and my husband and I have 2 rental properties in Trenton. We started investing there before discovering FL rentals about 5 years ago. Trenton is still affordable from a buy and hold perspective, and certainly compared to NY. Finding quality tenants is a bit challenging, as it's a city with problems, but it's close to where you live now.

    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    12y

    Hi Parul! Sounds like you definitely got a good start into RE. And you are already up on not all areas providing good returns, so you're already miles ahead of most!

    I'm in the same boat you are... I live in LA and investing here makes zero sense for buy and holds. I only buy out-of-state. My properties are all in Atlanta, but that market has gotten a lot harder since I bought there. There are still good deals, but if you are leveraging it's not fantastic because of a broken appraisal system. Dallas and Houston are great markets right now and they are both good for appraisals. Chicago is also a good one. Indianapolis has some good stuff, older and not as nice of areas but not bad areas either, but they have the appraisal issue also.

    If I were going to buy something tomorrow, I'd buy in Dallas. That's probably the most popular I know of and I know of tons of people buying there. It's still a newer market so the prices haven't risen as much as somewhere like Atlanta yet, but the growth potential is huge.

    Hope that helps!

    0Reply
  • Shawn Holsapple
    Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    12y

    Welcome @Parul S. !

    I understand your frustration with your local market. I work with several landlords from markets similar to yours. Have you considered Indianapolis? There's more than cornfields and cows here! Indy white collar unemployment is under 3.5%. We have several manufacturing companies with headquarters here plus several fortune 500 companies.

    With realistic returns of 12%-15% and purchase prices of under $60k, it's hard to beat the mid-west for cash flow.

    Good luck on your search and let me know if you have any questions I may assist you with.

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Parul S.

    Welcome. You might locate and attend your local landlord association meetings great learning arena and potential to find deals.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here wholeslaers will provide deals and rehabbers can do the work.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Good Luck

    Paul

    0Reply
  • Charmaine M.
    Queens NY, NY · Member since 2013 · 467 posts · 107 votes
    12y

    Welcome to the site!!

    0Reply
  • Parul S.
    OP
    New York, NY · Member since 2013 · 24 posts · 4 votes
    12y

    @Shawn Holsapple - thank-you for the tip on Indianapolis - I will add to my short list of towns. Any tips on MLS access?

    @Paul Timmins - I'm trying to read as much as I can and both of those books sound like great resources. Thank-you.

    0Reply
  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    Hi Parul, and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

    2Reply
  • Parul S.
    OP
    New York, NY · Member since 2013 · 24 posts · 4 votes
    12y

    @J. Martin - super helpful - thank you so much! Had no idea about the vote button and just figured out the @ mention today. I have a long way to go, don't I? :)

    0Reply
  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    More than enough to get started @Parul S. ;)
    Definitely tap all the great knowledge on the site. There are wonderful and super helpful people, although having posted quite a bit lately, I would rate the mechanics of the website only OK.. The @ symbol you just figured out doesn't work a lot of the time, it's hard to see all the text in the PM's you send to people, and they're making a lot of improvements on the local networking searches.. @Joshua D. , hope to see these improvements in the future (hopefully the Pro dues help out..!) But great and super helpful people..

    I might suggest looking into FHA loans for an owner-occupied duplex or 4plex if you're willing to be flexible where you live, given your goals.. It's a great way to utilize a little capital to go a long ways (they typically underwrite 75% of non-owner occupied rents with your income), although it may require moving to a very different area if you're in NYC (like SF Bay Area where I'm at). But I moved to a reasonably commutable distance for a year, and worked out great - even better than I thought. And made a nice perpetual cash flow in the process..

    Anyway, welcome again, and good luck!

    0Reply
  • Javier Diaz
    Involved In Real Estate · Woodhaven, NY · Member since 2013 · 77 posts · 11 votes
    12y

    Hey Parul!

    I know I'm a little late to the party but I get excited when I find a fellow New Yorker on the site. I'm in a similar boat as you as I currently live in Queens and work in Manhattan. I don't have a ton of knowledge or experience investing but I've been an RE agent in Manhattan for 18 months now an aspiring investor since I was 20yrs old and a BP member for about 4 weeks. I'm absorbing as much info and reading as many books as I can. I hope to start investing within the first quarter of this year. I know it will be tough in NY, but I find that Queens and some areas of Brooklyn are still very much "ripe for the picking." Plenty of fixer uppers, and distressed properties to start flipping or wholesaling. So, Welcome to BP. Enjoy the wealth of knowledge and camaraderie it offers.

    Hope to see you there!

    JD-

    0Reply
  • Parul S.
    OP
    New York, NY · Member since 2013 · 24 posts · 4 votes
    12y

    @Javier Diaz - great to meet you JD and also excited to hear from a fellow BP-member from NYC! I hear the same about Queens and Brooklyn and agree with you on the opportunities - just need to know where to look.

    Unfortunately, I am out of town on work on 1/14 so I'm really gutted that I won't be able to make the BP meet-up and see Brandon :(

    But I have a husband whose done RE investing for over a decade @Ronan Donnelly, who will be able to attend the BP meet-up next week. He also has some of his own capital that he is looking to invest specifically in NYC/Queens/Brooklyn, so I hope you two can meet next week.

    Either way, great to meet and lets keep talking.

    Best,

    Parul

    0Reply
  • Yana M.
    Brooklyn, NY · Member since 2013 · 9 posts · 0 votes
    12y

    Hey @Javier Diaz welcome to BP! I am a Brooklynite myself and a newbie as well looking to purchase first investment primary residence in the next few months in Brooklyn area.

    BP is an amaxing resource and please check out the BP Podcasts which are a wealth of knowledge.Is there a meetup in NY coming up?

    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    Hello @Yana M. There absolutely is a BP Meetup next week. Here's a link to the event:

    BP Meetup in NYC on January 14th

    Hope to see you there!

    862-208-2287Podcast Guest on Show #48
    0Reply
  • Javier Diaz
    Involved In Real Estate · Woodhaven, NY · Member since 2013 · 77 posts · 11 votes
    12y
    Parul Sahai Sorry you won't be able to make the meet-up. I'll make sure to keep an eye out for your husband here and at the meet-up next week. I will definitely keep in chatting it up with you guys. Yana M. Hi Yana, thanks for the welcome. I'm already a big fan of the podcast. Brandon and Josh do a great job at extracting useful information from the guest. And Yes! The Tri-State area BP meet-up will be taking place on Tuesday Jan. 14th at Johns Pizzeria on 44th and 8th ave. from 6-9:30pm. Hope to see you there! JD-
    0Reply
  • Parul S.
    OP
    New York, NY · Member since 2013 · 24 posts · 4 votes
    12y

    @Darren Sager @Javier Diaz - I have confirmed that my husband, @Ronan D. , also a RE investor and BP member, will be attending the BP meetup next week. Please add him to your headcount for the event - thanks!

    0Reply
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