New Investor from New York City

New Investor from New York City

Bronx, NY · Member since 2014 · 6 posts · 3 votes

Hello Bigger Pockets community!

My name is Robert Myers, and my friend and I are looking to establish ourselves in the real estate investing world. After reading the Ultimate Guide, we became extremely excited about investing, and are eager to get started! Right now, we are looking to purchase our first property, and we are at the point where we have a plan for success. We are trying to start out by getting an FHA loan for a multifamily unit, preferably in a nice area like Roosevelt Island or Astoria, to have a place to live rent free and a source of reliable income. Right now, the things we need right now more than anything are mentorship, networking, and financing. New York is a very expensive place, and even though we can get an FHA loan, we still need financing to even put a down payment on a house. Besides that, we need to grow our network and to find people to help guide us in the right direction.

I feel like step one would be to join some REIC's to expand our network, so my first question is, does anybody know of any REIC's in New York that are free or affordable to someone who doesn't make much money?

Also, does anybody have any advice they would like to share about getting started? Especially for getting in through the FHA Buy and Hold route?

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Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
12y

@Robert Myers - welcome and congrats on joining BP! I'm in NYC and had to learn how to get started with very limited capital. FHA loans are a great way to start if you can get a duplex/triplex/4-plex. The key will be finding a deal that cash flows in NYC area so I'd get some good relationships with wholesalers and agents.

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  • Investor and Architect · Ramsey, NJ · Member since 2010 · 305 posts · 84 votes
    12y

    welcome Robert. You are in the right place. With limited funds you should look at seller finacing and wholesaling.

  • Flushing, NY · Member since 2013 · 221 posts · 29 votes
    12y

    Try joining the NYREIA or REIANYC. Both are really good Real Estate Investment Clubs and you will meet a lot of interesting people especially some here in the BP forums.

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Robert Myers - welcome and congrats on joining BP! I'm in NYC and had to learn how to get started with very limited capital. FHA loans are a great way to start if you can get a duplex/triplex/4-plex. The key will be finding a deal that cash flows in NYC area so I'd get some good relationships with wholesalers and agents.

  • Virtual Assistant · South Lake Tahoe, CA · Member since 2013 · 36 posts · 8 votes
    12y

    @Robert Myers Welcome! BP has a wealth of information.

  • Bronx, NY · Member since 2014 · 6 posts · 3 votes
    12y

    Thanks for the replies!! I'm so excited for the snowball to start rolling and growing!

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

    Hey @Robert Myers thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

    Oh - and be sure to set up some Keyword Alerts- especially for "Bronx" so you'll be notified when people mention it here in the forums.

    Thanks again for introducing yourself!

  • Bronx, NY · Member since 2014 · 6 posts · 3 votes
    12y

    Yup. I started watching the video you put out recently on multifamily housing. I still have to finish it, but I learned a ton from just that video already!

    I also have a question about financing. My plan is to get a hard money loan for the down payment to put on an fha loan, but my instincts are telling me that it might not be safe. Is this a route people usually go or is there a better way?

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