New to Real Estate

[Martin Mangan]

Hello everyone,

I started listening to Bigger Pockets a few months ago. I've loved what I've learned so far, and while I'm still saving up for a first down payment, I'm eager to learn more. From what I've heard, the Midwest is the best market for beginners. I'm still looking in my area as well, possibly to house hack. Overall, I'm searching for a mentor in all this, and a good way to find my niche. I'm also eager to connect with other real estate rookies and pros alike. : )

[Abel Curiel]

Quote from @Martin Mangan:

Hello everyone,

I started listening to Bigger Pockets a few months ago. I've loved what I've learned so far, and while I'm still saving up for a first down payment, I'm eager to learn more. From what I've heard, the Midwest is the best market for beginners. I'm still looking in my area as well, possibly to house hack. Overall, I'm searching for a mentor in all this, and a good way to find my niche. I'm also eager to connect with other real estate rookies and pros alike. : )

Hello Martin and welcome to the BP forums!

Compared to your local market, the Midwest is a better option for cashflowing deals. Depending on what you're looking for in NY and Midwest, you may find that your initial investment (down payment, closing costs, repairs, etc.) could be similar.

For example, a $300K deal in the midwest would require $70K+ initial investment - while the initial investment for a local multi-family deal priced around $800-900K (Westchester median multifamily is $860K) with <10% down would be near that 70K range as well.

To get a good sense of whats happening in your markets of interest, set up auto property searches (if you havent already), stay active on these BP forums, attend local events, connect with local RE agents/brokers/teams, and talk to your personal circle about investing i.e. friends, family, neighbors, co-workers, local business owners, etc.

All the best!

Abel