New Investor Looking For Connections and Early Advice
New to Real Estate · New York NY, USA · Member since 2026 · 3 posts · 5 votes
New Investor Looking For Connections and Early Advice
Most Popular Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votesi'd either house hack, or stay within a couple hours of home for your first property
i'd go to meetups and spend time building your network in person
everyone wants to Internet everything right now and that mostly isn't working
happy to answer any questions you have
15 Replies
- 5moJimmy LieuBusiness MemberReal Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votesHey Ryan, welcome to BP—sounds like you’re doing it the right way by focusing on education first and getting clear on your goals before jumping in. For a first deal, keeping it simple with a single family long-term rental is a great move, and the biggest thing I’d focus on is buying in a market where the numbers make sense day one, not just hoping for appreciation. Look for areas where rents support the purchase price (a lot of people aim close to the 1% rule as a quick filter), steady population and job growth, and diverse employers so the local economy isn’t dependent on one industry. Pay attention to median income vs rent, days on market, and vacancy trends, and always build in conservative assumptions for repairs, maintenance, and vacancy so you don’t get caught off guard. A common early mistake is overanalyzing data but never taking action, or the opposite, jumping into a deal because it “feels right” without solid underwriting, so try to stay balanced there. Also, spend time building a small team early on—lender, agent, contractor, property manager if needed—because that will make your first deal way smoother, especially if you go out of state. You’re on a great track already, just keep learning but give yourself a timeline to take action so you don’t get stuck in analysis mode.
Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
Jimmy Lieu, Red 1 Realty4.9120 Reviews- New to Real Estate · New York NY, USA · Member since 2026 · 3 posts · 5 votes5mo
Quote from @Jimmy Lieu:
Hey Ryan, welcome to BP—sounds like you’re doing it the right way by focusing on education first and getting clear on your goals before jumping in. For a first deal, keeping it simple with a single family long-term rental is a great move, and the biggest thing I’d focus on is buying in a market where the numbers make sense day one, not just hoping for appreciation. Look for areas where rents support the purchase price (a lot of people aim close to the 1% rule as a quick filter), steady population and job growth, and diverse employers so the local economy isn’t dependent on one industry. Pay attention to median income vs rent, days on market, and vacancy trends, and always build in conservative assumptions for repairs, maintenance, and vacancy so you don’t get caught off guard. A common early mistake is overanalyzing data but never taking action, or the opposite, jumping into a deal because it “feels right” without solid underwriting, so try to stay balanced there. Also, spend time building a small team early on—lender, agent, contractor, property manager if needed—because that will make your first deal way smoother, especially if you go out of state. You’re on a great track already, just keep learning but give yourself a timeline to take action so you don’t get stuck in analysis mode.Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
Thanks for the insight here Jimmy! Definitely looking for good data sources and information to d this type of market research. So far, I've had a hard time getting trended data sets on market information (job growth, population growth, etc.). Any suggestions on best places to look?
- 5moNicholas L.Pro MemberFlipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
i'd either house hack, or stay within a couple hours of home for your first property
i'd go to meetups and spend time building your network in person
everyone wants to Internet everything right now and that mostly isn't working
happy to answer any questions you have
- 5moAbel CurielBusiness MemberReal Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
Hello @Ryan Perkins, and welcome to the BP forums!
Your goal for 1 year is totally attainable by EOY. Not sure what an easy single-family LTR looks like, but perhaps you're referring to a turnkey rental?
I think @Nicholas L.brings up some great points here. Build your network, establish your team, and consider house-hacking near where you currently live.
You'll get more favorable interest rates, low down-payment loan options, and hands-on experience (property management, project management, acquisition experience, etc.).While you're researching, I'd recommend narrowing your focus to areas with growing inventory. This is where you'll have the best chance of finding something below market value.
If you're looking to get your hands dirty, consider looking into generating your own leads. I'd recommend treating this like a business/FT job because finding and converting motivated sellers into deals takes time, market knowledge, and systems.
All the best!
Abel
REbuild Team - eXp Realty5234 Reviews - 5moDenise SuppleeBusiness MemberRealtor · Willow Grove, PA · Member since 2017 · 979 posts · 642 votes
Hi @Ryan Perkins welcome to BP! My advice to you is, as you underwrite, build the habit of being conservative, assume a bit higher vacancy, higher maintenance, and slightly lower rents. If it still works, you’re on the right track.
Spark Rental Co-Investing Club577 Reviews - Real Estate Broker · Northeast PA · Member since 2017 · 2k+ posts · 2k+ votes5mo
Welcome to the community. You’ve done the hardest part: moving from just "listening" to building a real foundation. Most people get stuck in the podcast loop for years; you're actually looking at the math.
Since you're aiming for that first door by the end of 2026, here is my "kitchen table" take on how to spend your next few months:
Focus on Stability over "Hype": For a first LTR, don't chase the hottest market in the headlines. Look for secondary markets with "landlord-friendly" laws and a solid "price-to-income" ratio. If locals can’t afford the houses they live in, your tenant pool is at risk.
Watch the "Days on Market" (DOM): In 2026, we're seeing more balance. If houses are sitting for 45+ days, you have leverage. If they’re gone in 48 hours, you’re in a bidding war—avoid those for your first deal.
The "Pro-Forma" Trap: Ignore what the flyer says the rent could be. Run your own comps for what people are actually paying today. Hope isn't a strategy.
Paper Trade: Underwrite 50 deals before you offer on one. By the 51st, you’ll know a "good" number from a "bad" one in your sleep.
The goal for 2026 isn't just a deed; it's the habits that let you buy the next ten. I’m currently putting the finishing touches on my ‘21 Day Investor’ program which covers these exact fundamentals, but for now, just keep your head in the spreadsheets and inspections, and don't rush the process.
Glad to have you in the mix. How is the underwriting coming along—does the math feel solid, or is that where you’re hitting a wall?
- 5moJasper JurmanPro MemberReal Estate Agent · New York City · Member since 2023 · 16 posts · 6 votes
Hi Ryan,
Regardless of where you end up investing you have to buy right. When you buy correctly you'll have multiple exit strategies and therefore a little more room for things to not go as planned. You can also start by looking at what you want the end result to be and reverse engineer it from there.
Some red flags can be days on market and excess inventory but this also leads to more buying power and room to negotiate. If it's a buyers market with lots of inventory you just have to bake that into your underwriting.
I invest in Pittsburgh and I am an agent in NYC where I work with investors. Feel free to message me with any questions.
- 5moArman AhmedPro MemberReal Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 923 votes
Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
You’re actually in the best stage right now because learning before buying usually saves people from expensive first mistakes. If your goal is one solid single-family rental by the end of 2026, keep it simple and focus on markets with stable demand, landlord-friendly numbers, and entry prices that still allow cash flow. A lot of new investors from New York end up looking out-of-state in Midwest markets because it’s easier to find affordable rentals that make sense on paper. The biggest early warning sign is forcing a deal just because you want to get started, buy box clarity, and disciplined underwriting matters way more than speed. - 5moAlfath AhmedBusiness MemberReal Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
Good that you are getting started @Ryan Perkins. You would need to first stop buying in NYC. You want a market that is tech driven, landlord friendly, and affordable. That will mean more jobs, more income, higher property prices, and better opportunity for your rental to perform better.
Connect with an investor agent. Have him connect you with his team of lenders, contractors, property managers. Look at off-market deals and buy them 80-85% of its true-value in turnkey shape or buy them at 75% of ARV for BRRRR/Flip deals.
Make sure to watch out for location, condition (Roof, HVAC, hot water tank, electrical, foundation, and sewer scope), and rentability.
When you re-finance, make sure deal cashflows and breaks even.
ReafCo | Ahmed Group 530 Reviews- New to Real Estate · New York NY, USA · Member since 2026 · 3 posts · 5 votes5mo
Quote from @Alfath Ahmed:
Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
Good that you are getting started @Ryan Perkins. You would need to first stop buying in NYC. You want a market that is tech driven, landlord friendly, and affordable. That will mean more jobs, more income, higher property prices, and better opportunity for your rental to perform better.
Connect with an investor agent. Have him connect you with his team of lenders, contractors, property managers. Look at off-market deals and buy them 80-85% of its true-value in turnkey shape or buy them at 75% of ARV for BRRRR/Flip deals.
Make sure to watch out for location, condition (Roof, HVAC, hot water tank, electrical, foundation, and sewer scope), and rentability.
When you re-finance, make sure deal cashflows and breaks even.
Thanks for the note here! I definitely hear you on looking outside of NYC, not my cup of tea for real estate investing at this time. Any suggestions on best data sources for market research?
- 5moAlfath AhmedBusiness MemberReal Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
Quote from @Ryan Perkins:
Quote from @Alfath Ahmed:
Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
Good that you are getting started @Ryan Perkins. You would need to first stop buying in NYC. You want a market that is tech driven, landlord friendly, and affordable. That will mean more jobs, more income, higher property prices, and better opportunity for your rental to perform better.
Connect with an investor agent. Have him connect you with his team of lenders, contractors, property managers. Look at off-market deals and buy them 80-85% of its true-value in turnkey shape or buy them at 75% of ARV for BRRRR/Flip deals.
Make sure to watch out for location, condition (Roof, HVAC, hot water tank, electrical, foundation, and sewer scope), and rentability.
When you re-finance, make sure deal cashflows and breaks even.
Thanks for the note here! I definitely hear you on looking outside of NYC, not my cup of tea for real estate investing at this time. Any suggestions on best data sources for market research?
If you want to stay in state then house-hack or come up with downpayment for multi-family. You can try and look into flips too.
ReafCo | Ahmed Group 530 Reviews
- 5moDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
Quote from @Ryan Perkins:
Hello BP Community!
I am just getting going in my real estate investing career here with no properties under my belt yet. Since making the decision to get educated into real estate investing at the beginning of the year, the last few months have been spent listening to the BP podcast, reading books and articles, and starting to think about my goals and strategy.
As I am starting to think I am getting my hands around approaching market research, underwriting, approaching a deal, etc., I wanted to put out a post here to get connected to the BP community that I've heard so much about! Looking for any advice for a first timer who is still trying to figure out which state/location to invest (looking for an easy, single family LTR to start with goal of just 1 door by end of 2026), market indicators to look out for, early caution/warnings signs, etc. to build good habits.
The next year is going to be about learning, building my skillset and getting my hands a little dirty. Happy to hear any advice anyone has for a new investor, and would love to get connected!
A common issue, so Copy & Paste info below:
You’re ALWAYS better off investing locally, where it’s easier to:
- Learn the market
- Network to find deals
- Network to find contractors
- Be more hands-on
- Driveby property to keep tabs on it
- Network to find a decent Property Management Company (PMC)
Next best location is somewhere else you lived, where you have an existing network of family & friends to help you as accomplish the above list as needed.
If you invest OOS, your biggest challenge won't be finding properties to meet your goals on paper, it’ll be successfully outsourcing all of the above.
The biggest mistake we see OOS investors making in our market, over and over again, is not fully understanding Neighborhood/Property/Tenant Classes and how they impact your probability of success!
They all run their ROI numbers assuming Class A results – when buying Class B, C & even D rentals.
Then they’re shocked when their performance expectations aren't met😞
If you choose to invest OOS, and have little to no landlord experience, we highly recommend targeting Class B Neighborhoods/Properties/Tenants. If you target Class C, you better be prepared emotionally & financially for plenty of challenges.
You can find Class B properties in the Midwest to BRRRR, but it will take more digging and YOU will need to understand how to analyze & identify them - because a lot of agents, wholesalers, PMCs, etc. will try to sell you Class C or D misrepresented as Class B:
- Many of them don't know/care what Class the properties are, so they're incompetent.
- Others know exactly what they are doing, so should be labeled as crooks!
EITHER WAY YOU LOSE!
Why is Property Class so important for investors to understand and apply in their investing strategies?
Because the Property Class dictates the Class of the tenant pool that the property will attract.
The Tenant Class greatly impacts rental income stability and property maintenance/damage by tenants.
Both Property Class and Tenant Class will affect what type of contractors, handymen and property management companies you should target and be willing to deal with a property.
The Property Class will also impact the maintenance & renovations you do to, “Maintain to the Neighborhood”.
Why is that important?
Well, if you buy & renovate a property in Class D area to Class A standards, what Tenant Class will actually rent it?
Or, if you put several Class D tenants in a Class A four-plex, what do you think will happen to the property?
So, if you fail to apply the correct assumptions to a property, your expectations won’t be met, and it may even be a financial disaster.
We use the following to rank Property Classes, in order of importance:
- Property Tenant Pool: closely linked to location, but not always.
- Property Location: closely linked to tenant pool, but not always.
- Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”
Key metrics for each Property Class:
Class A Properties:
Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.
Tenant Default: 0-5% probability of eviction or early lease termination.
Section 8: Class A rents are too high and won’t be approved.
Vacancies: 5-10%, depending on market conditions.
Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:
Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.
Tenant Default: 5-10% probability of eviction or early lease termination.
Vacancies: 10-15%, depending on market conditions.
Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.
Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:
Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years. Verifying recent 2-years of rental history very important! Same for 2-years of job/income stability.
Tenant Default: 10-20% probability of eviction or early lease termination.
Section 8: Class C rents usually meet program requirements, proper screening still recommended.
Vacancies: 10-20%, depending on market conditions and tenant screening.
Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.
Class D Properties:
Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months. Verifying last 2-years of rental history and income/employment extremely important to find the “best of the worst”.
Tenant Default: 20-30% probability of eviction or early lease termination.
Section 8: Class D rents meet program requirements, often challenges to pass Section 8 inspection.
Vacancies: 20%+, depending on market conditions and tenant screening.
Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciation.
Where did we get our FICO credit score information from?
Check out this chart:
FICO Score
Pct of Population
Default Probability
800 or more
13.00%
1.00%
750-799
27.00%
1.00%
700-749
18.00%
4.40%
650-699
15.00%
8.90%
600-649
12.00%
15.80%
550-599
8.00%
22.50%
500-549
5.00%
28.40%
Less than 499
2.00%
41.00%
Make sure you understand the Class of properties you are looking at and the corresponding results to expect.
For example, Metro Detroit has 132 cities and the City of Detroit 183 Neighborhoods, which we’re analyzing and classifying to make better investing decisions.
Horror Stories from those that did NOT Understand What they were Buying:
https://www.biggerpockets.com/forums/48/topics/1137397-baltimore-a-path-to-never-ending-pain
https://www.biggerpockets.com/forums/432/topics/1231840-sell-at-a-loss-or-rent-at-a-loss
https://www.biggerpockets.com/forums/311/topics/840134-memphis-turnkey-tenant-turnover-costs
Logical Property Management4.9458 Reviews - Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes5mo
Hey Ryan,
Welcome to BP! A couple things I’d keep in mind based on what you shared:
1) Don’t feel like you have to go out of state right away. Being close to your first property makes a big difference. You can check on it easily, learn the area, and handle issues faster. That hands-on experience is huge when you’re just getting started.
2) Since you’re in NYC, I’d seriously consider house hacking if your situation allows for it. It’s one of the best ways to get started. You can live in the property, offset your mortgage with rental income, and learn how to be a landlord in a lower-risk way. I’ve seen a lot of first-time buyers build a really strong foundation that way before expanding.
3) On markets and deals, keep it simple early on. Look for areas with steady demand, decent job base, and rents that make sense relative to purchase price. Nothing has to be perfect. Your first deal is more about learning than hitting a home run. Also pay attention to things like property taxes, local landlord-tenant laws, and vacancy trends. Those can make or break a deal more than people realize.
Biggest thing is don’t rush it. You’re on the right track. Happy to connect anytime if you want to bounce ideas around or talk through specific markets or deals. Just shoot me a DM. - 5moWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
Your current approach is correct, but you must avoid becoming trapped in study mode. Your task is to select two markets which have strong job growth and high rental demand and then start monthly deal pitching to establish your understanding of pricing and returns. Just make your first deal straightforward by purchasing assets with enough financial space. I suggest you should not chase perfection. I believe the process of execution creates the essential force which drives growth.
Good luck!
NETWORTH BUILDERS5236 Reviews - 5moEthan HaiglerBusiness MemberReal Estate Agent · Charlotte, NC · Member since 2019 · 111 posts · 58 votes
@Ryan Perkins welcome! BP has been fantastic for my growth as an investor. I’m an agent, wholesaler and lender. If you’d like to jump on the phone for a quick chat, I will make myself available to you. Let me know! Thanks!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.