Newbie from Brooklyn, NY !!!

Newbie from Brooklyn, NY !!!

Brooklyn, NY · Member since 2014 · 8 posts · 3 votes

Hello BP community !!

A bit about me :

In nine years I've gone from Receptionist, to Landlord/Tenant paralegal at a REI firm, to a short stint as Property Manager at the same firm, to Legal Clerk for a Real Estate Law firm, to drafting contracts for deals and handling all due diligence for a Real State Attorney, to now Operations Manager for a New York City Marshal handling evictions across the five boroughs and executing on the collection of money judgments.

Clearly I've been involved in Real Estate in some way since the age of 17. I have connections with big NYC landlords and dream to some day become one. The catch is that the NYC market is completely out of reach for a small to moderate investor. At the moment I have about 20k saved and have been looking at properties in the outer boroughs. I hope to be able to purchase my first property in early 2015.

Recently I decided that maybe it'll be an good idea to explore markets in surrounding states, New Jersey, Connecticut, Pennsylvania, etc. Does anyone recommend a specific area in these states? I need to find the right market to get into now and build from there. 

I'd like my first property to be a live-in-flip and build cushion from there.

Thanks everyone !

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  • Real Estate Agent · Cranford, NJ · Member since 2011 · 149 posts · 54 votes
    12y
    Welcome to the Bigger Pockets community Yliana Guzman ! Be sure to check out all of the great free tools on the site and definitely attend our local meet ups in NYC !
  • Property Manager · CT · Member since 2014 · 687 posts · 329 votes
    12y

    Hi Yliana, I live in NYC and invest in Bridgeport, CT where the numbers make more sense.

    I've been doing buy and holds in Bridgeport for about 5 years and you can start small and grow from there.  There is high rental demand in Bridgeport as the largest city in Connecticut and its only 50 min from NYC.  The rents are solid as well.

    Your experience in evictions and collections will come in very handy when it comes to tenant screening if you get into buy and holds.

    I haven't done any flips there yet but I know others who have.

  • Rental Property Investor · Brooklyn, NY · Member since 2014 · 722 posts · 1k+ votes
    12y

    @Yliana Guzman have you thought about Albany or Troy?  Both of those markets operate at much better price points and have some attractive aspects to them, being close to the center of state government, etc.  Another place you might want to look are Kingston, New York.  All of these cities have the advantage of being close to home, which is really important when you are starting out. 

    I know a couple of investors who have done very well in Troy and keep reinvesting there.

  • Brooklyn, NY · Member since 2014 · 8 posts · 3 votes
    12y

    Thank you @David Thomas !! I will be on the look out 

  • Brooklyn, NY · Member since 2014 · 8 posts · 3 votes
    12y

    Thank you @Craig Bellot , for some reason I assumed Bridgeport was out of reach for me, big city and all, but I will definitely check it out and maybe even drive up for a few days and speak to some agents in the area. 

  • Investor · Corona, NY · Member since 2014 · 32 posts · 16 votes
    12y

    Hello @Yliana Guzman. Welcome to the BP community. I'm also an investor based in Queens, NY who is looking to invest out of the area due to the same reasons as you. I wanted to give you a heads up about a BP investor meetup that will be going on today in Manhattan, organized by @Darren Sager . It's a great opportunity to network with other investors and service providers. The info is on the link below. If u can make it, contact Darren to RSVP. 

    meetup

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    @Yliana Guzman 

    welcome to the site.

  • Flipper/Rehabber · Atlantic County, NJ · Member since 2012 · 514 posts · 209 votes
    12y

    Welcome aboard!

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    12y

    Welcome to BP and good luck investing!

  • Brooklyn, NY · Member since 2014 · 23 posts · 5 votes
    12y

    Welcome ! 

  • Matthew WeiserPro Member
    Investor · Flushing, NY · Member since 2013 · 175 posts · 29 votes
    12y

    Hi @Yliana Guzman welcome to BiggerPockets!

  • Brooklyn, NY · Member since 2014 · 8 posts · 3 votes
    12y

    Thank you @Matthew Weiser !

  • Brooklyn, NY · Member since 2014 · 8 posts · 3 votes
    12y

    Thank you @Cris B.  !

  • Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    12y

    Midwest welcome to biggerpockets

  • Property Manager · Island Park, NY · Member since 2013 · 50 posts · 26 votes
    12y

    Welcome

  • Property Manager · Island Park, NY · Member since 2013 · 50 posts · 26 votes
    12y

    @Craig Bellot 

    What kind of numbers do you see in Bridgeport? House prices and rents? Are you buying SFR or Multi's?

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Yliana Guzman  It is a great place to meet new friends and learn about various aspects of real estate and more.

    Wishing you the best! 

  • Investor · Brielle, NJ · Member since 2014 · 62 posts · 8 votes
    12y

    Welcome to BP @Yliana Guzman

    NYC is certainly a tough nut to crack starting out but there are plenty of areas with easier access within a reasonable distance. Have you set keyword alerts to areas you may be interested in?

  • Property Manager · CT · Member since 2014 · 687 posts · 329 votes
    12y

    @Drew Vukov I'm seeing older triplexes at 130k - 150k renting for $900 per 2bed unit. 

    You should be able to pull 25-30% cash on cash just from MLS deals. Probably more if you build up a network of local friends.

  • Stratford, CT · Member since 2014 · 51 posts · 27 votes
    12y

    @Yliana Guzman Bridgeport would be a decent place to start in Connecticut as @Craig Bellot mentioned. Waterbury is also a decent area for rentals but not sure you want to be that far from New York -it's probably 90 mins.  I have a couple of potential sellers I'm talking to in Bridgeport now, I'll keep you in mind.

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

    Hey @Yliana Guzman welcome to BiggerPockets! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

    Also - be sure to check out the post "House Flipping: The Best of BiggerPockets." It's a collection of the best flipping info from the site.

    Oh - and don't forget to set up your Keyword Alerts!

    See you around the site!

  • Brooklyn, NY · Member since 2014 · 8 posts · 3 votes
    12y

    Hi @Drew Vukov , I'd like to start with a SF or 2 family at most. 

  • Brooklyn, NY · Member since 2014 · 8 posts · 3 votes
    12y

    Thank you for the warm welcome @Brandon Turner ! So far this site has been an incredible tool. I'll be sure to check out all of the podcasts. 

  • Flushing, NY · Member since 2014 · 33 posts · 3 votes
    11y

    Hey @ Yliana Guzman I read your post and agree that investing in NYC is very expensive was wondering if you found any areas which was feasible for investing near NYC?

  • Wholesaler · Raleigh, NC · Member since 2013 · 84 posts · 14 votes
    11y

    @Yliana Guzman welcome to BP there is a wealth of information here. CT is a very good place to start not too far from the City and gives you an opportunity to get your feet wet. Rochester is also another area you can look into i'm currently in the process of locking up a SFR there. Take the time to build a good team i.e property manager, realtor, attorney etc.

    Bless of luck and keep us posted!!

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