Experienced real estate professional, newbie investor...from NYC!

Experienced real estate professional, newbie investor...from NYC!

New York City, NY · Member since 2014 · 15 posts · 6 votes

Hello all! I joined the BP community a few months ago but haven't formally introduced myself. My name is Shola and I currently live and work in Manhattan. I moved here 6 years to enroll in a Master's program in commercial real estate finance & investments at NYU. I now work as a Director of Acquisitions for a private equity real estate company and have been in the field for the past 7 yrs. 

I am at the point where I feel like I have sat on the sideline long enough, witnessing my employers make millions in New York real estate. With a mountain of student loan debt to pay off coupled with my desire to achieve financial freedom, I have now decided it's time to start building my own portfolio as an entrepreneur and investor.

I am starting off with wholesaling to generate cash flow and I eventually plan to accumulate rental properties. I launched my first direct mail marketing campaign yesterday. Word on the street is that NYC is a tough market for wholesalers but willing to test it out myself before making any judgments. We will see how it goes!

In any case, I am really excited to be part of the BP community and looking forward to learn as much as I can, as well as contribute!!

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

    @Account Closed 

    Welcome. Check out student housing see below. Fill in the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

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

    Couple good reads 

    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.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul

  • New York City, NY · Member since 2014 · 15 posts · 6 votes
    12y

    Thanks Paul! I've gone through some of those links you listed and the info was definitely invaluable. Will go through the remaining.

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    12y

    @Account Closed 

    welcome to the site.

  • New York City, NY · Member since 2014 · 15 posts · 6 votes
    12y

    Thanks, James!

  • Investor · New York City, NY · Member since 2014 · 370 posts · 85 votes
    12y

    Welcome. Always good to see another NY'ers.

  • Real Estate Investor · Las Vegas, NV · Member since 2014 · 18 posts · 8 votes
    12y

    @Account Closed Best of luck to you! Just curious, what areas in NYC are you focused on? I grew up in Queens.

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

    Hey @Account Closed 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.

    By the way - here are my favorite articles on Wholesaling:

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

    See you around the site!

  • New York City, NY · Member since 2014 · 15 posts · 6 votes
    12y
    Originally posted by @Moses K.:

    @Account Closed Best of luck to you! Just curious, what areas in NYC are you focused on? I grew up in Queens.

    Thanks! I am mostly targeting certain neighborhoods in Brooklyn that are yet to be revitalized, such as East NY, East Flatbush, and Canarsie,. I am also looking at downtown Jamaica, Queens. The area was recently rezoned and is expected to see a new wave of commercial development, which will result in an increase in housing values. 

    What part of Queens are you from?

  • New York City, NY · Member since 2014 · 15 posts · 6 votes
    12y

    Thanks Brandon! Will check those links out.

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

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

    Wishing you the best! 

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Account Closed welcome to BiggerPockets! This is the perfect place to learn more about REI. You can check the Learn tab above to get some free resources on getting started.

    BiggerPockets
  • Residential Real Estate Agent · Delray Beach, FL · Member since 2010 · 115 posts · 83 votes
    12y

    Hello, Mr. Kadriri, good luck to you! I think it is wonderful, with your advanced education, in combination with living and working in NYC in an elevated capacity in the NYC real estate market, gives you some of that "NYC chops", that should go a long way to help you branching-out, on your own.

    A thought for you: Do you have the possibility of renegotiating your work agreement to changing to an equity position (a "piece of the action", an "equity position" instead of a salary.)???

    You may be just so valuable to your company, they are willing to give you "a piece of the rock", instead of "kibbles and bits".

    And if they say "NO"! They may be many other firms that say "YES".

    Shola, you can always "go out on your own" if you want to! And throw yourself to the endless real estate "gremlins and goblins" that stalk the streets of New York.

    Me personally? With all the "war stories" I have heard from seasoned New York investors, if I had your "NYC education and working background", I would find a private equity company that will "pay you your worth" and give you an equity/cash position on every deal you "bring to the table".

    Shola, just "one man's opinion". But who knows? My "2 cents" here, ... may just make you rich and happy" LOL!!! The best of good fortune to you!  Sincerely, Bob

  • New York City, NY · Member since 2014 · 15 posts · 6 votes
    12y
    Originally posted by @Robert Dobbs:

    Hello, Mr. Kadriri, good luck to you! I think it is wonderful, with your advanced education, in combination with living and working in NYC in an elevated capacity in the NYC real estate market, gives you some of that "NYC chops", that should go a long way to help you branching-out, on your own.

    A thought for you: Do you have the possibility of renegotiating your work agreement to changing to an equity position (a "piece of the action", an "equity position" instead of a salary.)???

    You may be just so valuable to your company, they are willing to give you "a piece of the rock", instead of "kibbles and bits".

    And if they say "NO"! They may be many other firms that say "YES".

    Shola, you can always "go out on your own" if you want to! And throw yourself to the endless real estate "gremlins and goblins" that stalk the streets of New York.

    Me personally? With all the "war stories" I have heard from seasoned New York investors, if I had your "NYC education and working background", I would find a private equity company that will "pay you your worth" and give you an equity/cash position on every deal you "bring to the table".

    Shola, just "one man's opinion". But who knows? My "2 cents" here, ... may just make you rich and happy" LOL!!! The best of good fortune to you!  Sincerely, Bob

    Thanks for your thoughtful comment Bob! 

    Firms here typically consent to giving equity for two main reasons: you've worked at the company for a long time and they consider you to be valuable or you brought in a deal. I've been at my current company for less than a year so if I were to ask for an equity position, I'll have to bring in a deal to have some leverage to renegotiate.

    I could certainly take that route, but at the end of the day, I'll still be working for someone else and will have to report to an office everyday. For me, my number motivation to branching out is not solely for the money, it's mainly to attain freedom. I want to be my own boss, have control over my time, and work from anywhere I want.

    I agree, NYC is tough market for new investors and the people that are really making things happen are the old timers. But I think one can still be successful as a newbie with enough hard work and persistent. The way I look at it, if I try and don't succeed, I can always go back to working for a firm if I choose to.

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