Newbie in Long Island NY

[Charlie Palmeri]

Good Morning all! My name is Charlie. I am from Long Island, New York. I work a full time job in Manhattan, I am married, with 2 kids, and I own a home. I have been sick and tired of the rat race, and have had enough. I figured I have no right to complain if I am not going to try and do something about it.  I am completely new to the real estate game, but the cash flow theory has lured me in. A co worker of mine put me on to BP, and explained how he learned alot here, and now has 2 properties under his belt.  I have been doing some research, and listening to podcasts the last few weeks. I have picked a nitch, that being buy and hold, and I am looking forward to getting started. I just don't think investing in the NY market is going to be doable for me, and I am thinking of looking in the areas surrounding NY (Jersey, PA, etc).

Any tips, advice, or lessons are appreciated!

[Paul Timmins]

@Charlie Palmeri 

Welcome, I have buddies buying SFR in PA from the county tax repository sales for $500-2,500 each.

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask for market occupancy and rents. Ask if they know anything coming up for sale.

You can also search narpm.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

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

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 all the cash buyers (rehabbers) you will need.

Paul