Real Estate Investor · New York, NY · Member since 2015 · 10 posts · 4 votes
Hi,
Im Pat Kumparatana and Im new on BiggerPockets. I currently work in a soul sucking job being a banker and that's as close as real estate experience I have so far. I am from the New York City tri-state area
Im currently working on obtaining my real estate license in both residential and commercial and while doing this I am looking to ultimately become a buy-hold investor.
I am always opened to advice, to network, and any tips anyone may have.
Real Estate Investor · Macon, GA · Member since 2015 · 34 posts · 8 votes
11y
welcome you are in a good place to receive applicable knowledge. Feel free to send questions. .. but you have lots of great people on here so don't be afraid to ask questions. it may be helpful to find a good mentor. My mentor Is awesome he has over 200 properties and is a great developer.. best of luck don't be a stranger
Real Estate Investor · Macon, GA · Member since 2015 · 34 posts · 8 votes
11y
welcome you are in a good place to receive applicable knowledge. Feel free to send questions. .. but you have lots of great people on here so don't be afraid to ask questions. it may be helpful to find a good mentor. My mentor Is awesome he has over 200 properties and is a great developer.. best of luck don't be a stranger
Wholesaler · Scottsdale, AZ · Member since 2014 · 227 posts · 93 votes
11y
Welcome to BP Pat,
My advice would be, JV with a knowledgable and experienced investor so you can learn the ropes. That will allow you to stay in your J.O.B. for the time being until you feel you could go it alone and replace that income with your passive holdings.
Read. Invest in your education, and don't be one of those that sit on the sidelines watching the game. So many friends that I speak to when I go back to Australia say they wish they could do what I did. I just shrug and ask them, why don't you.
Oh, and always have an exit strategy. Know that things can go wrong and identify what ways you can get out of a deal. If you're fine with the downside, then enjoy the upside my friend!
My advice would be, JV with a knowledgable and experienced investor so you can learn the ropes. That will allow you to stay in your J.O.B. for the time being until you feel you could go it alone and replace that income with your passive holdings.
Read. Invest in your education, and don't be one of those that sit on the sidelines watching the game. So many friends that I speak to when I go back to Australia say they wish they could do what I did. I just shrug and ask them, why don't you.
Oh, and always have an exit strategy. Know that things can go wrong and identify what ways you can get out of a deal. If you're fine with the downside, then enjoy the upside my friend!
I think even if I am able to establish income that can replace my job, I would still find work. I just like to work lol but hopefully just a better position and more money.
I appreciate it
I haven't explored all of the forums as of yet but do the concepts here on BP apply internationally as well?
I haven't explored all of the forums as of yet but do the concepts here on BP apply internationally as well?
I would say yes, but just like every state has some variables, all countries have their own idiosyncrasies.
I needed to learn a lot when I came to the US, even though investing in RE is easier with less restrictions, it's a different ballgame.
It's like cricket and baseball. There's bats, balls and a bunch of guys running around. Same concept but the rules are a little different.
Makes sense, Im sure at that stage I would need to learn the rules and regulations. Small steps
When you learned real estate here in the US, did you take currency into consideration as well in the calculations of profits and expenses? Im just curious
Wholesaler · Scottsdale, AZ · Member since 2014 · 227 posts · 93 votes
11y
Absolutely! Check where the Australian dollar was about 3-4 years ago. Most of my currency was swapped to USD at that time because I knew it couldn't last very long. It was the perfect storm for us Aussies.
Absolutely! Check where the Australian dollar was about 3-4 years ago. Most of my currency was swapped to USD at that time because I knew it couldn't last very long. It was the perfect storm for us Aussies.
I always thought Australian dollar was strong. It was a smart move on your part. If you were to invest internationally, I would assume the answer would be the same in taking currency into consideration vs profit/expenses?
Im curious because USD is stronger against alot of currencies and populating upcoming cities like Shanghai is a huge opportunity.
Wholesaler · Scottsdale, AZ · Member since 2014 · 227 posts · 93 votes
11y
But you need to look at it on a historical standpoint. Is the USD at all time highs against the Yuan? Is there likely to be a correction in either? If there is a correction in one, will it effect the other? There could be endless questions that need to be answered that may leave many stunned into non-action, but if you can plan for as many scenarios and have a game plan, you should be right.
At the moment, and as it was 3 years ago, the US is the best place to invest for income property.
But you need to look at it on a historical standpoint. Is the USD at all time highs against the Yuan? Is there likely to be a correction in either? If there is a correction in one, will it effect the other? There could be endless questions that need to be answered that may leave many stunned into non-action, but if you can plan for as many scenarios and have a game plan, you should be right.
At the moment, and as it was 3 years ago, the US is the best place to invest for income property.
There were times I have taken all of these questions during a finance class in school. It left me with a headache and I never got back to it lol. It may just be a possibility in the distant future. I've seen places like Montreal and Toronto grow and have seen Dubai become what it is today.
I don't believe its even possible to plan for something of that unknown, definitely not by yourself at least.
welcome you are in a good place to receive applicable knowledge. Feel free to send questions. .. but you have lots of great people on here so don't be afraid to ask questions. it may be helpful to find a good mentor. My mentor Is awesome he has over 200 properties and is a great developer.. best of luck don't be a stranger
Hi Jessica! How were able to connect with a mentor in your area? I’m hoping I can do the same in NY/NJ area.