Greetings from Forest Hills, Queens (NYC)

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Greetings from Forest Hills, Queens (NYC)

Chad G.
Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes

Hi everyone, my name is Chad Gross. I am 35, engaged and currently reside in New York, NY. We are getting married in October and plan to move within a year or so afterwards. I currently work as an executive in the IT field and my fiancé works as a project manager in construction building skyscrapers and other urban structures. We are aiming for high growth tech hubs, since they also bring a lot of construction jobs.  Raleigh, NC is highest on the list, but we are also considering Austin, TX and Denver, CO.

We've been focused on paying off our school and car loans and are almost there, which will leave us with just our mortgage. I have been interested in REI ever since reading Rich Dad Poor Dad about 10 years ago, but have always been reluctant. I recently became motivated again and found BP.com. This site and the podcasts have been amazing! I am very interested in passive income and wealth creation, therefore buy and hold residential is where I believe we will start. I would like to retire by 55.

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Michael Jobe
Real Estate Broker · Triangle Area, NC · Member since 2012 · 587 posts · 214 votes
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@Chad G.

Welcome to the site! Here's another vote for Raleigh (albeit, a bit biased). I'm a native West Virginian but moved to this area from Miami/Ft. Lauderdale and I must say that it has grown on me so much that I doubt I'll be moving away anytime soon. Between the great weather, the highly educated and (mostly) well paid population, and the endless amount of activities available, I am definitely sold on the Triangle. Did I mention our real estate market is booming? Let me know if you're planning to visit and need a tour guide!

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  • Rachelle RodaviaPro Member
    BiggerPockets Support · Manila, Philippines · Member since 2015 · 1k+ posts · 148 votes
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    @Chad G.

    Welcome to BP! This is the best place to grow your knowledge in Real Estate. Glad to have you with us!

    BiggerPockets
    0Reply
  • Charles Wu
    Philadelphia, PA · Member since 2015 · 17 posts · 3 votes
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    Welcome Chad,

    I'm a newbie myself, originally from Flushing, NY, now base in the Philly area.

    0Reply
  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
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    @Chad G. here is a vote for Denver. I have lived in Raleigh and liked my time there but from the perspective of quality of life my, vote would be with Denver. At least come visit before you decide.

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    Originally posted by @Rachelle Rodavia:

    @Chad G.

    Welcome to BP! This is the best place to grow your knowledge in Real Estate. Glad to have you with us!

    Thanks, glad to be here!

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    Originally posted by @Charles Wu:

    Welcome Chad,

    I'm a newbie myself, originally from Flushing, NY, now base in the Philly area.

     I am originally from Allentown! I'll always have a place in my heart for PA :-)

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    We have been to Denver and really like it out there, but all our family is on the east coast. My company also has an office in Durham so the transition to NC might be easier for us.  It also has a warmer climate! ;-)

    Denver is definitely still on our list though.

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    Originally posted by @Bill S.:

    @Chad G. 

    Not sure if you got linked in my last post... I guess I am still learning how the forum software works.

    We have been to Denver and really like it out there, but all our family is on the east coast. My company also has an office in Durham so the transition to NC might be easier for us. It also has a warmer climate! ;-)

    Denver is definitely still on our list though.

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
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    @Chad G.

    Welcome. 

    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 (cash buyers).

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

    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 

    1Reply
  • Account Closed
    Investor · New York, NY · Member since 2008 · 169 posts · 73 votes
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    @Chad G.

    Hi neighbor!

    Always happy to see more NYers here. I think it's a great idea to pay off school/car loans first - will always look better in the lenders' eyes.

    In terms of your choices for your next move - I don't think you can go wrong with Raleigh, Denver nor Austin. Since your company already has an office in Durham - NC might be a better option, especially in the beginning.

    Best of luck!

    1Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
    11y
    Originally posted by @Paul Timmins:

    @Chad G.

    Thanks for the tips Paul!

    I've been reading up for a few months now so I am definitely clued into taking control of properties via contract. My soon to be wife and I earn a nice living so we will likely focus on equity through capital investment/leverage. I have been hearing quite a bit about the J. Scott flipping book though and it sounds interesting so it's already in the queue after I finish up Ken McElroy's Guide to Real Estate Investing. Now I have the Rewind book too! 

    My finance's cousin does college student housing already so I have a mentor should I choose to go that route, but I am leaning towards clientele a little higher up the income/responsibility spectrum, although I haven't ruled it out yet. I would like to springboard to multi-family commercial properties after I get my feet wet on some smaller deals. 

    Thanks again,

    Chad

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    Originally posted by @Account Closed:

    @Chad G.

    Hi Betty,

    I see you have properties in NY (but no investments here, surprise! lol) and NC. I might have to pick your brain some since you seem to be doing what I was considering. It would be great to get started now before we move, but I am concerned about investing at a distance.

    0Reply
  • Michael Jobe
    Real Estate Broker · Triangle Area, NC · Member since 2012 · 587 posts · 214 votes
    11y

    @Chad G.

    Welcome to the site! Here's another vote for Raleigh (albeit, a bit biased). I'm a native West Virginian but moved to this area from Miami/Ft. Lauderdale and I must say that it has grown on me so much that I doubt I'll be moving away anytime soon. Between the great weather, the highly educated and (mostly) well paid population, and the endless amount of activities available, I am definitely sold on the Triangle. Did I mention our real estate market is booming? Let me know if you're planning to visit and need a tour guide!

    1Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    Originally posted by @Michael Jobe:

    @Chad G.

    Thanks Michael; we will be heading down there at some point.  I actually have a few friends that live in Holly Springs and really like it. Also, I lived in SRQ for a while and still have family there so we go every year. We love the Gulf of Mexico!

    0Reply
  • Deborah Townsend
    Investor · Sneads Ferry, NC · Member since 2015 · 38 posts · 9 votes
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    Welcome to the site, my vote would be NC, we have everything , beaches, mountains,big cities ,small hometowns... It really nice here!

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
    11y
    Originally posted by @Deborah Townsend:

    Welcome to the site, my vote would be NC, we have everything , beaches, mountains,big cities ,small hometowns... It really nice here!

     Indeed! We love hiking in the mountains and relaxing on the beach. It's the perfect mix, which is another compelling reason for us to migrate to NC. I'd really like to own a property in the city, mountains and beach so we can choose which we want to enjoy for any period of time we want!

    0Reply
  • Deborah Townsend
    Investor · Sneads Ferry, NC · Member since 2015 · 38 posts · 9 votes
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    I live right next to the beach its just 3 miles away. I am looking for a place in the mountains now. there is a condo for sale right now if your interested.you could rent it out when your not there. just a thought. Insurance is high but it's really pretty on the beach here. Have a great day, Lets keep in touch.

    1Reply
  • Matthew Saskin
    Chapel Hill, NC · Member since 2015 · 74 posts · 29 votes
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    Originally posted by @Chad G.:

    Hi everyone, my name is Chad Gross. I am 35, engaged and currently reside in New York, NY. We are getting married in October and plan to move within a year or so afterwards. I currently work as an executive in the IT field and my fiancé works as a project manager in construction building skyscrapers and other urban structures. We are aiming for high growth tech hubs, since they also bring a lot of construction jobs.  Raleigh, NC is highest on the list, but we are also considering Austin, TX and Denver, CO.

    We've been focused on paying off our school and car loans and are almost there, which will leave us with just our mortgage. I have been interested in REI ever since reading Rich Dad Poor Dad about 10 years ago, but have always been reluctant. I recently became motivated again and found BP.com. This site and the podcasts have been amazing! I am very interested in passive income and wealth creation, therefore buy and hold residential is where I believe we will start. I would like to retire by 55.

     Welcome Chad!  For what it's worth, we moved from NYC (lived in Brooklyn for 7 years) to the Raleigh area 3 years ago and don't regret a moment of it.  Feel free to message me if you want to talk more about it.  Incidentally, we are invested in both the NYC and NC markets as well.

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
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    Originally posted by @Matthew Saskin:
    Originally posted by @Chad G.:

     Welcome Chad!  For what it's worth, we moved from NYC (lived in Brooklyn for 7 years) to the Raleigh area 3 years ago and don't regret a moment of it.  Feel free to message me if you want to talk more about it.  Incidentally, we are invested in both the NYC and NC markets as well.

     I bet. I've only lived here for 4 years and I do regret it, although not entirely (I did meet my fiance here after-all). I'd be interested in learning about your strategy for the NYC market. It seems pretty brutal here.

    0Reply
  • Matthew Saskin
    Chapel Hill, NC · Member since 2015 · 74 posts · 29 votes
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    Originally posted by @Chad G.:
    Originally posted by @Matthew Saskin:
    Originally posted by @Chad G.:

     Welcome Chad!  For what it's worth, we moved from NYC (lived in Brooklyn for 7 years) to the Raleigh area 3 years ago and don't regret a moment of it.  Feel free to message me if you want to talk more about it.  Incidentally, we are invested in both the NYC and NC markets as well.

     I bet. I've only lived here for 4 years and I do regret it, although not entirely (I did meet my fiance here after-all). I'd be interested in learning about your strategy for the NYC market. It seems pretty brutal here.

     Hah, not brutal, just expensive, but the returns (in terms of cash-flow and appreciation) justify it.  In general, we've been very selective with properties and only purchase in specific areas we know very well (mostly Bushwick, although we're open to Bed-Stuy and Ridgewood).  These areas all have a balance of acquisition price vs. the rents they command, and are all firmly on the upward trending "gentrification curve" to various degrees.

    0Reply
  • Martin Yung
    Tampines, Singapore · Member since 2014 · 68 posts · 21 votes
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    @Michael Jobe @Matthew Saskin @Chad G.

    I'm interested to invest in Raleigh NC too after 6 months of market research. I believe it has a good mix of rental investment for both cash flow and growth. 

    I will be visiting the triangle area in August 2015 and would love to meet up with you all  

    0Reply
  • Michael Jobe
    Real Estate Broker · Triangle Area, NC · Member since 2012 · 587 posts · 214 votes
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    @Martin Yung

    Do you know what days in August you'll be here?

    0Reply
  • Marlon Wilson
    Houston, TX · Member since 2013 · 1k+ posts · 114 votes
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    Hi @Chad G.!

    Welcome to BP! All the best!

    0Reply
  • Account Closed
    Investor · New York, NY · Member since 2008 · 169 posts · 73 votes
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    Originally posted by @Chad G.:
    Originally posted by @Account Closed:

    @Chad G.

    Hi Betty,

    I see you have properties in NY (but no investments here, surprise! lol) and NC. I might have to pick your brain some since you seem to be doing what I was considering. It would be great to get started now before we move, but I am concerned about investing at a distance.

    I'd be happy to share any info I have. Feel free to PM me!

    0Reply
  • Martin Yung
    Tampines, Singapore · Member since 2014 · 68 posts · 21 votes
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    @Michael Jobe

    I will be there from 2 August to 14 August 2015

    0Reply
  • Chad G.
    OP
    Real Estate Agent · Bradenton, FL · Member since 2015 · 71 posts · 15 votes
    11y
    Originally posted by @Marlon Wilson:

    Hi @Chad G.!

    Welcome to BP! All the best!

     Thanks! Nice to meet you.

    0Reply
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