Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.
Feast on the Podcasts, #askbp Podcasts, blogs and webinars
Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational, thought provoking ideas relevant to REI.
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Cheri I. The website is amazing!! It has great reach to a huge community and also always people to network. I live in Long Island but would love to touch base soon
@Cheri I. The website is amazing!! It has great reach to a huge community and also always people to network. I live in Long Island but would love to touch base soon
That's nice. I like long island. I live in Manhattan and look forward to sharing ideas. Sometime I'm in long island as well. I'm looking into investing in possibly Astoria.
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Cheri I. Astoria is a great place, my buddy is doing a condo development in Astoria right now. Its a 10 unit property and he just finished a 12 unit development. What type of deals are you looking to do?
@Cheri I. Astoria is a great place, my buddy is doing a condo development in Astoria right now. Its a 10 unit property and he just finished a 12 unit development. What type of deals are you looking to do?
Wow that's really great. I'm just starting out so I was very interested in buying a 6 unit investment property. But its hard to find a good deal. I'm finding properties that need gut renovations and I'm not sure I can do all that. It's hard to start out. Brokers are not that helpful either. So I joined the forum to talk with people and get some ideas. Thanks for writing me.
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Cheri I. You bring up a lot a good points. NY is a tough place to start, but once you get that first deal your well on your way. Are you looking to buy all cash or get financing?
@Cheri I. You bring up a lot a good points. NY is a tough place to start, but once you get that first deal your well on your way. Are you looking to buy all cash or get financing?
I have a sizable down payment but will probably get financing. The numbers have to work. A friend of mine was suggesting Jersey City but I'm a new York person and I think Astoria is better for me. I just need a good deal. I'm eager to find something good that will bring me some income.
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Cheri I. Jersey City will offer some great options! I am currently working to find some properties in Jersey City for myself, but you have to buy what you want. What type of returns are you looking for?
@Cheri I. Jersey City will offer some great options! I am currently working to find some properties in Jersey City for myself, but you have to buy what you want. What type of returns are you looking for?
Well it all depends. But I would like to earn at least $2K a month to start. That would be a minimum at the beginning. That's in my head at least. Not sure what the reality will be.
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Cheri I. I was a commercial broker, and yes I would love to help or at least give some guidance and point you to the right people to speak with. Also with my experience I can tell you if what your looking for is achievable.
@Cheri I. I was a commercial broker, and yes I would love to help or at least give some guidance and point you to the right people to speak with. Also with my experience I can tell you if what your looking for is achievable.
Okay. I'm looking to settle at a price around 1,800,000ish. I really was hoping for a 6 family in a good location, close to subway, that will collect strong rental income and not rent stabilized. But I'm open to it if it's a must. But it will hinder my income.
@Cheri I. at $1,800,000 you should be able to get a 6 family in Astoria! Where are you running into problems?
I can't find a property. Brokers are not helpful and anything I find myself, I call up and they say there is an accepted offer. Or on the other hand, the buildings are old and need gut renovations or the apartments are rent stabilized. I can't seem to find one to buy and make income. Any advice?
Brooklyn, NY · Member since 2015 · 2 posts · 0 votes
10y
Brooklyn is really growing. I am presently looking into a few properties myself. The growing neighborhood are Bedstuy and Bushwick. You might want to look into that.
Construction Superintendent. Broker. General Contractor. · Middle Village, NY · Member since 2015 · 42 posts · 9 votes
10y
I never found brokers helpful either. That's why I pursued my own license to find my own deals. When a good deal gets listed offers start flying. If you give me en email address and all your criteria I can program you in to MLS as soon as something goes on the market or changes it will send you an email. Have you considered Ridgewood Queens? There's a lot of 6 family investment properties there. I also have a friend who's a broker there and may be able to give some info on properties that are about to be listed.
New York City, NY · Member since 2015 · 95 posts · 39 votes
10y
Hi @Cheri I. - welcome. I'm in Manhattan as well and fairly new to BP (been in Real Estate since 1989 doing brokerage). Anyway - I've met 2 other people from BP in Real Time and it's been great. Coffee is good. I'll send you a connections request.
Are you looking just to rent out the apartments or are you looking to flip for a profit?
I'm looking for an investment property (6 family) to rent out the units.
Welcome to bigger pocket. I am currently investing in jersey city. it is a growing market and very easy commute via path train. If you are looking for $2k on $1.8mm investment (assuming you put 25% down, $450k), we are talking about 5.3% cash on cash return. it is much lower than my average return (7% and above) in jersey city and other cities in Hudson county.
I agree with you that brokers are not too helpful. I would say especially hard to find to a good broker in NY. they spent more time working with sellers rather than buyers. as everyone else, my partner got his license to be able to look for deals on our own. I am not sure about your situation. if i were you, i would start with smaller scale investment and find a trust worthy partner to start. Once more trust is built, you can also add most deals into your portfolio. there are deals in real estate market all the time, cash is always valuable. there is no hurry.