Investor · Edison, NJ · Member since 2016 · 31 posts · 15 votes
Hey all!
I'm a New York native and I'm super excited to join the BP community to expand my RE network and to hopefully contribute something meaningful to others in the process.
I'm a bit of an accidental landlord having bought a condo that was too big for my needs because it was a special situation (pre-construction) and EVERYTHING else in the neighborhood was even more overpriced.
Currently I'm scoping out markets to focus on and am most interested in multi-family rentals. I'm quickly realizing that finding a deal in this market especially in NYC is a real challenge, but I tend to perform well under pressure.
Hey Richie, Welcome to BP. I'm also an accidental tenant but thankfully it has worked out pretty well for my wife and I. Our first home we bought back in 2010 in the Richmond Hill section of Queens cash flows pretty good now for me and my wife. Is a 4 bedroom big backyard, 3 floor, single family house and it was just too much space for us. we found a nice big family that pays us decent rent( $1100) over our mortgage and we could not be happier. I currently have a friend mentoring me in the Northern NJ area in fix and flips. Will love to connect some time soon.
Hey Richie welcome to the community here in BiggerPockets!!! Also here native to New York City and would love to connect and get more insight. Possibly organize an NYC meet for us members here in NYC. Would love to chat more.
I definitely want to spearhead a local BP meet up in New York City in the near future. I realize, as New Yorkers, we're all super busy and therefore would want to make sure any meet up is done right so let's connect and stay tuned.
I feel like our market is so unique and it's so easy to get discouraged when just starting out because of pie in the sky valuations and insane amounts of old/new/foreign money flowing in.
One encouraging bit of news is that Brooklyn made RealtyTrac's best SFR markets for 2016 (I suspect because of rental growth and not gross yield, which is ~11% below the best performer: Flint Michigan). What's interesting is that median Brooklyn home price is the second highest on the list after Santa Cruz.
What markets are people focused on or excited about?
Hello @Richard M. and welcome to BP. BP is a great place to network with other real estate investors while getting the information you need on real estate. I wish you all the best. You are not alone in your real estate ambition.
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 100 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 (cash buyers). Find them through Google and meetup.com
Consider checking out HUD homes for small multi's owner occupied gets first crack.
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
Nice to meet you and welcome to the BP experience!! You have made a great choice in joining our community. You can find plenty of webinars, podcasts, forums, books, etc.. on this site regarding anything in RE Investing. Yeah, and the people are pretty awesome to get to know as well. Everyone here is here for the same reasons to learn from each other, question one another, help one another in the RE Investing Market. I wish you luck my friend and until you start your own BP networking group in NYC try researching for a local REIA or REI Club or meeting to attend and meet some like minded people like yourself and go from there. Hey, if you ever want to chat sometime connect with me here always happy to make new friends.
Thanks very much @Paul Timmins @David Ebbeson for the helpful tips and words of encouragement. It's a bit frustrating starting out in one of the most expensive RE markets in the country during what arguably might be a frothy market (if not outright bubble).
The hard part is being patient and not becoming a speculator. I think sometimes newbies are eager for their first deal and consequently rush into bad investments. I just started Gary Keller's The Millionaire Real Estate Investor (which I bought used for $1.99) last night and I see why people treat it like the RE bible. I feel like I've found the light.