Hello BP! ...More Brand New NY Based Investors Here!

Hello BP! ...More Brand New NY Based Investors Here!

Rental Property Investor · Commack, NY · Member since 2016 · 4 posts · 3 votes

My husband, David, and I are new to investing and have been on the education train for a couple of months. We are so happy to have found BP - it has already taught us a great deal and saved us money by preventing silly mistakes! We are reading the forums & blog posts, listening to podcasts & webinars, currently reading Brandon's book on Rental Property Investing and will soon be taking the BP "A Beginner's Introduction to Real Estate Investing" on-line course. While we are focusing on Buy & Hold (TurnKey!) right now, we hope to know a little about all the investing avenues since we see other opportunities that we may entertain down the road a bit.

The goal is for both of us to be able to retire in about 5-7 years. Unfortunately, the Long Island, NY rental market is not great so we will be investing out of state, likely starting with Ohio.

I will even admit that we attended two of those three-day courses/sales pitches given by the "gurus". No, we did not invest any additional money, but I am quite glad we attended the weekend seminars. It was a great deal of work weeding the useful info from the up-sell, but for $200, it was worth it. The two gurus had very different approaches to the training and gave us Newbies a “crash course” on the ideas, options, and terminology that has helped us get started. I’m a believer that All Knowledge Is Good Knowledge. Hey - even the half a day spent on learning how to increase the limit on our credit cards could be useful someday (as long as you don’t use it to pay for their additional “elite” packages!)

I look forward to the day when I know enough so that I can offer help the way so many others here have!

Thank you for reading if you have read this far!

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  • Brooklyn, NY · Member since 2015 · 33 posts · 13 votes
    10y

    Hi Valerie, Welcome!

    I also live in NY (Brooklyn) and am interested in Investing out of state. My first (and only) property is/was a turn-key duplex which is working out fine so far since i'm house-hacking. I've been leaning toward Rochester as it's a lot cheaper to get the ball rolling than it is in the New York City area. 

    BP is a great place to not only gather great tools and information but also to build confidence when taking that leap!

    Good luck to you and your husband! This is the best place to be if you are interested in REI.

  • Investor · USA · Member since 2016 · 20 posts · 5 votes
    10y

    Welcome @Valerie Amonick ! My fiancee and I are investors based out of Queens, NY and we're happy to share our insights! 

  • Real Estate Investor · Bay Shore, NY · Member since 2015 · 31 posts · 4 votes
    10y

    I'm an islander as well was thinking of looking into the Mastic, Shirley area. You can find cheap houses needing some work. Of course skeptical due to the bad rep those areas have though I have friends that know people making good money there. 

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    10y

    @Valerie Amonick Hi and welcome to BP! Lots of info on here about investing out of state, which is what I have always done. It comes in all flavors. All best in your REI!

  • Real Estate Agent · Brooklyn, NY · Member since 2015 · 231 posts · 66 votes
    10y

    @Valerie Amonick

    Hey Valerie and welcome to the BP community. One of my favorite places to go for everything RE based. I love listening to the podcasts, they are both informative and entertaining. I also enjoy looking through the forum posts to see what catches my eye. The world of REI is a large one and we learn new things everyday. Keep us posted on how out of state investing goes for you, it definitely is a strategy I am interested in.

    Welcome, and good luck.

  • Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    10y

    Hey Valerie! I live in LA and also do out-of-state turnkeys. I love them! Before those I also did a lot of the guru weekend programs (also didn't invest more into them afterwards). People can knock them all day long but I thought they were excellent. I got lots of good helpful info between the sales pitches :) All info combined helped me definitely succeed into RE!

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Valerie Amonick

    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). Find them through Google and meetup.com

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

    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 

  • Rental Property Investor · Commack, NY · Member since 2016 · 4 posts · 3 votes
    10y

    Thank you all for the wonderful, warm welcomes and the suggestions to help us out! We are looking to join a local REIA soon, but first we want to upgrade to BP Pro (probably after the Webinar tonight) to avail ourselves of all that BP has to offer.

    Here's to the first step of our thousand mile journey!

  • Property Manager · Brooklyn, NY · Member since 2015 · 537 posts · 56 votes
    10y

    Hi @Valerie Amonick, welcome to the Bigger Pockets community!

    I'm sure you'll find here all the information you need to get started.

    Wishing you great success!

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