Beginner Investor Looking for my first market/city

New York City, NY · Member since 2016 · 15 posts · 4 votes

Hey guys,

Just taking my first steps into the world of real estate investing - trying to get myself educated as fast as possible, initially to the point that I can close my first deal.

I live in NYC but looking to invest in a different state that offers better purchase value and appreciation potential. That said, would love to hear tips people might want to share about investing in a city you don't live in, or necessarily know much about. I'm thinking I would like to build up my portfolio in one city and get to know it very well over time.

Fruitful investing everyone!

Liam

1 Reply

12 views

Most Popular Reply

Brandon TurnerPro Member

Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes

10y

Hey @Liam Barnes welcome, glad to have you on board! If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

Oh - and if you haven't yet- be sure to setup some "Keyword Alerts."

Glad to have you here Liam!

Podcast Guest on Show #92

1 Reply

See this reply in the discussion

8 Replies

Jump to latestLatest

Sort by

Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
10y
Hey @Liam Barnes welcome, glad to have you on board! If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.
Oh - and if you haven't yet- be sure to setup some "Keyword Alerts."
Glad to have you here Liam!
Podcast Guest on Show #92
1 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
10y
Hey @Liam Barnes, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)
1 Reply
Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
10y
@Liam Barnes
Welcome. Your team on the ground is essential get the best of the best. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
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
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
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
http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book
Good Luck
Paul
1 Reply
Evan Burke
Birmingham, MI · Member since 2016 · 12 posts · 2 votes
10y
Hey @Liam Barnes!
Just because you live in the city doesn't mean you have to go out of state, many people on the site and the podcasts say there is most likely good opportunities with 2 hours of everywhere! You may find some deals that work great out of state, but make sure not to rule out an option too soon.
Happy investing!
0 Reply
Liam Barnes
OP
New York City, NY · Member since 2016 · 15 posts · 4 votes
10y
I'm blown away, thank you all for your tips and suggestions. Really excited to get more involved in the community here.
@Evan Burke I have been wondering if there might be somewhere closer that still presents a good investment opportunity - never heard of that 2 hour guide, ill be sure to consider places closer to home too.
@Brandon TurnerThanks for the welcome. I've been consuming your Podcasts and a webinar at a furious rate the past couple of weeks - really appreciate the way you delve into things your guests say, so a beginner like me can understand what something is, how to do it and the reason to do something. Also just started reading the beginners guide and the Seven Years to Seven Figure Wealth e-books you wrote - same comments on your writing style, everything so far has been easy to take in.
Thanks @Dave Visaya, feeling the love!! P.S. I visited Cebu City about 10 years ago...had a great time. Lovely city.
@Paul Timmins really appreciate the detailed advice, thank so much for taking the time. The HUD & REIA club meetings are tips I haven't previously come across, same goes with the most of the reading suggestions - lots to read which is great! Likewise I haven't read or listened to anything on niche or student housing, so wasn't aware rents can be more. My intuition would have been that student housing rents were probably lower than average. Would you mind elaborating on what might fall within the niche classification?
0 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
10y
Hey @Liam Barnes thanks! Let me know if you ever visit again! I'd be glad to tour you around or just talk about real estate :)
0 Reply
Nidia C.
Northern New Jersey, NJ · Member since 2014 · 53 posts · 14 votes
10y
Hi @Liam Barnes Welcome and good luck with your investing!
1 Reply
Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
10y
@Liam Barnes
My BP PM does NOT work you need to EMAIL me directly, see my profile.
Paul
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.