New member from New York interested in out of state investing

[Alex Schukin]

Hello everyone,

It's great to see such a vibrant real estate community. I first came across BP through the podcasts, but the virtue of having the BP forums here and all of the podcast content really pushed me past the point of analysis paralysis to get involved.

My name is Alex Schukin and I"m from New York City. I don't have a much of a background in real estate apart from my interest in building a property portfolio, but I currently work in finance and have broad experience across equity investing, trading and banking.

I previously tried purchasing a property with two partners, but a lack of knowledge, operating agreement, and time commitment to actively work on the investment caused things to fall apart.

My goal is to purchase my first property in the next 12 months, preferably a small multi-family. I have a down payment lined up and am now searching for right geographic location. Investing in NYC is extremely expensive, but out of state investing without a good team is difficult, especially when working 80+ hours per week.

Hope to learn as much as possible alongside everyone, especially on how to find and build a good team, pick a geographic location and manage the property at a distance.

Cheers,

Alex

[Joel Owens]

Alex first decide your price point and if mainly cash flow, some cash flow and appreciation, or mainly appreciation is your goal.

There are properties at lower price points in some areas where it might initially throw off higher cash flow but does not meet your long term goals. Those areas tend to stay the same price wise or lose value over time.

If you simply want equity growth and then strong rent growth to eventually throw off cash flow and park money for retirement that is a different conversation.

Chris Clothier for the lower end priced turn key properties might be good for a talk contrasting say what Jeff Brown does with his clients for retirement planning.

I do large commercial so my clients tend to invest millions ofr dollars at a time buying something more passive.

Good luck.