Newbie from queens , New York

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Newbie from queens , New York

Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes

Hey BP community ! I'm Faysal From Queens, New York , I'm a complete newbie when it comes this real estate and real estate investing but I'm only 22 and very eager to learn as much as I can . A little back round on me , unfortunately I'm currently in a position when school isn't an option (both my parents don't work, I pay rent,food,bills,etc etc ) at 22 and currently working a dead end job at a pizzeria isn't going to get me the financial freedom I desire so bad. I'm interested in everything real estate , wether flipping or buying and holding(rental income/cash flow) , I'm currently working towards building my credit as well as perusing a real estate license in order to get a better understand of the whole real estate market . I'm looking for a mentor , or experienced investors I can work with and learn from. I have $30,000 saved up , but that doesn't get you much in New York City , so looking to invest in areas close by (tri-state) . Any feedback on steps I should be taking , things I should be learning would be greatly appreciated ! I hope to talk to some of you soon ! Thanks for reading !

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Shawn AckermanPro Member

Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes

9y

@Faysal Alam you are in a great position presently. I'd suggest identifying your niche then attacking it. If your lookimg for long term wealth then buy and hold may be a good strategy. I'm also from NYC more specifically from brooklyn NY. I have grown a sizeable rental portfolio in an out of state market in the mid-west. Anything you want is attainable. You must first see it then achieve it. Best of luck to you on your journey. Always remember to persist and you will WIN!!!

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Shawn AckermanPro Member
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Faysal Alam you are in a great position presently. I'd suggest identifying your niche then attacking it. If your lookimg for long term wealth then buy and hold may be a good strategy. I'm also from NYC more specifically from brooklyn NY. I have grown a sizeable rental portfolio in an out of state market in the mid-west. Anything you want is attainable. You must first see it then achieve it. Best of luck to you on your journey. Always remember to persist and you will WIN!!!
1 Reply
Tom Ott
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
9y
Originally posted by @Faysal Alam:

Hey BP community ! I'm Faysal From Queens, New York , I'm a complete newbie when it comes this real estate and real estate investing but I'm only 22 and very eager to learn as much as I can . A little back round on me , unfortunately I'm currently in a position when school isn't an option (both my parents don't work, I pay rent,food,bills,etc etc ) at 22 and currently working a dead end job at a pizzeria isn't going to get me the financial freedom I desire so bad. I'm interested in everything real estate , wether flipping or buying and holding(rental income/cash flow) , I'm currently working towards building my credit as well as perusing a real estate license in order to get a better understand of the whole real estate market . I'm looking for a mentor , or experienced investors I can work with and learn from. I have $30,000 saved up , but that doesn't get you much in New York City , so looking to invest in areas close by (tri-state) . Any feedback on steps I should be taking , things I should be learning would be greatly appreciated ! I hope to talk to some of you soon ! Thanks for reading !
Hello and welcome! Best of luck to you!
1 Reply
Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
Although it does sound great to buy and hold to achieve long term wealth , but any idea where in the tri-state area it's worth buying in when I only have 30k
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
9y
@Faysal Alam
Welcome to the BP family! Here are some recommendations for you:
Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/
If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.
Wishing you the best!
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Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
Also how did you go about investing in these out of state properties without physically being there, I was looking to be a little more hands on for my first couple of rental properties , I just want to get my first deal out of the way
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Shawn AckermanPro Member
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Faysal Alam always remember to use the "@" symbol when responding to someone directly. By using the symbol before the name it will alert the person that you have responded to them. With respect to investing 30K in the tri-state area, Those funds can be used to purchase a property for around $90-110K with bank leveraging(20-25% down). The problem with that strategy is that after closing on a bank leveraged property your money will remain in the property until you can refinance after six months or longer depending on the discount you buy it at or if the property appreciates. I'm not aware of any local market(Tri-state) where you can purchase a property for 30K.
However in the mid-west where I currently invest I buy property(entire) properties for under 30K cash then immediately refinance them with my lender (45-60 days) to take all or most of my money back out of the deal to purchase the next property.
With respect to the distance and not physically being present, I've developed a team in the Milwaukee market consisting of property manager, property insurer, lender(s), title Co, Handyman, contractors etc... I really don't have to physically be present with the checks and balances that I have in place.
Since we are local let's carve out some time in person wherein I can personally share my experience and strategy with you.
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Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
Shawn Ackerman yes we should definitely make some time to discuss this in person ! I'm just curious to what made you lean toward those markets in the Midwest , and also where you found these people that made it possible for you to be so hands off during this process , once again thanks for your insight
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Shawn AckermanPro Member
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Faysal Alam great job using the "@" symbol. Your a pro!!!
0 Reply
Donna Genovese
Lender · Branford, CT · Member since 2015 · 97 posts · 30 votes
9y
Welcome to Bigger Pockets. I think it is fabulous that you have such a drive and commitment at such a young age. Be patient and wait for the right deal. This forming is for people who want to see you succeed. Reach out if I can help you in anyway. Wishing you much success and look forward to following your journey Donna
1 Reply
Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
Donna Genovese I am kind of feeling stuck at the moment , not where what step to take , where to look for these deals or where do I even look for them ? I'm open to investing in other states , well that's basically my only choice with the prices here in NYC . So any little guidance will be appreciated
0 Reply
Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
Donna Genovese I am kind of feeling stuck at the moment , not where what step to take , where to look for these deals or where do I even look for them ? I'm open to investing in other states , well that's basically my only choice with the prices here in NYC . So any little guidance will be appreciated
0 Reply
John Hickey
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
9y
Faysal Alam stuck? My impression from your post is that your doing great. You saved 30k? Awesome. You have a small job and big dreams. That's better than having a big job and small dreams. Have you written down your goals, and plans? Why don't you read a few books if you haven't already. Read your goals and plan every day and every night. I just got finished reading mine. If you have a minute during the day Read them again. Think and grow rich by Napolean hill. Millionaire real estate investor by Garret Keller. I can't remember the title Bc it's so long but Brandon turners book on low or no money down. In the mean time start looking at houses when you have an hour or two free. Best place to start is owning your own home. I know you live in the city. Can you look at coops? Have you looked into Mitchell Lama in the city? The city has a program where developers have to provide a few low income units in developments. Look that up. You'll need to put your name on lists. You have an advantage of your income is low and your saving money. No where to go by up from here.
1 Reply
Tamanna Khan
Toronto, Ontario · Member since 2017 · 9 posts · 1 vote
9y
Nice to meet you and welcome to this community. I must say that you are at the right place. Here you will be able to get all kinds of information from expert and help you to prepare.
0 Reply
Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
John Hickey thanks for the words of encouragement I do appreciate it ! I will definitely check out those books . To answer your question , yes I have written down my goals , although not in full detail . Coops are a bit difficult because they are hard to rent out and have to get board approval and all of that no ? I haven't looked into Mitchell lama yet , but I'm definitely going to check that out now . Also you say look at home , where should I look ? Zillow,Craigslist? Beside what websites , what areas should I look in?
0 Reply
John Hickey
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
9y
Yes you've learned already that some coops can be a bad investment if your not aware of the rules.(they can change too)....very smart. But have you also thought that some people avoid coops because of the difficulties? That means if you do your homework and find out the ins and outs of coop investing in your area your in a protected market. Less competitors. Don't think to much on this just yet though. Have you been on the Fannie Mae homeopath website? When you want to entertain yourself for a minute or two with property searches go there. Don't waste too much time on zillow or the others. That's entertainment. Youll need to get a real estate agent. First though you have to find an area, and a type of investment property you want to invest in. But wait we're getting ahead of ourselves. You need to focus. I would read the books first. Make the definite plans. Exact goals. In my experience once you have the long term goals finding the market is easier. Till then your like a small ship in the storm. I worked in a pizza place, McDonald's, Delis and gas stations. I grew up in the Bronx and queens. Your in a good spot Faysal Alam
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Shawn AckermanPro Member
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Faysal Alam remain on your fact finding mission. you will be fine.
0 Reply
John Hickey
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
9y
Faysal Alam how's it going? Awesome your writing down goals. Make sure they're big ones. I started writing down big goals about ten years 7 months ago. The first one I wrote down was buy a 700k house. Not just any house I wrote down the address and what I wanted to pay. The date I wanted to own it. The date/purchase price weren't exact but I got the house. Last year in January that house was grossing 5400 a month or so. I wrote down in one of my notebooks last year that I wanted to increase the gross to 10k a month on that house. I lost that notebook and just found it. But I read that goal night and day for a bit. Maybe it stuck. today the gross rent is 11,200. And I got one of the tenants to agree to a new lease with a 200 increase next month. So the gross is going to be 11,400. I signed the contract to sell that house today. After I'm done with this post I'm going to write down "I'm going to buy 7m worth of property this year" It's a big one for me but that's how I do it. If I only get to 4.5 I'll just double up next year. Not that it always happens. I wrote down that I would own 25/27 Benkard in newbrugh by July 1. The other day I was told I didn't get that one, I was outbid. One of the other things I wrote down is I'll help guys like me, no free books or gold membership packages. Just show what I do. It isn't rocket science. Once you see it done it gets a little easier. If your up for it take a ride with me one day when I'm looking at houses and buying. To me It's basic stuff. Bring a flash light measuring tape camera and goto building Dept and tax assessor. Do a title search. Do the math on the house. Offer a low price, sign contract, close or move on to the next one. Make mistakes make corrections, do it again.
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Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
9y
John Hickey hey man , it's going , had a few set backs ( car accident, car insurance went up ) but trying to keep my head up and do this reading , working on think and grow rich at the moment . And really man ? You'd be willing to do that ? I mean if so I'd gladly take the opportunity to learn from someone like you ! Not sure how to message people but reach out when you have time ! Thanks again
0 Reply
Stephen Marshall
Accountant · New York, NY · Member since 2019 · 1 post · 0 votes
7y
1) take your credit score to 680 and above
2)Do research and studies on the NYC FHA new homeowner 3% down.
3 )with 3% down you and your family can make the sacrifice and live on one floor of a 2 family house and rent everything else out. The minimum income you will receive for rent per month is $5000. Your mortage will be around $3000, will leave you with $2000 at minimum, bere in mind you will still maintain your day job to keep you floating for an additional 2-3 years. 2000 *3yrs = $72,000 at minimum.
4) important to note with an FHA loan you must live on the property for 5 years, but does not limit you to have renters in addition
0 Reply
Jack Butala
Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
7y
Good work, @Faysal Alam. You got past the first big hurtle in real estate investment, signing up and reaching out in BiggerPockets. We are happy to help you in any way we can.
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Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
7y
@Stephen Marshall my credit score is 750 , I got my savings up to 57k in my Goldman Sachs account , and another 11k in cash and 8500 in my Roth IRA , the problem for me is income , I make 28k at my pizzeria job and 15k as a home health aide . I just started my real estate salesperson business , made my first rental deal and got 1200 for it . My income doesn't allow me to qualify for a good enough amount to buy a house here .
0 Reply
John Hickey
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
7y
@Faysal Alam keep the pizza job. If you change careers....RE agent your self employed. Can you do both for a while?
0 Reply
Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
7y
@John Hickey yes I am keeping the pizza job , and I also started another job and got my W-2 income to 42k combined + whatever I make from real estate this year . But still it is not enough to qualify me for a loan here in New York City .
0 Reply
Faysal Alam
OP
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
7y
@Jack Butala thanks Jake I appreciate the words of encouragement , as this road has been very tough for me and I am getting really impatient but I also don't want to rush and make a bad investment
0 Reply
John Hickey
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
7y
@Faysal Alam have you been to a NACA event? Look it up.
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