Newbie from Queens, NY reading a whole lot

Newbie from Queens, NY reading a whole lot

Jamaica, NY · Member since 2017 · 5 posts · 3 votes

Hi Biggerpockets Community! 

My name is Adrian and I'm greener than green when it comes to real estate, as I found out when I first started doing research into real estate investing. I was tipped off to look into it by one of my old bosses, and what I found was an entire world that's just... so... supremely interesting! I swear, I check these things like a monster, I'm doing all sorts of market research, people would probably tell me to Sloooow doooowwwn, but I'm just obsessed with information at this point. My credit is great, but i'm still working on getting my savings up so I can take that leap with confidence whether with an HML or a bank, but i'm most interested in being a landlord and owning rental properties (straight up or BRR(r?). Little bit of side interest in flipping. I'm primarily interested in gaining financial freedom, but my dream is to take boarded up houses and turn them into living spaces for real people. I work in logistics and study chemistry, so I've got a good amount of analytical power in my brain, just never quite applied it in this way. Thanks for reading this far, and I hope this is the beginning of something amazing!

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
9y

Good afternoon Adrian,

Welcome to BP! Sounds like you're motivated to achieve your goals using RE. You definitely came to the right place, BP is great for growing your knowledge base while reaching out to like-minded individuals. Stay active on these forums, reach out to ppl in your area to pick their brains, find local meet-ups and keep pushing forward. Its a lot of fun in the beginning because you get to load up on new info, keep it up!

Best of luck to you!

-Abel

REbuild Team - eXp Realty5234 Reviews
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  • CPA · New York, NY · Member since 2016 · 203 posts · 132 votes
    9y

    @Adrian Stuart Welcome! You'll find that BP has an incredible amount of information for you to learn from. What does your living situation look like? I'm asking because purchasing a small multifamily and living in one of the units is a great way to start in/around NYC. 

    Best of luck! 

  • G. Brian DavisPro Member
    Investor · Hatboro, PA · Member since 2016 · 2k+ posts · 854 votes
    9y

    Welcome to BiggerPockets @Adrian Stuart! 

    @Taylor Brugna made a good suggestion about house hacking. I often refer new investors to this case study of how one first-time investor did it, it's the same process we recommend to many of our students:

    https://www.biggerpockets.com/renewsblog/newbie-ho...

    Rental properties are a great way to start building some passive income, and passive income is the key to financial independence! 

    Best,

  • Jamaica, NY · Member since 2017 · 5 posts · 3 votes
    9y

    @Taylor Brugna Thanks a lot! I currently live at home with mom and dad, so my personal expenses are pretty low right now and I don't see a personal need to live in an investment property when i can just rent out that extra space (unless it was required by some sort of rule). 

    Finding small multifamilies in NYC is looking pretty crazy, but not impossible, and I would jump at the opportunity to do so once I've run the numbers/secure funding and all, but from what I've seen, I like the "Just out of NYC New Jersey" area better. It's a bit far, but not far enough to make it somewhere I'd never go, I'm practically almost there for work every day. 

    @G. Brian Davis Thanks a lot, that was a very good read, and I've read a lot of similar stories. Multifamily properties I think are exactly what I'm looking to get into!

  • New York City, NY · Member since 2016 · 420 posts · 172 votes
    9y
    Welcome fellow NYer.
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    Good afternoon Adrian,

    Welcome to BP! Sounds like you're motivated to achieve your goals using RE. You definitely came to the right place, BP is great for growing your knowledge base while reaching out to like-minded individuals. Stay active on these forums, reach out to ppl in your area to pick their brains, find local meet-ups and keep pushing forward. Its a lot of fun in the beginning because you get to load up on new info, keep it up!

    Best of luck to you!

    -Abel

    REbuild Team - eXp Realty5234 Reviews
  • Jamaica, NY · Member since 2017 · 5 posts · 3 votes
    9y

    @Account Closed Thank you very much! I will most definitely be doing a whole lot of all of  that! 

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    9y

    Welcome to BP @Adrian Stuart! Glad to see you've taken to REI so well. Concerning not seeing a need to live in an investment property and house hack this MAY be true, but if you're working on building the capital to invest, an FHA 3.5% down payment for an owner-occupied property versus 20% down for a pure investment property can be a significant motivator. Sure you could rent out the extra space if it were a pure investment property, but you'd have to own the property first! If you house hack for a year you could get the benefit of the lower down payment then move out and rent it out then. Just food for thought!

    You should definitely check out www.biggerpockets.com/biz for a comprehensive look at all that BP may have to offer you and plow through as many of the podcasts as you can as fast as you can to get an idea of who and what is out there for you. Good luck!

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