Staten Island, NY · Member since 2017 · 115 posts · 16 votes
My name is Billy, I am 28 years old, I make 90k per year and am currently renting a 1 bedroom in Staten Island NY for $1100 monthly. I am looking to purchase my first home/real estate investment but have no idea where to start or if what I am looking to do is wise.
My Idea: Since I am renting for $1100 monthly, why not put enough money down on a small condo or coop so I am at least putting my money toward something that will eventually be a valuable asset.
Question: Any successful real estate investors out there? Would you do the same? Do you have any advice or wise words? Nobody has taught me a damn thing about real estate and I am going in sort of blind.
Investor and RE Mentor · Miami, FL · Member since 2010 · 560 posts · 219 votes
9y
@William D. If you have money for a downpayment, at least 3% plus closing costs, of course it would be a smart idea to invest in your own home instead of renting.
Also look for lease option to buy possibilities, where the seller will basically work with you on a seller's financing structure and you can cash him out down the road (by refinancing, once he puts you on title, also called a subject to.)
However if you are new to real estate investing, still have to learn and may be don't have enough money for downpayment or reserves, my suggestion is that you start with wholesaling, and you can do this virtually and outside of your area. You learn a lot with wholesaling while making money.
I have students who live in Manhattan and wholesale all over the US! :)
You are doing great and you are at the right place in your life (age and income) to really make things happen for yourself. I was 23 when I started in real estate investing (30 years ago ...) and I never looked back. Go for it!
Investor and RE Mentor · Miami, FL · Member since 2010 · 560 posts · 219 votes
9y
@William D. If you have money for a downpayment, at least 3% plus closing costs, of course it would be a smart idea to invest in your own home instead of renting.
Also look for lease option to buy possibilities, where the seller will basically work with you on a seller's financing structure and you can cash him out down the road (by refinancing, once he puts you on title, also called a subject to.)
However if you are new to real estate investing, still have to learn and may be don't have enough money for downpayment or reserves, my suggestion is that you start with wholesaling, and you can do this virtually and outside of your area. You learn a lot with wholesaling while making money.
I have students who live in Manhattan and wholesale all over the US! :)
You are doing great and you are at the right place in your life (age and income) to really make things happen for yourself. I was 23 when I started in real estate investing (30 years ago ...) and I never looked back. Go for it!
Staten Island, NY · Member since 2017 · 115 posts · 16 votes
9y
I have been doing some wholesaling myself. So far so good! Thanks for the wise words. What is the best way for steady income in real estate? Purchasing a 10 family and renting? Flipping?
Investor and RE Mentor · Miami, FL · Member since 2010 · 560 posts · 219 votes
9y
@William D. For steady income? Definitely passive income, like rentals, however quick spikes in cash/reserves can be achieved with wholesaling and flips.
I always recommend as a real estate investor to look at each deal you come across having different exit strategies and then deciding based on numbers if it is better to wholesale, flip or hold. A mix of all the strategies is the best bet.
Dover, DE · Member since 2017 · 60 posts · 19 votes
9y
@William DeLuca
I am 17 years old wholesale investor and my birthday is tmrw so im excited!! But my advice I can give to you is to go get the knowledge on your own. There's so many real estate and business books out there like: "unfair advantage" and "rich dad poor dad" from Robert Kiyosaki that I have read and learned a sea worth of information from them. I just got done reading Brandon Turner book today called "The book on rental properties" and for what you're trying to do that would be great for you to read. You are looking for formal education and there's nothing wrong with that but we live in the technology age where everything is accessible by the touch a finger so go out there and get self educated bc it will never let you don't!!! Just stay motivated and keep working to prepare yourself towards your opportunity because success is where preparation and opportunity meet so go take action and good luck on your journey!
Contractor · Staten Island, NY · Member since 2016 · 147 posts · 38 votes
9y
@Laura Alamery Im a General Contractor in Staten Island trying to get into my first flip. Like @William D. I'm saving capital for down payment and holding costs. Plus repair costs. Would wholesaling be a better option to get enough capital to start funding for my flips?
Also what is the best way to get into wholesaling?
My name is Billy, I am 28 years old, I make 90k per year and am currently renting a 1 bedroom in Staten Island NY for $1100 monthly. I am looking to purchase my first home/real estate investment but have no idea where to start or if what I am looking to do is wise.
My Idea: Since I am renting for $1100 monthly, why not put enough money down on a small condo or coop so I am at least putting my money toward something that will eventually be a valuable asset.
Question: Any successful real estate investors out there? Would you do the same? Do you have any advice or wise words? Nobody has taught me a damn thing about real estate and I am going in sort of blind.
Investor · Brooklyn, NY · Member since 2016 · 55 posts · 38 votes
9y
Condos are not my favorite for few reasons and I would not invest. There are HOA fees and all other fees which will eventually eat into your profits and can go up or down (usually only up). There are also lots of rules you're not free to do whatever you want like a house. I would either invest in cash flow single/multi-family properties or house hack. I believe there are still multi-family properties in Staten Island that are within reasonable price range. You can get an FHA loan, live in one unit and rent out the others. The second option would be to get investment properties out of state that are below $100K and start getting rental income right away.
Investor · Murphy, NC · Member since 2017 · 24 posts · 4 votes
9y
I mentor and work with others helping them learn and think outside the box. I tell all my sellers that there is nothing traditional or conventional about me. I personaly am closing currently 2 to 5 a month and find it very satisfying and empowering not to mention financially beneficial to my students as well. I don't sell you anything but help you obtain property sellers and walk you through from evaluating the type of deal it can turn into all the way to close and beyond.
Together we work on deals and learn the negotiating skills and the CF opportunities. I am the investor who will always be there.
send me a message with your contact information and we'll talk and get you going.
Example: A new student called me last week to wholesale a deal that I believed she could do making more money than 5K and tomorrow she's now going to do it herself with no out of pocket money and 3K in her pocket with a CF of $450.00/month
All from her calling me a week ago.
Send me a quick direct message with your contact info and you have a mentor.