Newbie from Queens, New York City

19 Replies

Hi BP, 

Long time lurker of this wonderful community. Decided that it’s time to start communicating with you guys and be more involve with discussions. I am just a 21 year old male, studying Applied Mathematics in college. I have no experience with real estate yet but I have always loved the idea of buying houses, understanding what goes behind buying houses, and how we can making a living by investing money. My main pursuit of investing is on rentals and flipping. 

I would really appreciate some helpful and personal advise that you guys did while you were in my shoe. And for those of you in New York City, how do newbies like me cope with the prices in New York City? I know that markets are not just here in NYC, but how do you expand your wings and find a right place to look for investing upsate of new york or out of state? 

Thanks, looking forward to you people.

-Amir

@Jarshlyn Henry

Hi! Thank you for your warm welcome! :) I am doing a lot of readings and listening to podcasts about rental properties right now.  I am also getting out of my norm to look our for some of the meetups and absorb lots information as much as I can. I see that you do have some knowledge based on your background. And I would love to connect with you and have discussions about our interests! :))) 

Originally posted by @Amir M. :

Hi BP, 

Long time lurker of this wonderful community. Decided that it’s time to start communicating with you guys and be more involve with discussions. I am just a 21 year old male, studying Applied Mathematics in college. I have no experience with real estate yet but I have always loved the idea of buying houses, understanding what goes behind buying houses, and how we can making a living by investing money. My main pursuit of investing is on rentals and flipping. 

I would really appreciate some helpful and personal advise that you guys did while you were in my shoe. And for those of you in New York City, how do newbies like me cope with the prices in New York City? I know that markets are not just here in NYC, but how do you expand your wings and find a right place to look for investing upsate of new york or out of state? 

Thanks, looking forward to you people.

-Amir

 Hello and welcome! Best of luck to you.

Welcome! Investing out of state really depends on your comfort level, would you be okay managing a turnkey property or would you like to get more hands on by finding a fix/flip out of state and creating a team over there? 

Your in a great area to invest,Ridgewood!

Great housing stock, if you can get a 3 family and live in one unit thats the way to go ,you'll learn a lot also. Maybe wait for the L train to shut down and you might find a deal in Ridgewood. NYC is tough to start out, but if you can get a up and coming area thats close to the train lines and less than 40 minutes from the city you might hit the jack pot. Also look into South bronx,lots of developers pouring money into projects. 

When i started i took a gamble on Williamsburg before it hit,it worked!

15 years ago you couldn't even catch a cab there,look at it now. 

Good luck on your journey

ps I started with nothing but will

@Aric W.   I see from your profile that you have a rental condo in DC,    do you have to file a separate tax return to DC for your rental property?   Are you paying a lot more in ppty tax for your DC property because it is not your primary residence?

@Amir M.

Welcome long time lurker!

As someone who was born and raised in NY, investing out of state just made more sense for me. The numbers here no longer make any sense (again this is my two cents). I recommend going to local REI club meetings and networking. Once you find someone who has successfully done the type of investing (you mentioned flipping or out of state investing) that interests you most, shadow that individual. Best of luck so stop lurking and dip in!

@Amir M. Welcome! I love Ridgewood (I lived on FPR) as a market to invest in-I think when the L shuts down the values are going increase dramatically. I've met a ton of people that are priced out of Williamsburg, like the vibe of Ridgewood, and still need access to Manhattan. Good luck!

@Bryan Pham Hi! I'd be definitely okay with turnkey property but wouldnt that be expensive? I could also be creative and look at fix/flip but that would seem more work unless I do find a team in that area. 

I am looking for a multi-family house needing only cosmetics changes so I can fully budget my numbers properly. 

Welcome aboard @Amir M. good to start young and retrieve as much info as possible.  Most people start with rentals and flipping, I hope you can make something happen! BP is awesome.

@Amir M. , it really depends. I understand that most turnkey are affordable but you will definitely lose out on the opportunity to cash our on your equity. The flip side is that you will not have to spend the trouble finding and fixing a property from out of state. 

@Amir M. I’m also a newbie from nyc , not too far from you in Jamaica queens . Also looking to find properties outside nyc as I can’t afford nyc at the moment . Let me know if you want to meet up or hear of any meet ups . Pm and we’ll talk

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