New Member from New York City

New Member from New York City

Brooklyn, NY · Member since 2017 · 4 posts · 3 votes

Hello all, my name is Joe Maynard and I am a young professional in the financial services industry in the New York Metro area. I was born and raised in Brooklyn, NY and spent a few years at a large public university in the Midwest before returning to New York City to complete my undergraduate studies. I am a few months out of college and have been intrigued in the value real estate offers an investor since my first year in college.

My grandfather purchased the property my family still lives in back in the ‘80s and his story of investing in an area long before its value was realized has made quite an impression on me. Since the age of 16, I have acted as an assistant manager to my father’s inherited property whenever he left the country for vacation. This experience has taught me about the potential problems a property owner/manager can experience at any time. Even after some challenging situations, I am still interested in the real estate world and the opportunities real estate can offer someone.

As a native New Yorker, I have seen the huge changes in the city of New York. I have especially seen those changes in my neighborhood in the early 2000s and the thought of real estate investing discouraged me a lot when I was in college because I have always felt that it would be nearly impossible to start in my own backyard. I never considered the possibility of investing in other cities or states to meet my needs as an investor. Listening to the BP podcasts has fueled my interest in real estate investing and has motivated me to start a plan of saving as much as I can to close a deal before the middle of 2019; whether it is in New York or elsewhere.

I have skimmed through a few real estate books and have been listening to podcasts on a frequent basis to get as much knowledge as I can, but I am open to any specific resources that you all have found extremely helpful to you. Any recommendations would seriously help.

I have come to BP to share my story, seek advice to either help me start my real estate journey in New York or in another state, put my goals out to the world to hold myself accountable for them, and ultimately pay it forward by sharing my experience and providing the same guidance I am seeking here today. I hope to meet many in the community in the future and potential collaborate on some level!

-Joe Maynard

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
8y

@Joe Maynard

Welcome to Biggerpockets!

I was also raised in Brooklyn. I am proud to say that I lived in Brooklyn for 30 years. I definitely know what you mean when you say that the area has transformed drastically over the years!

It seems like you are doing all the correct things new investors should be doing.
1) Read books
2) Listen to BP Podcasts
3) Engage in the forums

I would encourage you to come out to a real estate networking event. You can find them either through the events section of biggerpockets or on meetup.com
Here are just a couple of the following meetups happening in the near future in NYC

https://www.biggerpockets.com/forums/521-events-an...

Have you decided in an area that you want to invest in?
With the high prices in NYC - you may need to look to out of state investing or upstate New York for a lower entry point.

See this reply in the discussion

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Joe Maynard

    Welcome to Biggerpockets!

    I was also raised in Brooklyn. I am proud to say that I lived in Brooklyn for 30 years. I definitely know what you mean when you say that the area has transformed drastically over the years!

    It seems like you are doing all the correct things new investors should be doing.
    1) Read books
    2) Listen to BP Podcasts
    3) Engage in the forums

    I would encourage you to come out to a real estate networking event. You can find them either through the events section of biggerpockets or on meetup.com
    Here are just a couple of the following meetups happening in the near future in NYC

    https://www.biggerpockets.com/forums/521-events-an...

    Have you decided in an area that you want to invest in?
    With the high prices in NYC - you may need to look to out of state investing or upstate New York for a lower entry point.

  • Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes
    8y

    Welcome to BP 

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    8y

    @Joe Maynard wlcome to BP all the best in your REI journey!!! Always remember to persist and you will WIN!!!

  • Yonkers, NY · Member since 2017 · 506 posts · 95 votes
    8y
    Joe Maynard send me a colleague request and a pm and we can talk some more about what you'd like to do, I'd be more than happy to help you out! I live in Yonkers, a direct suburb of the city. I know the struggle!
  • New York City, NY · Member since 2016 · 420 posts · 172 votes
    8y
    Welcome from Queens, NY.
  • Brooklyn, NY · Member since 2017 · 4 posts · 3 votes
    8y
    Thank you, Basit. I appreciate the warm welcome! I also appreciate the advice and recommendations - I’ll be sure to participate in the real estate groups around the city. Perhaps I will see you at them. In terms of markets I am considering - I was thinking about the Milwaukee area because of some contacts I have there whom I can leverage. The only thing is that I do not know how comfortable I would feel about starting off with a property so far away. What are your thoughts?
  • Brooklyn, NY · Member since 2017 · 4 posts · 3 votes
    8y
    Originally posted by @Basit Siddiqi:

    @Joe Maynard

    Welcome to Biggerpockets!

    I was also raised in Brooklyn. I am proud to say that I lived in Brooklyn for 30 years. I definitely know what you mean when you say that the area has transformed drastically over the years!

    It seems like you are doing all the correct things new investors should be doing.
    1) Read books
    2) Listen to BP Podcasts
    3) Engage in the forums

    I would encourage you to come out to a real estate networking event. You can find them either through the events section of biggerpockets or on meetup.com
    Here are just a couple of the following meetups happening in the near future in NYC

    https://www.biggerpockets.com/forums/521-events-an...

    Have you decided in an area that you want to invest in?
    With the high prices in NYC - you may need to look to out of state investing or upstate New York for a lower entry point.

    Just checked out the meetups too... this is really good stuff...

  • Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
    8y
    Joe It’s not easy but I can assure you from my own experience it can be done. You have the right idea, use any leverage you might have. I went to NC a couple of years ago w no contacts not knowing the city at all just the research that I did and I have no regrets. Unfortunately in our local market it’s hard to invest for cash flow. The few investors that I know in NYC invest mostly for appreciation and some have made good profits doing that but I don’t believe this is the time to be investing for Appreciation especially in our local market.
  • Investor · Orlando, FL · Member since 2015 · 301 posts · 99 votes
    8y
    Welcome Joe Great community here. You will find lots of resources. Stick with it and you will do well.
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