My name is Jim MacBean - my wife and I live in Long Island City, NY (part of Queens), and we are burgeoning real estate investors, who also own our condo here in the city. So far we have 4 residential income properties under our belts - 3 SFRs and 1 duplex we just closed on in the last couple weeks. All our deals so far have been out-of-state, and I believe that pattern will probably continue, given we're in NYC. I am an engineering team manager for a popular internet music streaming company (take a guess!), and my wife is a musician (piano, pipe organ) and working to be an opera conductor.
I was aware of BiggerPockets for some time, but I had never really dove into the site until very recently - and WOW, I'm shocked by what I've been missing. I am happy with the path we took to get our foot in the door, but my short time on the site so far has broadened by horizons tremendously, and has me thinking bigger than I ever thought possible - so thank you to Josh, Brandon, and all the other contributors who have made this site what it is today!
My real estate investing goal is to duplicate my current job's total compensation with passive real estate income - the idea being, to be able to take time off whenever I'd like to, and of course - the holy grail of early retirement. 😃 I intend to try doing this by pursuing a couple of main strategies, those being buy-and-hold medium and large-scale apartment complexes (probably often with a BRRRR strategy), and hopefully some Triple Net Deals (NNN), but I am definitely open to trying other things such as Fix & Flips, Partnerships, Syndications, renting out a vacation home (or two!), foreclosures / REOs, and maybe even some private lending at some point.
Everything I've been doing so far has really just been what I've learned through self-education and the little experience I have. I'm definitely looking to improve my knowledge by interacting with the community. In addition, I'd love to build up a network of comrades / business partners in the disciplines of Real Estate Agents, Financial Advisors, Listing Brokers, Property Managers, CPAs, Real Estate Attorneys (I have so many questions about LLCs!), Lenders (conventional and private / hard money), and Contractors. I have already joined up with some Meetup groups in my area and am planning to start attending and networking with like-minded folks, soaking up everything I can learn to help us on our journey - and hopefully giving back whatever minute knowledge / experience I've gained along the way as well!
So please, feel free to reach out if you'd like to connect, chat, ask me any questions, etc - would love to meet you guys and slowly become part of the BiggerPockets community!
Hey there! Official welcome to Biggerpockets!! As you have seen, this site is a virtual goldmine of information and connections. You should totally follow @Darren Sager as he hosts meetups for us New Yorkers.
I haven’t gone as far as you have but I recently bought my first property (duplex) thanks to the motivation given by the meetups.
Hope to see you around and happy investing!
Welcome to BP @Joshua Diaz !
@Jim MacBean Where in Long Island City are you from? I live in the Hunters Point south area by the park. Welcome to BP, replacing active income with passive rental income is a common goal around here, and many people have seen success!
Thank you @Joshua Diaz ! I'll be sure to follow Darren, appreciate the tip! I too hope to gain the knowledge (and courage!) to move to the next step from attending some meetups... :)
Hi @Taylor Brugna , I actually live right in the same area! It would be great to chat some time and share experiences with real estate investing, if you're game!
@Jim MacBean hi
I started investing in a Seattle which is similar to NY with no cashflow. Since then I went to the south. Let me know if you want to swap notes.
I'd love to, @Lane Kawaoka - I'll reach out to you!
I am new here too. It's funny I was reading you post and thinking I could literally copy paste and change some elements here and there and it would correspond perfectly too me and my goals ^^
I live in Astoria and I am interested to meet other out-of-state investors to discuss strategies, challenges and ideas. I will start BRRR investing in 2018 so very much looking forward to start and do the right things from the beginning!
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