My First Post - Responses Are Greatly Appreciated!

35 Replies

Hi everybody,

Real estate investing has been brought up to me a few months back and, since then, I have been dedicating my time to learning as much as I possibly can while I build up capital for my first investment.

I feel that I have enough knowledge to buy my first investment, but I have not done a great job of networking (which is the reason for this post). While I continue to build up my capital, my next step is to try to assemble some connections by sharing my goals.

My ultimate goal, like many of us, is to become financially free. Although that is very vague, my focus to help reach that goal starts with my first property.

I would like to owner occupy a small multi-family. I'm looking to move in with my girlfriend to avoid renting altogether. I'm interested in an FHA or 203k loan to keep the down payment to a minimum since capital isn't in abundance, but I'm open to other strategies if there is a better option.

From my analysis so far, I'm finding that it's difficult to find a property to cash flow due to the expensive areas around me, along with the high property taxes. My hope is to connect with a real estate agent (who is investor friendly), a contractor, and a mortgage broker (also one who is investor friendly).

Sorry for the long post, and thank you for the responses in advance!

@Joe Aiola Welcome to BP! Suffern like much of the Tri-State area has limited well priced inventory and relatively high property taxes both of these challenges complicate things a bit. You may want to take a look at expanding your search to surrounding areas and becoming familiar with the inventory wherever you search.  Lastly keep looking on BP for investor friendly RE professionals (but make sure that you vet them) if you don't see many replies here take your search to other parts of the forums.

Good luck 

Hey @Joe Aiola welcome to BP. There is a great wealth of knowledge here If you heard the podcasts here, many mention that there is a great market a short drive away which will fit your need. Look around and don’t hesitate to ask questions. I am glad RE has sparked
Your interest and I am sure you will do well. Good luck buddy!

@Joe Aiola I was born and raised in NYC started investing in NJ because i could make the numbers work and scale here. I don’t have any NY investments though I have my eye on Newburgh to see if they ever clean it up or if revitalization there is just speculative as it has been for the longest time

@Aqil Dharamsey If there is one good thing about a 45 minute drive to work, it's being able to listen to the podcasts daily! You're absolutely right, I hear that advice being thrown out on the podcasts all the time and I couldn't agree more with it. There is always somewhere to invest, you just have to be willing to make it work.

@Odie Ayaga Yes, he's my brother. That being said, it is clear that I am in desperate need for an accountant! Just kidding :)   He is a great resource and is actually the one who has brought the idea of investing to me. I'm lucky to have one team member right off the bat without having to look for a reliable accountant 

@Vaughn Smith It seems to have been a great decision for you. If my investing brings me to NJ, I'll be sure to reach out. Newburgh (as well as a few other areas up north) definitely show some potential if they can clean it up a bit, as you mentioned

Hi,

I currently live in the Hoboken area. I work for Jude & Eve Construction and we specialize with investors. We do all the construction needed for flips, rehabs, rentals, etc. The systems and procedures we have put together mesh well with what investors need and expect. We provide detailed bids so financing is easier and our systems help out of state investors stay updated with their projects every step of the way. We utilize a system called SmartSheet where the project manager will provide you with weekly updates on improvements, pictures, dates and any other changes/progress made. Our clients have access to this live software and get email alerts for any changes made on their project. All of our workers have been in the field for over 15 years and are very familiar with all the codes and regulations. Everything we do is to make the investors life easier. We work all over New Jersey and are looking to expand.

Please feel free to reach out for more information or share my contact with other investors.

Alexis Figueiredo

Hey @Alexis Figueiredo ! Thanks for the reply. My search has not brought me to the New Jersey markets yet, but I will definitely keep you in mind. I'm very interested in the type of work you do and would love to talk more in depth about it. Thanks again for sharing that information!

@Joe Aiola @Vaughn Smith it’s a great time to be investing in Newburgh.  The market has changed a lot in the last two years.  While the prices are higher the risks and difficulty is certainly less.  

We have a meet up once a month.  https://www.biggerpockets.com/forums/521/topics/569348-newburgh-ny-am-real-estate-investors-meetup

And check it the invest in newburgh thread.  Tons of useful info.  https://www.biggerpockets.com/forums/48/topics/214039-invest-in-newburgh-ny

@Account Closed Thanks for the information! Definitely going to look into it. I see that you're from Chappaqua - do you invest in that area at all? I work in Mount Kisco, so that area is of interest to me

Originally posted by @Odie Ayaga :

@Joe Aiola we're working with them on a flip in South Jersey. If you are interested I'd be happy to meet up with you and/or meet with you at the property so you can see what the work actually looks like.

 How is it that I didn't know you have a flip you are working on right now? 

@Joe Aiola welcome to BP!

Congratulations on taking that first step...reaching out to experienced investors on here for guidance and support.

Bigger Pockets is a great place for networking and getting deals done. 

I wish you much success in your REI career!

@Jill DeWit Thanks Jill!

So far I am loving the BiggerPockets community. Looking forward to the day that I can be the one to help out the newer investors! 

If you don't mind me asking, what would be the one piece of advice that you would give to a new investor?

@Joe Aiola invest in Chappaqua or Mt Kisco? I do know the market for SF a bit. I haven’t really spent any time on MF or commercial.

I spent a lot of time in the last ten years doing work up there and looking SF houses. I flipped a few houses in Pleasantville and looked at a number of flips in Mt Kisco, chappaqua, briarcliff manor and a few in Hawthorne/ thornwood and armonk. I’m doing a live in flip in chappaqua now, but not to kill it financially.

I think flipping is good in westchester. Not to sure about buy and hold.

Bought a house in Pvill 2009 for 350 put in 200 or so and sold for 675 in 2016.

Bought another for 325 put 350k.....that Includes a 3 year lawsuit..... and sold it for 612.

I bought my current house in 2016. Paid 730, needed 200k work. Arv was 1.2m.

Typical purchase bought same size house in 2004 would have been 1.4m not needing work.

So 14 years lose 200k of value. That would scare me if it wasn’t my primary residence. I won’t care too much if we break even because we didn’t buy it for investment we bought for the schools.

I know this is just one small instance. but I’d rather buy ghetto properties now put up cameras deal with some BS and then sell for 30X in ten years.

@Joe Aiola I don’t have a general contractor in westchester. I used to be licensed myself and I had guys that worked for me. I took them up to newburgh with me.

I have a painter/Carpenter I highly recommend. Matt Day....Day by Day, Pleasantville NY

And Fernando Martins.... Your Choice Electric LLC
16 Greenhaven Road
Poughquag, NY

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