My First Post - Responses Are Greatly Appreciated!

My First Post - Responses Are Greatly Appreciated!

Real Estate Agent · Fleetwood, NY · Member since 2018 · 264 posts · 235 votes

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!

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Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
8y

@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

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  • Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
    8y

    @Joe Aiola Welcome to Bigger Pockets!  Although most of my investments are in Dumont and Closter, New Jersey, I just picked up a very lucrative multi-family in Rockland County (Tomkins Cove - Stony Point).  You may wish to join our Rockland Real Estate Investors Association.  We have meetings the second Wednesday of every month, at the Keller Williams Training Center in New City, NY.

  • Real Estate Agent · Fleetwood, NY · Member since 2018 · 264 posts · 235 votes
    8y

    @Judy Parker Thanks Judy! Congrats on the multi-family in Stony Point. Was that an off market deal or did you find it on the MLS?

  • Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
    8y

    @Joe Aiola Found it on the MLS. It was a short sale, going into foreclosure. Even though it was a cash deal, it took ten months to close for assorted bank-related reasons, PLUS there was a Squatter living in the house, who didn't pay rent and refused to vacate. Eviction process took about 4 months - each time he appeared in Court with another "excuse" for the Judge, and the Judge kept postponing....ugh!

    But because of this deal I met the most awesome KW Realtor, Allyssa Compton and will be using her for ALL my Rockland County deals.  She runs the Rockland Real Estate Investors Association, works at Keller Williams in New City, and has a wealth of great deals coming her way, if you are interested.

  • Stony Point, NY · Member since 2017 · 1 post · 0 votes
    8y

    Judy P, how do you join the Rockland Real Estate Assocoation, I am a newbie to the investing portion of this I have been on construction my whole life. I am interested in learning more about investing process. Any feedback and direction is greatly appreciated.

    Thanks

    Shaun

  • Real Estate Agent · Fleetwood, NY · Member since 2018 · 264 posts · 235 votes
    8y

    @Judy Parker I'm sorry to hear the deal didn't go as smoothly as you planned! Hopefully the toughest part is behind you and it's all smooth sailing from here. 

    Thank you for the information about Allyssa and the Rockland Real Estate Investors Association. My brother, @Nicholas Aiola, actually uses Allyssa as his agent and only has great things to say. 

    Thank you again for the replies and the info. Hope to see you at a future REIA meetup!

  • Jill DeWitPro Member
    Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
    8y

    @Joe Aiola

    Hard to limit to only ONE piece, so I would have to say "Let DATA do the work." After all, Data is the new bacon.

  • Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
    8y

    @Shaun Mullen Regarding the Rockland Real Estate Investors Association, you can contact Allyssa Compton of Keller Williams in New City, NY (tell her I referred you).  Just realized that @Allyssa Compton is a member of Bigger Pockets. Contact Allyssa - she will give you all the information about our investors meetings and hopefully find you your first investment property.  Hope to see you there!

  • Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
    8y

    @Allyssa Compton  Read this thread of messages!

  • Real Estate Agent · Rockland County NY & Northern NJ · Member since 2016 · 83 posts · 45 votes
    8y

    @Judy Parker thanks for the shout out!

    @Shaun Mullen we would love to have you at one of our meetings. We meet on the second Wednesday of the month, every month, in New City. I always post the information a week beforehand here on BP as well as on Meetup, Facebook, and a few other places. Our next meeting will be June 13th and will address Best Landlording Practices. Hope to meet you there!

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