New investor in NYC with some savings looking to start right.

New investor in NYC with some savings looking to start right.

Kevin HaPro Member
Brooklyn, NY · Member since 2016 · 22 posts · 5 votes

Hi everyone,

I'm sure there are many pages on BiggerPockets regarding what to do as a new investor in NYC. I hear the podcasts ,all the time and webinars where they are saying markets like the one in NYC are harder and it is better to invest out of state. I've saved up what I believe to be a good amount of startup capital and would like to jump into my first deal. Like most investors, I am scared pantsless and not sure how to proceed. I tried working with NACA but their programs are against investors and more for home buyers. I've never really lived outside of NYC so the markets are quite daunting. I've read forums and that is where NACA came in, however, I would like to see if there is another solution that would either help me invest out of state without moving or invest instate. I've been a member of Biggerpockets for over a year and I feel like it is time for me to make moves and do something. Can someone please help point me in a good directions so that I may start my investment in a month or so? I'm tired of being paralyzed by fear an I strongly believe it is time for me to make a change. Thank you.

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Rental Property Investor · San Francisco, CA · Member since 2015 · 236 posts · 156 votes
8y

Welcome to BP @Kevin Ha!

I agree with @William Brown when he mentions to learn by doing! There's only so much information you can take and you really learn by putting that information and knowledge into ACTION! I would suggest you to attend some local BP meetups and network and meet other fellow investors with all levels of experience. If you're the smartest person in the room, you're in the wrong room!

Then take action! Analyze deals, call lenders, talk to brokers, etc. All those you can do for free without any capital. Another great way to get started is to partner up with people, especially those with experience. You all can share the risks and rewards. It's a great way to get started and learn gradually so that you don't have to go at it alone.

Good luck on your journey!

"Information is not knowledge. The only source of knowledge is experience. You need experience to gain wisdom".

Albert Einstein

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  • Marlon FongPro Member
    BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
    8y

    Hi @Kevin Ha! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! I would suggest to find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Networking with nearby experienced investors here can help in finding a potential mentor. Good luck!

    BiggerPockets
  • Kevin HaPro Member
    OP
    Brooklyn, NY · Member since 2016 · 22 posts · 5 votes
    8y

    Hi @Marlon Fong , 

    Thank you for the welcome. I just tried to go to the link you sent me but it keeps rerouting me to https://www.biggerpockets.com/search/users. do you know why that might be? Is there another link I can check out?

    Regards,

    Kevin Ha

  • William BrownPro Member
    Wholesaler · Los Angeles, CA · Member since 2016 · 276 posts · 181 votes
    8y

    @Kevin Ha He's right, the best way for you to move forward is probably to talk to 100 people CRUSHING it, narrow it down to 10, then do joint venture with 1. Learn by doing. Or you can learn by reading, listening, watching, and still find that you would be 10x farther along if you had just started by  connecting with the right person from the beginning.

    Find out what kind of area you are interested in investing in, put the funds together and say here's my skin in the game, then connect on Connected Investors, BP, local facebook pages, local reia meetups, and elsewhere. The people that you want advice from wont' give their time for free--so make it worthwhile to them. I'm not saying necessarily pay them, I'm saying go in joint venture on your first one

  • Marlon FongPro Member
    BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
    8y

    Hi @Kevin Ha! Sorry for the confusion. You have to use the filter option and input your location. 

    BiggerPockets
  • Rental Property Investor · San Francisco, CA · Member since 2015 · 236 posts · 156 votes
    8y

    Welcome to BP @Kevin Ha!

    I agree with @William Brown when he mentions to learn by doing! There's only so much information you can take and you really learn by putting that information and knowledge into ACTION! I would suggest you to attend some local BP meetups and network and meet other fellow investors with all levels of experience. If you're the smartest person in the room, you're in the wrong room!

    Then take action! Analyze deals, call lenders, talk to brokers, etc. All those you can do for free without any capital. Another great way to get started is to partner up with people, especially those with experience. You all can share the risks and rewards. It's a great way to get started and learn gradually so that you don't have to go at it alone.

    Good luck on your journey!

    "Information is not knowledge. The only source of knowledge is experience. You need experience to gain wisdom".

    Albert Einstein

  • Kevin HaPro Member
    OP
    Brooklyn, NY · Member since 2016 · 22 posts · 5 votes
    8y

    Hi Everyone,

    I would just like to thank and update everyone that has been on my page and either responded and/or reached out. I got an pre-approved letter from a lender for the amount now I am on to my next step of finding the prefect home to start. I am super excited and very happy for all the guidance that you all have provided. Thank you again so much. 

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