NYC/NJ Multi-Family RE Investing: Mid-20s

NYC/NJ Multi-Family RE Investing: Mid-20s

Queens, NY · Member since 2016 · 7 posts · 3 votes

Hi, BiggerPockets Community!

I wanted to take a moment and introduce myself as well as get more involved in the local RE community.

I'm 25, moved to New York City (Astoria) about 3.5 years ago, and have a full time corporate job in Financial Services Consulting. I've always been extremely interested in RE investing and bought my first property in Louisville, KY (single family unit) in April, 2017 (link added to my BP profile). I'm as well a NY State licensed Real Estate Salesperson and do it on the side purely to learn more about the RE market and help in my investing. 

I've recently teamed up with a business partner who has complimentary RE skills and a construction background. Our goal is to build enough wealth over time through multi-family RE investing to achieve true financial freedom and in doing so, transition to RE Investing full-time. We're gearing up to purchase a multi-family property in the NYC/Jersey City area (ideally foreclosure) within the next 1-3 months in need of renovations/under market value. 

However being new to the multi-family unit scene, we're trying to read up on multi-unit RE investing as well as purchasing pre-foreclosure/foreclosure properties. Any suggestions on reading materials, resources, or interest in meeting up for a cup of coffee to share wisdom would be greatly appreciated! I'd like to attend an upcoming BP meeting as well and make introductions here in NYC.

Best regards,

Jacob

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  • Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Jacob Blackett Welcome to BP community! Congrats on buying your first investment property! In terms of buying a distressed second property with your partner, if you're interested in buying in NJ (JC or any other place), I suggest you start attending local NJ REI meetups in the area to get acquainted with investors, wholesalers, and other RE professionals from the area. I'd also recommend checking out a few of the local sheriff's auctions as a potential source of properties.

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    8y

    Welcome to BP @Jacob Bluestein.  There is a ton of information here about Multi Family. @Brandon Turner talks a lot about Multi family. We have experts here for both large and small multi family props..

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

    Welcome to BP @Jacob Bluestein! I strongly advise you check out @Darren Sager's monthly meetup in Manhattan. Great opportunity to hear a podcast speaker and meet some people. Also, Brandon's book on rental property investing and Ken McElroy's books are good multifamily reading material to check out. Best of luck!

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