Greetings from New York, NY

Welcome. What market are you considering for your first purchase?

Account Closed

Rental Property Investor · Brooklyn NY · Member since 2018 · 263 posts · 469 votes

7y

Welcome. What market are you considering for your first purchase?

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

@Aaron Wade- still working through research, but as of now I’m eying Kansas City, Charlotte, Indianapolis, and/or Allentown/Bethlehem (PA). What is your focus in this space?

Charles Mitchell

Member since 2018 · 103 posts · 48 votes

7y

Hi Brian!

I'm in similar shoes as you. Currently living in NYC, looking for my first OOS. The areas I'm looking in are Kansas City, Indianapolis, and Jacksonville FL.

Shoot me a PM, let's connect and pick each other brains!

Account Closed

Rental Property Investor · Brooklyn NY · Member since 2018 · 263 posts · 469 votes

7y

I'm investing OOS in Little Rock, AR (my hometown).

I currently have one SFH under my belt, and currently looking to purchase another within the next 6-months.

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

Brandon L.

Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes

7y

Hello! @Brian Charles

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

Jonathan Popoalii

Rental Property Investor · Member since 2018 · 16 posts · 1 vote

7y

@Brian Charles welcome to BP I myself live and have rentals in kcmo & kck if you want to network and need boots on the ground i can help

ps weed just passed in kcmo for medical use so land "might" be lucrative

Yusef Griffin

Investor · Atlanta, GA · Member since 2018 · 65 posts · 37 votes

7y

My advice to you is to make sure you KNOW the area you plan on purchasing in. Make sure you have a team developed or boots on the ground in that local market. Don't just go buy a property because you want one before the year is over. That could lead to a lot of long nights and big expenses. I literally finished that book two weeks ago, and I closed on my first property in Little Rock. I am out of state, so I am in the same boat as you. Good luck!

Mike D'ArrigoPro Member

Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes

7y

@Brian Charles welcome to BP. Glad you're jumping in. Now that you've made the decision to go out of state, have you identified a market? If your goal is cash flow, I would definitely have Indianapolis and Kansas City on my short list.

Dmitriy Fomichenko

Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes

7y

Welcome to the BP family! Good to have you here! Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Wishing you the best!

George Blower

Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes

7y

Welcome to BP.

Nathan Brooks

Real Estate Investor · Kansas City, MO · Member since 2012 · 397 posts · 187 votes

7y

@Brian Charles welcome to the adventure sir! If our team at Bridge can be of any help we'd love to do just that. Best of luck on your first investment!

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

Originally posted by @Charles Mitchell:

Hi Brian!

I'm in similar shoes as you. Currently living in NYC, looking for my first OOS. The areas I'm looking in are Kansas City, Indianapolis, and Jacksonville FL.

Shoot me a PM, let's connect and pick each other brains!

Something tells me there are a lot of people in that situation on here. The numbers to start in NYC are wild, especially right out of the gate.

PM sent.

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

@Brandon L. - Appreciate the resources. I especially liked the post about finding the right real estate agent.

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

@Jonathan Popoalii - Will certainly reach out once I've gotten a better handle on specific neighborhoods. I have a few in mind that I'd like to research more. Any advice on where to focus some research?

[email protected]917-280-8544

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

@Yusef Griffin - For sure. I don't intend to fly blind. I will be making a trip out to a few focused markets I want to assess and meet with the folks I connect with in search of a viable project.

I really enjoyed the book! I've read hundreds of posts on BP, but the book did a really good job at walking through different components of the process in a very formulaic way.

Congrats on the new property!

@Mike D'Arrigo

@Mike D'Arrigo - The goal is cash flow. I'm intending to be in this for the long haul, so a healthy enough cash flow, while I continue to build equity, is the name of the game. Glad to hear both Indy and KC fit the bill for that. I'm looking forward to learning more about each.

@Dmitriy Fomichenko

@Dmitriy Fomichenko @George Blower - Thanks

@Nathan Brooks

@Nathan Brooks - Thanks! I may reach out once I get a bit more local research under my belt. Would love to hear your outlook on Kansas City!

1 Reply

Basit SiddiqiBusiness Member

Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes

7y

@Brian Charles

Welcome to Biggerpockets!

I live in New York City and invest in the Allentown Area. Please feel free to reach out to me if you have any questions about the area.

However, I do want to point out that I hear other investors doing excellent in the other markets you selected(KC, Charlotte, Indianapolis).

There are a lot of meetups that occur in NYC. You may want to attend a couple to network with like-minded people.

Basit Siddiqi CPA4.979 Reviews

View Page

OP

New York, NY · Member since 2015 · 13 posts · 9 votes

7y

@Basit Siddiqi - Great to hear from someone in NYC investing around Allentown. What would you say was the biggest lesson you've learned so far with that property? Are you looking to stay in the area for the next or move further OOS?

Will definitely be checking out some meet ups!

Alex Franks

Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes

7y

@Brian Charles being from NY but living in Charlotte or just outside Charlotte. Feel free to go through a lot of my older post about Charlotte and the local markets here If I can help ask away. Great place to ask and learn

Alex

Originally posted by @Brian Charles:

Hey all,

I’m Brian, a new investor from NYC. I originally found bigger pockets years ago. I scoured these forums for months, listened to dozens of the BP podcasts, but unfortunately (fortunately?) life picked up shortly thereafter which pulled me away.

Since then I’ve been working in tech in NYC (IIoT / predictive mechanical diagnostics), and have recently decided to step back up to this challenge.

I love NY, but don't see it as a realistic jump off point for my REI ventures. My goal is to continue learning about OOS buy and hold rental investing, ideally, utilizing BRRR to help accelerate growth. I recently finished David Greene's "Long-Distance Real Estate Investing" which has brought a lot of confidence in where to go from here. My near-term goal is to acquire my first property before the end of the year.

Looking forward to becoming more involved on the forums. Please feel free to reach out if you’d like to connect in NYC or remotely.

1 Reply

Benjamin Bratton

Newark, NJ · Member since 2018 · 6 posts · 2 votes

7y

Welcome to Biggerpockets, Brian!

Nathan Brooks

Real Estate Investor · Kansas City, MO · Member since 2012 · 397 posts · 187 votes

7y

@Brian Charles would be a pleasure. We are here to help sir!

Nicole Hoss

Johnston, IA · Member since 2016 · 129 posts · 50 votes

7y

@Brian Charles Welcome! I too am an OOS investor. Currently focused on Indy, but @Mike D'Arrigo is right that KC is great for cash flow as well. Feel free to connect and we can discuss how I was able to find success!

Tom Ott

Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes

7y

Originally posted by @Brian Charles:

Hey all,

I’m Brian, a new investor from NYC. I originally found bigger pockets years ago. I scoured these forums for months, listened to dozens of the BP podcasts, but unfortunately (fortunately?) life picked up shortly thereafter which pulled me away.

Since then I’ve been working in tech in NYC (IIoT / predictive mechanical diagnostics), and have recently decided to step back up to this challenge.

I love NY, but don't see it as a realistic jump off point for my REI ventures. My goal is to continue learning about OOS buy and hold rental investing, ideally, utilizing BRRR to help accelerate growth. I recently finished David Greene's "Long-Distance Real Estate Investing" which has brought a lot of confidence in where to go from here. My near-term goal is to acquire my first property before the end of the year.

Looking forward to becoming more involved on the forums. Please feel free to reach out if you’d like to connect in NYC or remotely.

Hello and welcome! Best of luck to you!

David Ribardo

Real Estate Agent · Allentown, PA · Member since 2016 · 197 posts · 181 votes

7y

Let me know if you have any questions about the Lehigh Valley market (Allentown, Bethlehem, Easton). Compared to the others, it comes with the unique advantage of being able to see your properties and meet your team face to face with a very reasonable drive.

What criteria are you using to evaluate your markets? Are there any economics or statistics that you are using to drive your decision? Based on my own personal out of state investing experience (former military, have investments in GA, LA, PA, and NJ) the biggest deciding factor will be the people on your investing team. There are great deals in all neighborhoods, but you will need a good agent to dig them up for you and a great property manager to keep them running for you. For me, these people are more important then any numbers on a spreadsheet.