Newbie that wants to learn

22 Replies

Greetings everyone my name is Husayn Stroud and I am a newbie. I am from and currently living in NYC. I am new to real estate investing but from watching BP podcast I really want to get in the business of real estate investing. I want to do buy and hold investing with small multifamily. I really want to learn all I can about buy and hold real estate investing. 

Welcome to the BP family @Husayn Stroud ! Glad you joined the best real estate investing website! 

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Wishing you the best! 

Welcome to BP @Husayn Stroud !

There is already some great actionable advice here to get you started, which is awesome! 

Also, make sure you check out BiggerPockets Blog, and Guides under the education tab. There are so many great resources for learning here and those a great for getting started. You can also find them at:

https://www.biggerpockets.com/blog/

https://www.biggerpockets.com/guides

Then when you are ready check out your local forums and any forums for the location you wish to invest in (if you deterimine you would like to invest out of state).

And don't forget to check in on meetup for any local real estate meeting in your area, that is also a great way to learn and meet others who share your interest!

Hope this helps, and good luck in your investing career!

Welcome to the community @Husayn Stroud ! You have stumbled upon of goldmine of value and you can learn any aspect of real estate investing from experts who freely give of their time to help new people get started! Don't be shy, reach out and ask for help when needed and happy investing!

Yes I have 

I live in NYC and for a newbie it is too expensive. So I started to look at Philadelphia, parts of New Jersey upstate New York and Delaware 

If you or anyone else have any other suggestions of different locations let me know and I will definitely look into those locations 

@Husayn Stroud Welcome to BP Husayn. Are you prepared to manage from afar? Take into account property management when running numbers. You might not be willing to go fix a toilet in Delaware if you live in NYC. Not saying you can't self manage and handle all of that from NYC, I just know people who invest at a distance always have a property manager. 

NJ has some decent markets where the cost of entry isn't astronomical. If you don't plan to live in the property you might be open to areas where a house hacker might not be. That could be your advantage over them. Keep learning, running numbers, looking for deals, and saving. 

Don't be afraid to ask questions and good luck. 

@Husayn Stroud Anytime. Keep reading and asking questions. I guarantee you will find out something new every day. Once you narrow down your markets, I suggest networking with investors in that area and connecting with a local realtor too. It could help you learn the market better and it'll push properties your way. Not the only way to find properties but one of the easiest. 

Once you narrow down a market, but sure to look into federal, state and local tax laws regarding multi-family units.  Depending on location, multi-family can have several meanings and include different styles of loans and minimum unit counts to get those loans.  Some markets focus on appreciation and some focus on cashflow, etc...  Simply put, you definitely have your work cut out for you and a lot to learn, but just keep at it and try to make that first deal a great one!

Just a couple of small tips that I can give out fairly assumptively based on what I've seen from a lot of new investors: careful on spreadsheeting everything to death. You want your numbers to work, but not be perfect or rob a Seller. Also, you'll read a lot on here about the BRRRR strategy but keep in mind that it's an ideal strategy for investors with experience and connections in the market they're working in. As a complete noob, chasing after this will likely drive you crazy or take a long time to still probably mess it up when it comes to the rehab portion. Stick to rehabs less than $10k/door at first (and even that is the high-end of the scale).

Originally posted by @Husayn Stroud :

Yes I have 

I live in NYC and for a newbie it is too expensive. So I started to look at Philadelphia, parts of New Jersey upstate New York and Delaware 

If you or anyone else have any other suggestions of different locations let me know and I will definitely look into those locations 

 Everything is "too expensive" on your first deal.  You will be fine if you put the time in and stay dedicated. 

 North Jersey is a great market, I am happy here. 

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