BP Newbie from Queens, NYC

5 Replies

Hello! My name is Jane. :) I'm from Queens, NYC and have been listening to the BP podcasts for a few months now. I've been meaning to join the forums for a while too, but finally decided that now was the time to suck it up and get over my "analysis paralysis." I am on the road to saving up $30K by the end of this year, which is not much here in NYC, but I would like to buy my first property outside of the area and follow the footsteps of the many others who have gone down the long-distance real estate investing path. Any tips would be appreciated! Thank you and looking forward to getting to know everyone.

@Jane Wish

Welcome to biggerpockets!

I would continue what you are doing by researching real estate(listening to podcasts and reading the forums).

I would also buy some real estate related books and potentially go to some real estate networking events if you have a chance.

$30,000 can realistically buy you a $75,000 house(if we consider 20% down payment and not the 3.5% FHA down payment requirement).

Approx $5,000 will be used for closing costs
Approx $10,000 should be set aside for repairs/emergencies
The remaining $15,000 will be available for the down payment of the house.

You should be able to find some $75,000 homes...but they will likely be outside of NYC as you pointed out.

Good luck in your real estate investing journey.

As @Basit Siddiqi mention with your budget you will definitely need to look outside of your market.. I Highly recommend @David Greene book for investing Out of State. Book has many tips and emphasizes the importance of finding your "Core 4" team, that will be make you or break you when you invest out of state.

First steps should be picking your market and what type of REI you want to get into..

Best of luck Jane!!!

Originally posted by @Basit Siddiqi :

@Jane Wish

Welcome to biggerpockets!

I would continue what you are doing by researching real estate(listening to podcasts and reading the forums).

I would also buy some real estate related books and potentially go to some real estate networking events if you have a chance.

$30,000 can realistically buy you a $75,000 house(if we consider 20% down payment and not the 3.5% FHA down payment requirement).

Approx $5,000 will be used for closing costs
Approx $10,000 should be set aside for repairs/emergencies
The remaining $15,000 will be available for the down payment of the house.

You should be able to find some $75,000 homes...but they will likely be outside of NYC as you pointed out.

Good luck in your real estate investing journey.

Thanks so much, Basit. This was extremely informative. It's good to know that I am on the right track! Do you have any recommendations as to which areas I should be focusing on?  

Originally posted by @Raul R. :

As @Basit Siddiqi mention with your budget you will definitely need to look outside of your market.. I Highly recommend @David Greene book for investing Out of State. Book has many tips and emphasizes the importance of finding your "Core 4" team, that will be make you or break you when you invest out of state.

First steps should be picking your market and what type of REI you want to get into..

Best of luck Jane!!!

Hi, Raul! Thanks for your message. I actually did purchase this book not too long ago and it is on my To-Read list. I love @David Greene He's so inspiring. As far as REI, I would really like to get into buy and hold, and since I do not have much capital, am looking to acquire properties using the BRRRR method. ^_^

Hey @Jane Wish ,

As you know, out of state investing will get you more monthly cash flow especially if you're using $30K for your down payment and closing costs.

That being said, there aren't many markets that appreciate better than NYC. If you're currently renting, you can use $30K as a down payment for multi-family in the outer boroughs up to $850K purchase price. Not saying you have to go that high, but that is within reach given you meet other financing requirements - I would check with a local lender.

House-hacking a multi-family residence with a $30K down payment in NYC IS possible. I've helped several clients achieve this in the last few years and I met some of them right here on BP!

Feel free to reach out if you want to discuss further.

Best of luck to you on your journey!

Abel

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