Hello. Joined BP today. Currently living in Brooklyn, NY. Looking forward to learning so much about this industry.
Ready to make first real estate purchase. Not sure if I should start with purchasing my primary place of residence or buying a rental property. Thoughts?
@Lady Cerezo I say why not go for both. You can purchase your primary residence with an FHA loan and if you have some cash i say go looking for a rental property or partner to get another deal. The harderst thing is getting the will to do the first deal. Good luck
@Anthony W. agree, the hardest part is getting started! Thanks for your advice!
@Lady Cerezo I’m a big fan of house hacking for beginners. Great way to get your feet wet. Look for a 2 or 3 family which I admit is pricey over here in the NY metro area but if you can pull it off it’s the best way to get started in my opinion.
@Allan Szlafrok I agree...is so pricey! I would love to start off with a 2 family so pricey in Queens/Brooklyn (Ridgewood, Middle Village, Bushwick) area. Thanks for your input!
@Lady Cerezo I'm a bit torn. I agree with the house hacking strategy if you can make it work, however, it's tough with NYC prices. Realistically, most of us are going to be investing out of state (or at least outside the city) and it might be worth learning that strategy off the bat. Just a thought.
@Lady Cerezo Keep Jersey City in mind too its way cheaper than NYC with some really nice neighborhoods that have a lot of the amenities of the city and you’re only a quick train ride away from Manhattan. That’s where I’ve been investing and in addition to huge amounts of appreciation over the last few years I’m getting a lot of applications from tenants who work in NYC but don’t want to pay the crazy rents anymore. I think there’s still some upside to Jersey City and much of Hudson county like Bayonne and West New York etc.
@Allan Szlafrok this is a great insightful! I was actually thinking of NJ since NYC might be a bit too hard for me at the moment. Thanks for the suggestions. I was thinking of Newark and have been doing a bit of reading about the area but it seems that it might a difficult market to get into if you don’t know the area. I really want to do my research first before committing to anything. What are ur thoughts abt Newark?
@Lady Cerezo I own a few properties in Newark and was actually there this morning. It’s a city on the upswing but you definitely need to know where you want to be over there and have a good grasp of the various neighborhoods and their pros and cons. Then again you can say that for pretty much anywhere. Prices in Newark have also risen a lot in the last few years but it’s cheaper than Jersey City and some if the surrounding areas. There are other areas to consider as well along the rail lines that could make sense for you. If your planning on living in the property there’s a lot more to consider then just the numbers like schools, safety, amenities and overall lifestyle. I’m pretty well versed in these town and I’ll be happy to share what I know with you.
@Allan Szlafrok I would probably want to do Newark for just investment but would like to explore areas in NJ with decent/good schools for my son. Exploring Long Island as option as well. Any chance you might 5 mins to connect and pick your brain/hear about your path/trajectory in real estate?
@Lady Cerezo I actually live on Long Island as it happens. Happy to talk just reach out.
If you can swing the down payment for a 4 family, you qualify for a residential mortgage for a great rate and use the rental income to pay off your loan, while enjoying the benefits of depreciation and gaining the experience of being a landlord (cue the rainbows and glitter). Good luck fellow Brooklyner.
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Welcome to Bigger Pockets!
This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.
@Ahmed Saad thank you!!!
Welcome to BP!
Curious to know what kind of returns you’re looking for, your funding options, and experience? It will help us figure out how to help you.
Keep Michigan in mind.
All the best!
@Lady Cerezo , Saad is concise and gets to the point. Refi out and do it again. Obviously there is a lot more to it. I would advise teaming up with an experienced investor. Go to a REIA and commit to going. After while you will find out who the real players are. Meanwhile education is key so study and ask a lot of questions. I don't know your level of experience so forgive me if this sounds condescending.
@Scott Matthew C. Thanks so much for your insight! No experience at all!!! Definitely doing lots of reading and have reached to a few people to hear about their experiences in REI. NY is just expensive so definitely considering outside of NY for a rental investment property with monthly cash flow.
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