Newbie from Long Island, NY

19 Replies

Hello Everybody,

My Name is Tommy Revithas and I am from Long Island, NY. I graduated from college in 2016 from State University of New York at Albany (SUNY Albany) with a double Bachelor's degree in Economics and Psychology. I have been working a full time job in the financial industry for about 2 years now. My interest in real estate came about after realizing that if I ever wanted a chance to get ahead and obtain financial freedom I would need to create passive income through cash flow. That's when I found BiggerPockets and have since been making my way through the podcast (currently up to episode 31) as well as taking steps such as reading the UBG (Ultimate Beginner's Guide) and books to get my hands on as much knowledge as I can when it comes to the world of real estate investing.

Being new to the industry means that there is so much to learn and lots of new adventures that lie ahead. I am super excited to get started and feel that introducing myself to the BP community is a big first step because meeting people and establishing relationships is so important in this industry. My ultimate goal is to invest using the buy and hold strategy to generate enough cash flow each month to cover my expenses, be financially free and live life on my own terms. Flipping houses and wholesaling are also a strategies I find to be very interesting. 

As for now, I am currently in the process of obtaining my Real Estate Agent License so I can get more hands on experience in this field. Being from Long Island NY, prices are known to be high and therefore, I would be looking to invest somewhere in the Tri-State area such as Connecticut, New Jersey, Pennsylvania, etc. where prices are generally more moderate.

Thank you for welcoming me into this awesome BP community and I'm looking forward to making some new connections as well as getting started with my real estate investing journey!


Sincerely,

Tommy Revithas

Originally posted by @Tommy Revithas :

Hello Everybody,

My Name is Tommy Revithas and I am from Long Island, NY. I graduated from college in 2016 from State University of New York at Albany (SUNY Albany) with a double Bachelor's degree in Economics and Psychology. I have been working a full time job in the financial industry for about 2 years now. My interest in real estate came about after realizing that if I ever wanted a chance to get ahead and obtain financial freedom I would need to create passive income through cash flow. That's when I found BiggerPockets and have since been making my way through the podcast (currently up to episode 31) as well as taking steps such as reading the UBG (Ultimate Beginner's Guide) and books to get my hands on as much knowledge as I can when it comes to the world of real estate investing.

Being new to the industry means that there is so much to learn and lots of new adventures that lie ahead. I am super excited to get started and feel that introducing myself to the BP community is a big first step because meeting people and establishing relationships is so important in this industry. My ultimate goal is to invest using the buy and hold strategy to generate enough cash flow each month to cover my expenses, be financially free and live life on my own terms. Flipping houses and wholesaling are also a strategies I find to be very interesting. 

As for now, I am currently in the process of obtaining my Real Estate Agent License so I can get more hands on experience in this field. Being from Long Island NY, prices are known to be high and therefore, I would be looking to invest somewhere in the Tri-State area such as Connecticut, New Jersey, Pennsylvania, etc. where prices are generally more moderate.

Thank you for welcoming me into this awesome BP community and I'm looking forward to making some new connections as well as getting started with my real estate investing journey!


Sincerely,

Tommy Revithas

Welcome to BP Tommy!

The forums are a great way to get your questions answered and to connect with folks in your area(s) of interest.

I highly recommend using the search icon in the upper right corner. Many of your current and future questions have already been answered by some of the great members of the BP community.

Keep soaking up all the info you can and best of luck to you on your licensing exam, I'm sure you'll ace it!

Abel

 

@Abel Curiel

Quick follow up question. I was wondering how your time as a real estate agent is going, as far as making connections and learning the field. Also have you found that taking that path has helped you kick start your investment career? Any feed back would be appreciated. Thanks again.

Originally posted by @Tommy Revithas :

@Abel Curiel

Quick follow up question. I was wondering how your time as a real estate agent is going, as far as making connections and learning the field. Also have you found that taking that path has helped you kick start your investment career? Any feed back would be appreciated. Thanks again.

My time as a realtor has helped me make connections with homeowners, investors, contractors, attorneys, title companies, expeditors, GCs, inspectors and pretty much anyone else involved in the industry. Of course, you don't need to be a Realtor to make these connections but it certainly helps.

I began investing 6 years before getting my license but working in the field full-time has certainly helped me narrow my focus and monetize some of my relationships.

 

@Tommy Revithas

Welcome to the BP family! Glad you joined the best real estate investing website! 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
Check out BP Podcasts: https://www.biggerpockets.com/podcast

Wishing you the best!

@Tommy Revithas I too am from LI.  born and raised, Blue Point. I have been in the Cleveland markets for about the last 10 years, Rentals, keep some flip many, ( about 500 ) . You are correct, LI is very expensive and making real money is not easy. Cleveland is the best place for cash flow, at least 10- 14% net caps. We used to get/ provide 25- 30% net caps about 5 years ago , things have changed. I expect pricing to go even higher, limited inventory, especially MF , try finding one under 30k per unit , I can you cant :) 

Good Luck 

There are some places in Long Island with cheaper housing options (Riverhead, Flanders). They do have high property taxes and flooding could be a concern in some areas. But I think there are deals out there. I live in VA now, but my family is in that area and I do keep an eye out there.

Originally posted by @Tommy Revithas :

Hello Everybody,

My Name is Tommy Revithas and I am from Long Island, NY. I graduated from college in 2016 from State University of New York at Albany (SUNY Albany) with a double Bachelor's degree in Economics and Psychology. I have been working a full time job in the financial industry for about 2 years now. My interest in real estate came about after realizing that if I ever wanted a chance to get ahead and obtain financial freedom I would need to create passive income through cash flow. That's when I found BiggerPockets and have since been making my way through the podcast (currently up to episode 31) as well as taking steps such as reading the UBG (Ultimate Beginner's Guide) and books to get my hands on as much knowledge as I can when it comes to the world of real estate investing.

Being new to the industry means that there is so much to learn and lots of new adventures that lie ahead. I am super excited to get started and feel that introducing myself to the BP community is a big first step because meeting people and establishing relationships is so important in this industry. My ultimate goal is to invest using the buy and hold strategy to generate enough cash flow each month to cover my expenses, be financially free and live life on my own terms. Flipping houses and wholesaling are also a strategies I find to be very interesting. 

As for now, I am currently in the process of obtaining my Real Estate Agent License so I can get more hands on experience in this field. Being from Long Island NY, prices are known to be high and therefore, I would be looking to invest somewhere in the Tri-State area such as Connecticut, New Jersey, Pennsylvania, etc. where prices are generally more moderate.

Thank you for welcoming me into this awesome BP community and I'm looking forward to making some new connections as well as getting started with my real estate investing journey!


Sincerely,

Tommy Revithas

 Welcome aboard Tommy.

Originally posted by @Bob Prisco :

@Tommy Revithas I too am from LI.  born and raised, Blue Point. I have been in the Cleveland markets for about the last 10 years, Rentals, keep some flip many, ( about 500 ) . You are correct, LI is very expensive and making real money is not easy. Cleveland is the best place for cash flow, at least 10- 14% net caps. We used to get/ provide 25- 30% net caps about 5 years ago , things have changed. I expect pricing to go even higher, limited inventory, especially MF , try finding one under 30k per unit , I can you cant :) 

Good Luck 

Welcome aboard!


And I agree with Bob, Cleveland is a damn solid market. Give it some consideration. 

Also population growth into Florida, alongside still relatively affordable prices in some areas of Florida make it an attractive market as well.   

There are no shortage of attractive markets, if you are comfortable investing remotely, as others I am sure will tell you more of them.  Just find one that makes sense to you. 


Have fun as the possibilities are endless.  
 

@Abel Curiel Thank you very much for your response. That is what my initial thought process was as well and why I figured getting my RE license would be a great first step, also so that I too can start meeting people in the field and building my network. It is great to hear that you have been having success doing that as I look forward to starting my journey. 

When you said that it enabled you to narrow your focus what exactly do you mean? Did it help you to learn what you were good at and you stuck with that, or were you able to see what worked and what didn't so you could focus your energy on the winning strategy. 

@Bob Prisco Thanks for reaching out, I appreciate the warm welcome. Never made to to Blue Point but I would like to check out the brewery out there one day. Cleveland does sound like a nice idea as I am trying to find a market that would better suite me than Long Island. Those returns sound great and I would really like to get something that does cash flow well. Will definitely keep Cleveland in mind as I go forward. 

You currently have about 500 units that you are currently renting out; that is great to hear and I hope one day that I can say the same. If you don't mind me asking how did you get that all started and what would your best beginner tip be? Also did you start investing in Cleveland while you were living in NY still?

@Dan Sarao Thanks for reaching out! I will defiantly start looking into a few things over there and see what I can find. I too have heard good things about Florida and it does seam to be a pretty hot place.

Being new to the real estate world would you recommend for someone to start with an investment that is a plane ride away rather than just a car ride? Or do you think that it is something that can be overcome with the proper system and team in place? Any feed back would be greatly appreciated! 

Originally posted by @Tommy Revithas :

Hello Everybody,

My Name is Tommy Revithas and I am from Long Island, NY. I graduated from college in 2016 from State University of New York at Albany (SUNY Albany) with a double Bachelor's degree in Economics and Psychology. I have been working a full time job in the financial industry for about 2 years now. My interest in real estate came about after realizing that if I ever wanted a chance to get ahead and obtain financial freedom I would need to create passive income through cash flow. That's when I found BiggerPockets and have since been making my way through the podcast (currently up to episode 31) as well as taking steps such as reading the UBG (Ultimate Beginner's Guide) and books to get my hands on as much knowledge as I can when it comes to the world of real estate investing.

Being new to the industry means that there is so much to learn and lots of new adventures that lie ahead. I am super excited to get started and feel that introducing myself to the BP community is a big first step because meeting people and establishing relationships is so important in this industry. My ultimate goal is to invest using the buy and hold strategy to generate enough cash flow each month to cover my expenses, be financially free and live life on my own terms. Flipping houses and wholesaling are also a strategies I find to be very interesting. 

As for now, I am currently in the process of obtaining my Real Estate Agent License so I can get more hands on experience in this field. Being from Long Island NY, prices are known to be high and therefore, I would be looking to invest somewhere in the Tri-State area such as Connecticut, New Jersey, Pennsylvania, etc. where prices are generally more moderate.

Thank you for welcoming me into this awesome BP community and I'm looking forward to making some new connections as well as getting started with my real estate investing journey!


Sincerely,

Tommy Revithas

Welcome to the team Tommy !! 

 

Originally posted by @Tommy Revithas :

Hello Everybody,

My Name is Tommy Revithas and I am from Long Island, NY. I graduated from college in 2016 from State University of New York at Albany (SUNY Albany) with a double Bachelor's degree in Economics and Psychology. I have been working a full time job in the financial industry for about 2 years now. My interest in real estate came about after realizing that if I ever wanted a chance to get ahead and obtain financial freedom I would need to create passive income through cash flow. That's when I found BiggerPockets and have since been making my way through the podcast (currently up to episode 31) as well as taking steps such as reading the UBG (Ultimate Beginner's Guide) and books to get my hands on as much knowledge as I can when it comes to the world of real estate investing.

Being new to the industry means that there is so much to learn and lots of new adventures that lie ahead. I am super excited to get started and feel that introducing myself to the BP community is a big first step because meeting people and establishing relationships is so important in this industry. My ultimate goal is to invest using the buy and hold strategy to generate enough cash flow each month to cover my expenses, be financially free and live life on my own terms. Flipping houses and wholesaling are also a strategies I find to be very interesting. 

As for now, I am currently in the process of obtaining my Real Estate Agent License so I can get more hands on experience in this field. Being from Long Island NY, prices are known to be high and therefore, I would be looking to invest somewhere in the Tri-State area such as Connecticut, New Jersey, Pennsylvania, etc. where prices are generally more moderate.

Thank you for welcoming me into this awesome BP community and I'm looking forward to making some new connections as well as getting started with my real estate investing journey!


Sincerely,

Tommy Revithas

 Hello and welcome! Best of luck to you! 

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