New to Real Estate · Hartford, CT · Member since 2019 · 16 posts · 7 votes
I am new to REI. I started giving it some serious thought earlier this year so i have been studying; read the The Ultimate
Beginner's Guide
to REI), watched videos on Youtube and started following/contributing to the REI sub on Reddit. At times all the information can be overwhelming especially all the numbers and trying to analyze properties.
I am not entirely sure where i want to invest/purchase my first property as I reside in CT, but have been trying to leave the same for years. There isn't much career opportunity here at the moment.
I have some capital set aside for my first property about $30k. I am looking mainly to hold onto and rent my property.
I am new to REI. I started giving it some serious thought earlier this year so i have been studying; read the The Ultimate
Beginner's Guide
to REI), watched videos on Youtube and started following/contributing to the REI sub on Reddit. At times all the information can be overwhelming especially all the numbers and trying to analyze properties.
I am not entirely sure where i want to invest/purchase my first property as I reside in CT, but have been trying to leave the same for years. There isn't much career opportunity here at the moment.
I have some capital set aside for my first property about $30k. I am looking mainly to hold onto and rent my property.
You can only buy one property at a time. It's actually a very slow wealth building business so I would just focus on acquiring your 1st property using that $30k as a down payment and go from there.
@Jaysen Medhurst Don't necessarily have a particular market in mind at the moment as I am not sure where to even start looking, but New Britain seems to a place that constantly see brought up in the discussions. Currently i live in Manchester.
I have also considered investing out of state as i feel i might be able to get more value for my money out of state, but i realize it might be better to invest locally first for my first property.
I am mainly considering buying and holding for my first property.
I am new to REI. I started giving it some serious thought earlier this year so i have been studying; read the The Ultimate
Beginner's Guide
to REI), watched videos on Youtube and started following/contributing to the REI sub on Reddit. At times all the information can be overwhelming especially all the numbers and trying to analyze properties.
I am not entirely sure where i want to invest/purchase my first property as I reside in CT, but have been trying to leave the same for years. There isn't much career opportunity here at the moment.
I have some capital set aside for my first property about $30k. I am looking mainly to hold onto and rent my property.
You can only buy one property at a time. It's actually a very slow wealth building business so I would just focus on acquiring your 1st property using that $30k as a down payment and go from there.
@James Wise Definitely understand that it is a slow wealth building process. I am just trying to figure out if i am going to invest in state or out of state for my first property.
@Joseph Nelson, I grew up in Manchester and know the town well. I think it's a great market to be in. I'd look for a house-hack/BRRRR property that you can get into with a low-down payment loan. Focus on MFR, 3 or 4 units.
I think it's not worth looking out of state at this point. You're still learning. Better to be close by.
@Jaysen Medhurst The only thing that is stopping me from diving in head first currently is my working situation as i've been trying to look for career opportunities outside of the state. Been trying to leave for the better part of 3 years now.
@Joseph Nelson am in the same boat with you Joseph. I have been learning about real estate and am fascinated.I want to buy my first rental property but prices here in New York are ridiculous, also thought about investing out of state or perhaps turnkey. I have about 50k saved but my problem now is where to invest and which strategy will give me the best ROI. For the time being I will keep on learning until I figure out which way to go
@Joseph Nelson, congratulations on taking your first steps. I agree with @Jaysen Medhurst, making your first investment locally will likely give you a lot of learning opportunities, even though the numbers may be better investing out of state. House hacking seems to be a very common way to get started. Read all the books, attend the free webinars, listen to the podcasts and once you have digested all of the freely available info, decide on a singe area to focus on and specialize in. It's all about taking consistent action. Good luck!
@Joseph Nelson, it's been three years. Don't use "looking for an out-of-state job" as an excuse not to get started.
@Benjamin Obeng, yeah, NYC is bonkers. Not easy at all for a newbie to get a toehold. Are there any relatively close (<3 hours) areas where you have "boots on the ground" and can leverage relationships? Western MA, Albany, Eastern PA, Central CT are all good markets to consider.
As @James Wise implied, the first step is the most difficult and I would keep it simple. I would suggest narrowing down your investment criteria (needs and wants) first, and location should follow second. Also, if you haven't already I would suggest getting preapproved first before getting too far into the process so that you have an idea of what type funds are available.
Some questions to ask:
1 - How much are you willing to spend (after preapproval) - the $30K that you have saved probably gives you $150K-$175K of purchasing power.
2 - Are you interested more in multi family buy and holds or more interested in single family rentals, flips, etc (pros and cons for each)
3 - How much do you have for a down payment - this may factor in heavily
4 - Risk tolerance
5 - Investment criteria - are you looking for cash flow, appreciation, tax shelter, or all of the above. Your criteria may look something like this (or some variation):
a) - Cash-on-cash of 10% or greater.
b) - 20% below market.
c) - Price point of XXX,XXX and below.
@Benjamin Obeng - sounds like you have a lot of the same thoughts and considerations. Hope this helps.
@Joseph Nelson, yea so keep reading about real estate, go to free webinars, podcast, meetups etc and perhaps find a mentor so this way when you are ready to pull the trigger, you can do so with confidence that's what am doing for now for my self
hey @Joseph Nelson I am also in a very similar situation as you. I been in the working corporate world for going on 11 yrs now and I need out of the chains. Feel like I am ready , well at least with the hacking method. Just trying narrow down an area NYC is just not doable for a newbie its way too expensive. Any how good luck to you my friend.