Newbie Intro from NY

Newbie Intro from NY

New to Real Estate · New York, NY · Member since 2020 · 2 posts · 1 vote
Hi BP, I'm Adam. I currently rent in Manhattan, where I work as a software engineer. I am brand new to REI and have been spending a lot of my time reading and listening to various BP forum threads, blog posts, and podcasts. Other than that, I generally consider myself a quick learner and tech-savvy, and I'm super grateful to all of you for having tons of knowledge available to soak up.

Fortunately, I have saved up quite a bit of money to be able to invest. Unfortunately, I'm at the pre-first deal jitters phase where I'm a little fearful to take the leap. I know there's still a bunch I can learn, and I'm definitely concerned about the knowledge that I don't even know exists.

My 2020 goal is to have a greater-than-zero passive income stream. I am pleased with my full-time job and would like to start building out a real estate portfolio on the side. It seems many people here advocate for a first-timer's deal to be a flip or house hack, but NYC seems super un-affordable for that, so I'd be interested in hearing other opinions on what other first-timer options are out there! I'd feel comfortable investing in Atlanta (where I'm originally from), but am also game for any ideas if the numbers make sense!
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Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
6y

Hey @Adam Suskin, 

Welcome to BP! Congratulations on taking the first step and reaching out to the forums. The first step (and purchase) is the hardest. I think getting involved in out of state investing is a great place to start, especially if your market doesn't make sense for your price point. There are tons of markets that cashflow well and have stability, you just have to find the one that you are comfortable with. I work with a lot of new out of state investors and I would be happy to walk you through what that process looks like. I think my process is pretty easy to replicate in any market, so it's definitely something that could be useful as you start looking into markets.

Best of luck! Feel free to reach out if there is anything I can help you with! (Oklahoma related or not!)  

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  • Rental Property Investor · Oklahoma City, OK · Member since 2019 · 50 posts · 33 votes
    6y

    Welcome to BP, Adam. I am in Manhattan too. I was learning real estate from different meetup groups a year ago and I finally took a leap investing out of state. Started in Sep 2019 and I have built 7 rental doors as of now. Manhattan is hard to start with. Let’s connect to share the experience if you are interested.

  • Zeke ListonBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    Welcome to BP @Adam Suskin! The grass is greener on the other side ;) I am excited to follow your journey to financial freedom! 

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  • Investor | Real Estate Agent · Member since 2019 · 12 posts · 1 vote
    6y

    What meet ups did you attend @son  

    @Son Tran? I'm on Long Island and am looking for meet ups. I'm new to BP (haven't even completed my profile yet), but have a SF rental on LI and - fingers crossed - another shortly in the Rockaway area. The NYC/LI area isn't the easiest to invest in. Deals can be found, but prices are high and taxes are even higher. I'm doing lots of research on areas outside of NY, but feel like I need to wrap my head around being a long distance landlord a little more before I pull the trigger. Research is great, but I've love to hear stories from those that have built portfolios outside of where they live. 

  • Rental Property Investor · Oklahoma City, OK · Member since 2019 · 50 posts · 33 votes
    6y

    @Melissa G.

    You can go to the NY Real Estate Investors Association (NYREIA) with Nick Tang. He is the best resource whom I have learnt from in NY.

    For out-of-state investing, I am building my rental portfolio in Oklahoma City. I don’t mind sharing the experience and stories if we happen to meet at Nick’s events in some of these days.

  • Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    It’s so easy to get started it’s almost comical now reading posts like this. That being said it took me 10 years to get started heheh.

  • Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    Hey @Adam Suskin, 

    Welcome to BP! Congratulations on taking the first step and reaching out to the forums. The first step (and purchase) is the hardest. I think getting involved in out of state investing is a great place to start, especially if your market doesn't make sense for your price point. There are tons of markets that cashflow well and have stability, you just have to find the one that you are comfortable with. I work with a lot of new out of state investors and I would be happy to walk you through what that process looks like. I think my process is pretty easy to replicate in any market, so it's definitely something that could be useful as you start looking into markets.

    Best of luck! Feel free to reach out if there is anything I can help you with! (Oklahoma related or not!)  

  • Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    6y

    @Adam Suskin Good luck getting started Adam! It looks like @Thomas Hartman is in a similar boat to you. It's not letting me tag him here, but I just read his post that is very similar to yours. It might be worth chatting to help support each other along! 

  • Investor | Real Estate Agent · Member since 2019 · 12 posts · 1 vote
    6y

    @Son Tran many thanks...will look into it

  • Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    6y

    @Son Tran OKC all the way! How are you locking down properties currently? @Melissa G. I'm sure Son will tell you all about it, but in OKC taxes are only around 1% of purchase price. Entry point is super approachable at 60-80k and insurance is only about 1-1.2% of purchase price. Depending on who you work with you can pretty easily hit the 1% rule = CASH FLOW. 

  • Investor | Real Estate Agent · Member since 2019 · 12 posts · 1 vote
    6y

    Thanks @Kiera Underwood. OK is on the short list. I guess husband and I should make a trip out there. We'd like to really get the ball rolling on our next purchase. We are traveling to PA to check out Allentown and surrounding area in a few weeks. He is very familiar with the area, so that makes me a bit more comfortable. I think my lack of knowledge of the OK City area is the cause of my hesitation. Thank you though. I'll have to start looking into it further.  

  • New York City, NY · Member since 2018 · 14 posts · 7 votes
    6y

    @Melissa G. Hey, welcome to the BP community. They have I believe two or 3 meet ups in the NYC area a month. The next upcoming meet up is in Brooklyn, Williamsburg to be exact on January 15th.

  • New York City, NY · Member since 2018 · 14 posts · 7 votes
    6y

    @Adam Suskin Hey, welcome to the BP community. Have you attended any meet ups yet? That can definitely be a big help and is very resourceful. Good luck!

  • New to Real Estate · New York, NY · Member since 2020 · 2 posts · 1 vote
    6y
    Originally posted by @Lindsey Orr:

    @Adam Suskin Hey, welcome to the BP community. Have you attended any meet ups yet? That can definitely be a big help and is very resourceful. Good luck!

    Thanks @Lindsey Orr. Any specific meet ups you recommend in the Manhattan area? I'm on the west side.

  • New York City, NY · Member since 2018 · 14 posts · 7 votes
    6y


    If you can't see the picture clearly let me know. These are the upcoming events that are coming up in Manhattan and in Brooklyn. I plan on attending the Brooklyn event next week. Make sure you reserve your spot for any of the upcoming events. You have any more questions feel free to reach out. Have a good evening.

  • Specialist · Newark, NJ · Member since 2017 · 80 posts · 66 votes
    6y

    @Lindsey Orr

    Very useful!

  • Rental Property Investor · Oklahoma City, OK · Member since 2019 · 50 posts · 33 votes
    6y
    hey @Kiera Underwood

    yay, I love OKC market. I have just got my 7th rental unit and 3 on-going flips. Those really keep me busy these days but I absolutely love it and feel that my time was worth spending in this market.

    Originally posted by @Kiera Underwood:

    @Son Tran OKC all the way! How are you locking down properties currently? @Melissa G. I'm sure Son will tell you all about it, but in OKC taxes are only around 1% of purchase price. Entry point is super approachable at 60-80k and insurance is only about 1-1.2% of purchase price. Depending on who you work with you can pretty easily hit the 1% rule = CASH FLOW. 

  • Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    6y

    @Son Tran so great to hear. I'm biased because all of the deals I see are here, but they are plentiful! Are you working with a normal agent or do you do things off-market? 

  • Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
    6y

    @Melissa G. I completely understand. Getting started is tough enough. Starting in a totally unfamiliar market seems crazy!! That said I've seen it done successfully a few hundred times over the last couple years. Good luck in PA and let me know if you want to dig into OKC deeper at any point. Excited for you! 

  • Investor | Real Estate Agent · Member since 2019 · 12 posts · 1 vote
    6y
  • Investor | Real Estate Agent · Member since 2019 · 12 posts · 1 vote
    6y

    @Lindsey Orr - That info is super useful. Thank you. 

  • Investor | Real Estate Agent · Member since 2019 · 12 posts · 1 vote
    6y

    Thank you @Kiera Underwood. Our property is 15 minutes from my home, so whatever needs to get done....someone in my house can jump in the car to go and do it. Even the other property we are considering is only an hour away. Not super close if there is an emergency, but still in the same time zone. I am trying to learn what I can about having another party do property management. Is that something an agent can help me with, do you know? If, for example, I went to look at properties in OKC can an agent hook me up with a reputable management company? I feel like your success with out-of-state property (if you've done your homework and picked a decent property) really depends on your property management company and how well they work for you. @son 

    @Son Tran How do you manage seven properties that are a plane ride away? 

  • Rental Property Investor · Oklahoma City, OK · Member since 2019 · 50 posts · 33 votes
    6y

    @Melissa G.

    I would get a property manager and manage that person, instead of managing seven units :)

  • Rental Property Investor · Oklahoma City, OK · Member since 2019 · 50 posts · 33 votes
    6y

    @Kiera Underwood

    My deals are from agents, friends, investors. I am all eyes and ears for great deals :)

  • Rental Property Investor · NY · Member since 2019 · 10 posts · 1 vote
    6y

    Everyone on this thread has been incredibly helpful with information, I'm a newbie as well, I live in Westchester County NY, right outside of Yonkers, I will definitely be attending these meetups to gain more knowledge.

  • Specialist · NY · Member since 2019 · 19 posts · 28 votes
    6y

    The Nick Tang NY (REIA) meetups are great, really good information

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