Getting Started in Real Estate from NYC

Getting Started in Real Estate from NYC

New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes

Hi,

My name is Vincent, in my mid-20s, and I currently work at a fin-tech startup in New York. I'm relatively well-versed in the stock market and would love to start dabbling in real estate. I have absolutely zero experience with REI but my current goal is to purchase buy and hold rental properties.

I understand how important is it to build an educational foundation before getting started so I'm currently diving into all the below materials:

- The Millionaire Next Door

- The book on Rental Property Investing

- The Book on Investing in Real Estate with No Money Down

- Long-Distance Real Estate Investing

- The Millionaire Real Estate Investor

- What Every Real Estate Investor Needs to Know About Cashflow

- How I Turned $1,000 into a Million in Real Estate in My Spare Time

- BiggerPockets podcasts

I know there are a ton more helpful materials out there but in an attempt to prevent/minimize analysis paralysis, I wanted to limit myself to the top; however, if you guys have any strong recommendation that brought you immense value, please share and I'll add to the list. 

I understand the NYC real estate market is very challenging so my plan is to get started with "nearby" out-of-state investment properties (e.g. Pennsylvania, New Jersey etc.). I want to look at places that are within 2-3 hour driving distance so I can gain the in-person experience of owning and renting a property before I invest further out. 

I'd love to connect with other real estate investors and start participating in NY-based REI associations. Please drop a comment and let's connect.

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Deer Park, NY · Member since 2016 · 115 posts · 85 votes
6y

@Vincent Chan

Hi Vincent. Those are some excellent choices for books. I myself and a big fan of Rich Dad Poor Dad. Feel like that can really change your perspective on things.

I live on Long Island and I invest out of state in Connecticut. Great opportunities for multi family holds with way cheaper taxes then NY. Make sure you establish relationships with some property management companies so you can have some eyes on the property if you can’t be there.

Any other questions feel free to ask me. Best of luck. Real estate investing has changed my life and it can do the same for you.

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  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    6y

    Welcome to BiggerPockets Vincent and stay safe up there!

  • Kingsland, TX · Member since 2018 · 164 posts · 86 votes
    6y

    Welcome, @Vincent Chan! How did you come across BiggerPockets? Those are a lot of great books on your list. I would also recommend watching some BiggerPockets webinars if you haven't already!

  • Deer Park, NY · Member since 2016 · 115 posts · 85 votes
    6y

    @Vincent Chan

    Hi Vincent. Those are some excellent choices for books. I myself and a big fan of Rich Dad Poor Dad. Feel like that can really change your perspective on things.

    I live on Long Island and I invest out of state in Connecticut. Great opportunities for multi family holds with way cheaper taxes then NY. Make sure you establish relationships with some property management companies so you can have some eyes on the property if you can’t be there.

    Any other questions feel free to ask me. Best of luck. Real estate investing has changed my life and it can do the same for you.

  • Craig CurelopBusiness Member
    Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    Hi Vincent. Welcome to our group BiggerPockets!

    I would love to learn more about Stock Market! We can share notes, right? However, REI is a great potential too! And your starting point as a real estate investor is right here in BP. All your questions can be answered in BiggerPockets site. In addition to the books and podcasts you read, here are other recommendations I can initially give you:

    1. Subscribe to the BiggerPockets Money and Rookie Podcasts

    2. Attend the FREE WEBINARS

    3. Attend a Meetup in Your Area

    4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

    5. Peruse the forums! Ask questions! Answer Questions!

    Good job in your action of building educational background in REI! But, consistency is the key. Continuous learning and searching with the help of other experts in the industry over the next 4-6 months, you'll get more extra $ earning in NO TIME at your convenience!

    See you around! 

    Best regards,

    Craig Curelop

  • New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes
    6y

    Thanks so much, Lauren. I came across BiggerPockets while browsing Reddit and a ton of people recommended this forum! 

  • New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes
    6y
    Originally posted by @Sean Toomey:

    @Vincent Chan

    Hi Vincent. Those are some excellent choices for books. I myself and a big fan of Rich Dad Poor Dad. Feel like that can really change your perspective on things.

    I live on Long Island and I invest out of state in Connecticut. Great opportunities for multi family holds with way cheaper taxes then NY. Make sure you establish relationships with some property management companies so you can have some eyes on the property if you can’t be there.

    Any other questions feel free to ask me. Best of luck. Real estate investing has changed my life and it can do the same for you.

    Thank, Sean! I was looking into Connecticut as well - do you mind sharing how you got started there? 

  • New to Real Estate · New York, NY · Member since 2020 · 22 posts · 16 votes
    6y
    Originally posted by @Craig Curelop:

    Hi Vincent. Welcome to our group BiggerPockets!

    I would love to learn more about Stock Market! We can share notes, right? However, REI is a great potential too! And your starting point as a real estate investor is right here in BP. All your questions can be answered in BiggerPockets site. In addition to the books and podcasts you read, here are other recommendations I can initially give you:

    1. Subscribe to the BiggerPockets Money and Rookie Podcasts

    2. Attend the FREE WEBINARS

    3. Attend a Meetup in Your Area

    4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

    5. Peruse the forums! Ask questions! Answer Questions!

    Good job in your action of building educational background in REI! But, consistency is the key. Continuous learning and searching with the help of other experts in the industry over the next 4-6 months, you'll get more extra $ earning in NO TIME at your convenience!

    See you around! 

    Best regards,

    Craig Curelop

    Thanks so much, Craig! I'll definitely check out those resources. Let me know if you ever have any questions about the stock market - happy to share insight.

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