New to Real Estate · New york city · Member since 2020 · 41 posts · 20 votes
Wassup everyone. Just starting out on my real estate journey. Looking to be an investor. Single family, multi family, short term rentals. I live in NYC and willing to start out of state. Tri state or down south.
@Cesar Gomez, the site has been good for me and so many others getting started. The podcasts are good to listen for motivation and to start to zero in on your approach to start. Try to start figuring out if you're going to invest in NYC vs OOS and also focus on sfh's or multis, long term vs STR's. There are lots of great options but it can help to dig into one area of focus first.
@Chad Lanting yes I love the podcasts and youtube channel I've been listening for a few days now. I am highly interested in Multi families. But i think I'm going to try to start with a single family home. Start with a small project, get my feet wet. Maybe in New Jersey or PA. NYC is insanely expensive.
Yeah, I am focused on OOS for now too. I'm in Southern CA which is pretty expensive. Depending on where you look, small multis might be common, so you could possibly try to start with one, or they might be rare and go for way over asking price.
Investing out of state is both exciting and a bit daunting at first. I think though, if you have good connections, as in a realtor you really trust, PM (property management) that you're ready to work with, and others you may need such as contractors or loan officers, then that can take a lot of the nerves and risk out of it.
@Chad Lanting I appreciate the information! Thanks Chad! I also inherited a single family home in PR and not sure what to do with it. Someone is currently living in there and the rents have begun to come to me already.
PR, as in Puerto Rico? That's awesome. Is it in a touristy area? Maybe you could set it up as an STR, find a local cleaner and self manage. It would be a lot to learn but could be a great opportunity if it worked.
Wassup everyone. Just starting out on my real estate journey. Looking to be an investor. Single family, multi family, short term rentals. I live in NYC and willing to start out of state. Tri state or down south.
@Chad Lanting. YES it's in Puerto Rico. East on the island, really close to the National Rain Forest that offers day hikes with amazing views also zip lining at the top. Beautiful waterfalls and natural pools inside. Also very close to beach towns that offer bio illuminating bay and snorkeling and jetskiing. And the world famous Flamenco Beach island. My family and I and trying to come up with a plan to fix up the house, it needs some TLC and new electric box. And we should be in business hopefully for STR.
@Cesar Gomez, that is awesome. My cousin lived in PR for awhile. I'd love to get there some day and see some of the beauty. It sounds like it could really make a good STR. There is a lot of good info and people chiming in on how you can self-manage STR's if you have the right systems.
Welcome, @Cesar Gomez! My first few deals were out of state. I think its a great way to get started. We're here to support you - let us know if you have questions.
@Cesar Gomez - my first investments were in Texas. Still, really like the state as a whole. Very landlord-friendly. Strong, growing population and economy.