Hi everyone, my name's Shulammite and I recently found the BP podcast through another real estate investing podcast! I've gotten really excited about REI after listening to so many success stories of regular people using flips and rental properties to work their way towards financial freedom. I know that the first step before investing is to have your personal finances in order so I've opened up my Roth IRA (my job doesn't offer a 401k), paid off my credit card, and started saving up in an online savings account. Finally I feel ready to focus on REI. Although I'm still learning, I want to avoid analysis paralysis so the plan is to take the plunge on a real estate deal this year.

Unfortunately I live in NY and the prices of property here are much higher than in the midwest. To start, I'm looking for a deal in my area so I can be really hands on throughout the whole process. Ideally I'd like to purchase a property in the borough of Queens or Long Island potentially with a FHA or a new homeowner loan for less money down; I've been looking into renting out by the room and house hacking strategies but unsure of where to start.

Can anyone that's invested in a saturated market starting from nothing offer some advice on which strategy would be more effective or if there's another one I haven't heard of? Welcoming advice from anyone who's had even one investment deal or even in the process of closing on their first.

If you've read this far, thank you I appreciate any input I can get :)

Hi Shulammite, welcome to BP! Have you come across the REI strategy of 'house hacking' yet? I just sent you a message with a few additional details and considerations on this strategy and how it's possible even in NYC.

Thank you! Will reach out

Greetings from Westchester,NY. My advised to you is to learn as much as you can about the different tactics and strategy's, I say so because in my experience the "DEAL" determines what type of strategy should be use, meaning THE MORE TOOLS , you have in your tool box ,the easier you will be able to identify how to proceed with your investment. 

NYC is very expensive, how ever the are some areas outside of NYC that you should pay attention to and maybe consider, I live and invest in the city of Peekskill , Ny , which is 50m train ride from NYC , a lot of commuters. Any questions don't hesitate on reaching out. 

Originally posted by @Eder Aldana :

Greetings from Westchester,NY. My advised to you is to learn as much as you can about the different tactics and strategy's, I say so because in my experience the "DEAL" determines what type of strategy should be use, meaning THE MORE TOOLS , you have in your tool box ,the easier you will be able to identify how to proceed with your investment. 

NYC is very expensive, how ever the are some areas outside of NYC that you should pay attention to and maybe consider, I live and invest in the city of Peekskill , Ny , which is 50m train ride from NYC , a lot of commuters. Any questions don't hesitate on reaching out. 

 Thanks for the feedback! I was of a mind that the counties outside of the boroughs would have more opportunities to invest in and so I'll be sure to look into Peekskill NY. Do you think this area is a good place to do fix and flips or do you recommend another tactic here? Thanks again

Shulammite,

Just be mindful of all the anti-LL laws in NY especially after new legislation that passed in 2019.

Fix and Flip can work as long as you are able to find the property below market value, meaning of the market properties not listed and the MlS.  I believe you can still  find properties that meet the 70% flip "rule" , around this Area , along the Hudson River has been on fire ! Peekskill is just one of the city's that has done amazing in appreciation and Cash flow. Message me if you would like any more details . GOOD LUCK!!! 

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Welcome Shulammite! I think that house hacking with an FHA Loan is a great idea for your inception in Real Estate. I live in Queens and I do admit that it can be tough to find properties with Price to rent ratios that make sense for an investor, however there definitely are deals here, they just aren't as prevalent. There are different markets in Long Island that would be easy to House Hack in depending on the property taxes.

Originally posted by @Shulammite Ng :

Hi everyone, my name's Shulammite and I recently found the BP podcast through another real estate investing podcast! I've gotten really excited about REI after listening to so many success stories of regular people using flips and rental properties to work their way towards financial freedom. I know that the first step before investing is to have your personal finances in order so I've opened up my Roth IRA (my job doesn't offer a 401k), paid off my credit card, and started saving up in an online savings account. Finally I feel ready to focus on REI. Although I'm still learning, I want to avoid analysis paralysis so the plan is to take the plunge on a real estate deal this year.

Unfortunately I live in NY and the prices of property here are much higher than in the midwest. To start, I'm looking for a deal in my area so I can be really hands on throughout the whole process. Ideally I'd like to purchase a property in the borough of Queens or Long Island potentially with a FHA or a new homeowner loan for less money down; I've been looking into renting out by the room and house hacking strategies but unsure of where to start.

Can anyone that's invested in a saturated market starting from nothing offer some advice on which strategy would be more effective or if there's another one I haven't heard of? Welcoming advice from anyone who's had even one investment deal or even in the process of closing on their first.

If you've read this far, thank you I appreciate any input I can get :)

Hi, you are taking a great first step.  NYC (queens) is super competitive, a lot more than lots of other areas in the country.  What I would recommend is to try to do some wholesaling.  (you will need less money to get in, you find a deal, flip the contract, then you can do some buy and sale.

-all the best

@Shulammite Ng

Greetings.

First, much success!

Second, get your investment out of NYC. The outer boroughs are highly priced or overpriced and the mayor is a socialist.

Third, if you have 8 hours to chop wood, spend most if it sharpening your axe.

Reach out with any questions. My email is in my profile.

Bob