Good morning BP,
My mission has always been to make money (hustle) so that I do not have to worry about any expenses. Well, that curiosity of having the ability... the superpower of generating wealth to attain financial freedom has always led me to some type of real estate option to pursue. And here I am for the SECOND SHOT at real estate BUT THE FIRST STEP to gaining a position in the industry with the hopes of creating a network of support on the way.
My name is Michael Acosta. Born and raised in the Borough of Brooklyn, NY, I have had the amazing opportunity to see growth in this city. Unfortunately, everyone does not get a piece of this, of course, but that is just because many do not do their R&D. I have and this is where I have ended up! For the past couple of months I have been listening to the podcasts made available and have gained some (very little) confidence to just shoot for the stars. But because my aim is far from perfect, I would appreciate any input on the following:
Anyone interested or currently working within the Brooklyn RE Market?
Is the South Brooklyn, for instance, Bay Ridge/Dyker Heights/Bensonhurst even Sunset Park profitable areas in the 2016 and moving forward?
Raising capital is my current obstacle and have looked into opening up a business (LLC/S Corp) to begin establishing credit history to ask for bank loans in the near future without much hassle? Any Tips.
Even though this might appear as a novice posting... it is. But I would appreciate any or one response to help me continue forward this interesting journey towards creating cash flow from managing and owning properties in the fast growing city of Brooklyn.
Thanks in advance,
Hi @Michael Acosta -
Welcome to BP. There are a ton of resources here, and you'll meet plenty of awesome people. I know NYC is horribly expensive right now (and always) but you may want to look at using an FHA loan to house hack a 2-4 unit building - which you can get into with as little as 3.5% down, and could leverage downpayment assistance programs. Hustling isnt just working harder, a lot of the time its about working smarter - and part of that is knowing what resources are available to you.
Good luck in Bk, I live in Howard beach and my family is all from east NY, Van Siclen Street. If you find a deal that a hipster or a wealthy rabbi hasn't bought yet, PLEASE lol let me know. Brooklyn is just about untouchable at this point. About 3 months ago, I had to look and take pics of some foreclosures in East NY for another investor. They were condemned with black mold and new found homes for every squatter in the neighborhood. Would you believe I went home that night and comped out about 5 of the homes I had to go in and they were already in the mid 5's. This is in East NY!! The last place you would think housing prices were even in the 400's. But, Queens has possible potential,the Rockaway's is cleaning up and climbing up quickly. But again hipsters are already starting to take over, which means prices fly high. Queens also can be difficult unless you find a property that hasn't hit the public yet.
I started out investing in the Bronx due to the fact I was born and raised there for some time. It's the boy rough over the bridge that I feel people on this side forget about. But it has the most potential out of the 5 I believe and Staten Island I personally don't care for when it comes to investing (that's my own personal preference). Then I skipped over NY and headed to Philly where there is so much potential to make money in the right areas. Now actually as of today I got an accepted offer and I'm heading upstate close to major universities. Again, I study and research all areas and this is just my opinion. But, I don't see any good steals coming up at this point, unless again you get an inside tip. If I can be of any help let me know, I've been investing for about 3 years now and had to make many sacrifices to start to make money.
@Michael Acosta PM me. We should talk
@Jeff F. great advice. can you find programs to finance a second condo at 3.5%? i have been reading that i would need 25% to buy my second place.
@Angie Williams excellent spot on review. i lived in Brooklyn all my life. i recently moved to ENY in 2015 bought a one bedroom condo for 205. I had viewed that same condo 2 years prior and it was 150 and i didnt jump on it. i beat myself up about it all the time.
I am curious to know what areas in Philly you felt had the most potential?
Hey Michael, welcome to BP! We should connect as I too am in Brooklyn!