hi i am a new york city based beginner investor and i was trying to figure out how to choose the right niche in my market
What's your goal?
Welcome. Time to build the foundation below.
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Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
@Jon Holdman well i want to begin with wholesaling and gradually make my way into other niches
@Desmond Haylett sounds like you're chosen a niche, then. Look over the pointers Account Closed listed and listen to the podcasts.
Interesting you choose wholesaling, why?
The reason you want to do RE is to make money, I'm sure.
I'd suggest you first learn what is actually RE, why it's valuable, what rights there are to obtain to profit from, how those rights are transferred, why they are marketable. Learn to read your market and understand what actually might be an opportunity which means being able to value property.
To wholesale you'll need those skills, it's not just following a few steps on any property. Follow systems without understanding the above areas, you will not be successful.
If you're good at these underlying functions, you won't need to wholesale, but you can. :)
I'm not sure if Desmond is in the same shoes as me. I see wholesaling as a way to gain funds, to further investing opportunities. With out great credit and money set aside for "skin in the game", it is hard to acquire funds for true investment opportunities. My favorite is fix and flip, but this too also takes cash in bank. So the only way to gain ground in RE is to wholesale in the beginning. Also as a great way to have faster cash available for future projects.
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