WHICH ROUTE DO YOU GUYS SUGGEST A ROOKIE SHOULD GO? FOR SOMEONE WITH NO EXPERIENCE NOR CASH. BUT WANTS TO INVEST IN MULTI-FAMILY HOMES TO RENT FOR CASH FLOW. I'VE BEEN DOING MY HOMEWORK AND WILL CONTINUE TO DO SO. BUT I JUST WANT TO HEAR SOME OPINIONS FROM ANYONE WILLING TO HELP, PLEASE. THANK YOU.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
@Edwin G Cruz Jr: learn, learn, learn. Analyze, analyze, analyze.
Attend as many local REI meet-ups as possible and get to know other investors and their strategies. One plus of COVID-19 is that it's so easy to attend virtual meet-ups from all over.
Consider a house hack of a MFR. You can get in with a low-down payment loan. Westchester is a tough market due to the high prices (and INSANE taxes), but there are opportunities.
@Jaysen Medhurst Thank you so much , I appreciate you taking time to reply. Westchester it’s very expensive and I’m a rookie so I don’t want to bite more than i can chew by going outta state but I honestly don’t mind as long as i can have a cash flow. Even if it was my first rental property outta state, it’s just more scary honestly.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
It's all a bit scary, @Edwin G Cruz Jr. You just gotta move through it! Out of state can be a great strategy. The key is to focus on only a few places where you already have "boots on the ground."
Valhalla, NY · Member since 2013 · 132 posts · 84 votes
6y
@Edwin G Cruz Jr
Hey Edwin Good luck with your future endeavor. In the meantime something you can do that costs no money is listen to the BP podcasts to really get a feel for the many different aspects of real estate. If you want to own multifamily properties you’re gonna want to save up capital especially in Westchester market where $50-$100k won’t even go that far towards a down payment. Wholesaling is a whole nother game but mainly it takes a lot of hustle and time. You can drive for dollars around your neighborhood, city, town etc, looking for distressed properties and trying to reach out to possible sellers. As I said and others on here have stated there are tons of ways to get involved in real estate but first educating yourself and having hard work ethic is what you’ll need. It’s been stated on the show many times that almost all deals need the Brains, The hustles and The money to get done so find which one you can add to.
Nick thank you for taking time out to reply. I appreciate your advice and I’ll definitely continue to educate myself. Where in Westchester have you looked for distress properties that you believe would be a good investment?