First Time Home Buyer Looking to Invest in a Rental Property

[Account Closed]

Hello all, 

I am new to this BiggerPockets Community. I moved to New York some time ago and am now considering investing in a rental property. I would prefer to invest within the next 8-10 months depending on the market. I do not know much about investing and everything that goes into it. So, I would like to do much preparation before I jump into the market. Definitely would like to meet like-minded people and get to know their ideas and thoughts on investing. Also, I would like to connect with real estate agents who can work with a newbie like me and guide me through the investing journey. Since I am based in New York City I would like to have my first property within a 1 or 1 and half-hour drive to and from the city. 

Looking forward to learning a lot from this community.

[Kayla Gatmaitan]

Hello @Account Closed, congratulations on this new journey! You have come to the right place to learn. I would suggest reaching out to an agent and lender in your local market to see how much you qualify for in your area. Then see what types of properties you can purchase in a 1-1.5 hour distance from the city! There are tons of ways you can invest in real estate and it all depends on your risk tolerance and style of investing you would like to pursue. Best of luck and happy to talk more anytime!

[Account Closed]

Thank you Kayla for replying. Definitely going to follow your advice. 

[Joshua Janus]

Quote from @Account Closed:

Hello all, 

I am new to this BiggerPockets Community. I moved to New York some time ago and am now considering investing in a rental property. I would prefer to invest within the next 8-10 months depending on the market. I do not know much about investing and everything that goes into it. So, I would like to do much preparation before I jump into the market. Definitely would like to meet like-minded people and get to know their ideas and thoughts on investing. Also, I would like to connect with real estate agents who can work with a newbie like me and guide me through the investing journey. Since I am based in New York City I would like to have my first property within a 1 or 1 and half-hour drive to and from the city. 

Looking forward to learning a lot from this community.

Welcome to BP! There are plenty of investor friendly realtors and investors here that you can connect with. There should be local meetups available in your area as well. Read through the old forum posts here as there is plenty of value and wisdom in the old posts!

[Andrew Jennings Freerks]

Welcome @Account Closed. I own my own real estate brokerage and have a few investment properties here in NYC.  I'd be happy to connect you with some lenders and answer any investing questions you have.  DM me if you want to chat.

[Frank Avallone II]

Hi @Account Closed, glad to hear you are interested in real estate investing. I would love to share my experience with you as a real estate investor and answer any questions you may have! I'll send you a connection request now!

[Account Closed]

Quote from @Andrew Jennings Freerks:

Welcome @Account Closed. I own my own real estate brokerage and have a few investment properties here in NYC.  I'd be happy to connect you with some lenders and answer any investing questions you have.  DM me if you want to chat.

 Hello Andrew Thank you for the reply. Definitely will connect with you.

[Dave Skow]

1st step - get pre apprved using a hypotetical purchase price / loan amount 

[Mohammed Rahman]

Hey @Account Closed! Congrats on putting yourself out there and posting on the forums that you're beginning your real estate journey. Something I tell everyone else who is also in your shoes: it's ok if real estate isn't for you. Often we will be so focused on wanting to get into real estate that we miss the signs telling us "this isn't for you!"

I recommend not only reaching out to a local agent (preferably someone investor friendly) but also an investor & lender that can help you figure out what your best direction is. For example, there's a lot of ways you can get your foot in the door with REI (wholesaling, househacking, flipping, etc.) -- it helps to speak with an investor to figure out what best suits your appetite.

Besides reading the books by BiggerPockets, feel free to shoot me a DM! I have office hours on Thursdays & Fridays after 3:30pm and am free to chat more about my own experience and mistakes made (I'm also an investor and agent). 

[Yon Jones]

Hi @Account Closed I think BiggerPockets forums are a great way to start. I started my investment journey similarly six years ago. I am a real estate agent located in the City of Newburgh, which has grown over the past few years as a destination for many first-time investors like yourself. I was a nurse in my previous life, so I enjoy teaching and guiding people through processes. Newburgh is a growing town with lots of potential for investors. I recommend working with a lender and getting pre-approved to set up a realistic purchase price within your means. I also recommend taking a self-guided tour through the areas you are interested in investing in to ensure it's a good fit for you, especially if you plan to live in it for a few years. Feel free to reach out if you'd like to chat more about Newburgh. Good luck with your next moves!

[Ranjit Sandhu]

Hi @Salome Bhetwal I am a real estate broker in northern California. As people above suggested to connect with your local real estate agent/broker and mortgage broker for more details. It's good idea that you have 10-12 months and market can shift little bit but it's good start here. I have helped many bay area investors in my area and they are very pleased because I know my market. All the best!!!