All Forum Posts by: Steve Kontos

@John Moorhouse

While I admire your drive, you need to switch your focus.  Instead of dwelling on the negatives of school re-focus your attention on creating that "side hustle" business and finishing school.  School does not tie up ALL of your time so it's all about time management.  Manage this effectively and get EVERYTHING done and to the best of your ability; especially school!

The fact of the matter is school is very important whether you like it or not.  Go to college and network with others because at the end of the day those very individuals will help bring YOU closer to your goals.  In this business it's all about your network and if you remove school out of the equation (which a lot of your network would come from there initially) you are now making your life a lot harder than it needs to be.  

@Efraim L.

Even in surrounding areas around NYC you will find yourself running into other issues in trying to make the numbers work.  While I can't speak for everyone, I personally have been investing out of state for over 12 years now.  The rate of returns in terms of cash flow are great.  I only go into landlord friendly states to help reduce some of my risk.  It's a numbers game and over here in NYC the numbers are terrible.  The only possible avenue you have is if you have an "in" and even those deals are nothing to brag about.  

Best of luck!

@Christopher Copley

My personal experience has been with out of state investing.  Your money goes a lot further in terms of monthly cash flow and appreciation.  If you want to maximize your dollars it won't be in the ridiculously high priced buildings in New York.  Both Westchester and Nassau County have sky high property taxes along with a lot of competition.  

Sorry if I sound negative towards New York but maybe through networking and speaking to other investors in Manhattan you might find someone who has an in.  Best of luck!

@Laurence Meth

I stick to mainly landlord friendly states.  From there I look at deals followed by the areas they are in.  I use the internet to research each area and if I like what I see, I begin making some phone calls.  

Your net worth is your network.

@Jonathan Johnson

Not thrilled with the unit mix as having more 2 bd units is better in most markets.  It sounds like the buildings need work so I would highly recommend following what @Greg Dickerson already mentioned.  I would also get the past 3 years income/expense reports.

@Kevin Zhang

It depends on what your personal goals are.  One thing I can re-assure you is NOT to buy anything in all cash.  You need to find a way to maximize those dollars not have them tied up in just one investment.  You live in one of the most expensive cities in the country (much like myself) so I recommend investing out of state.  I have been investing out of state for 12 years now and I can tell you first hand that your dollars can go a lot further in terms of buying power and rate of return.  Best of luck!

@Abraham Anderson

Awesome post and continue to focus on growth!

@Angelo Bruno

@Chris Pittman

The "save and buy" method is a stale, non-practical approach to investing.  It's about finding various ways to leverage so you can purchase multiple properties.  Now what type of leverage depends on your specific financial situation.  I highly recommend researching and attending various networking events so you can meet others in the real estate investment world.  Best of luck!

@David Xu

I grew up in Queens and I agree with @Samir Goel BUT it is a VERY saturated market.  My biggest recommendation to you is that you should actually invest some of that money into cash flowing properties out of state.  That money will just go so much further then putting it into a property in Queens that'll not give you anywhere near the same rate of return on your money.  It's about maximizing those dollars to the best of your ability.  Best of luck!  

@Jon Passow

Congratulations on the baby!  Now the real fun begins ;)

In regards to investing, the days of saving and buying, saving and buying are outdated.  In today's world there are various ways to leverage.  When I started out I didn't rely on my savings account to buy, I leveraged my credit.  DISCLAIMER: This was a path that worked for me and was done with a certain degree of discipline.  

It's all about getting creative and finding a way to get the deal done.  If this is completely unfamiliar territory for you then my advice is simple; go network.  Go meet other like-minded individuals and you'll be amazed at what you can do.  

Best of luck and enjoy your growing family!