What's a newbie to do to get into real estate in NYC

[Jennifer Chrispin]

Hi my name is Jennifer I am reading The Ultimate Beginners Guide to Real Estate Investing which led me to this site. Very informative book I might add! I am interested in investing in NYC property typically multi-family homes but not sure where to start. I am interested in buy and hold, flipping and foreclosure properties. I do not have a lot of start up cash flow but have excellent credit. Can anyone give me any tips on how to get started. Should I start as a passive investor or just go straight for the gusto? Should I just look into multi- family homes or single family home and is it also a good idea to invest outside of NY like NJ or CT. I want to add I work nights and have alternating weekends off. Is real estate investing still possible to achieve? Have lots of questions. Thanks

[Joe Fairless]

@Jennifer Chrispin - welcome and so many good questions. Here's what I would do if I were you.

First, put together your personal financial goal. How much do you want to be making every month and by when. And it should be monthly because monthly income, not net worth or appreciation, will let you break free from your job (if that's what you're looking to do).

Then determine how much time you are willing to dedicate to real estate investing. Fix and flip will and wholesaling take more time than buy-and-hold.

After you do that, you'll need to qualify a submarket in NYC to determine if it generates the type of return you need to reach your goals. If not, then you can look in other markets.

Those are some steps to get you started. And read, engage with the community and ask questions along the way. Also attend networking events in NYC and meet with BP people who live in NYC. I live here and would be happy to meet with you.

Lastly, I would look hard at buying a duplex, living in one side and rent out the other. That's what @Darren Sager did in NJ and that one unit has turned into a tiny empire for him. I recommend you connect with him too.