From Long Island, NY. Have over 500k saved up. Where to start!

[Jason R.]

Hi guys how's it going.

I'm from Long Island, about half an hour from NYC, and I want to start investing in real estate. I have money to spend, at least a half a million, and my family's business has 3 properties that are used for our own business and renting to other tenants. 

I'm looking to invest in buy and hold apartment units or office buildings - I'm not really sure what niche, and I don't know where to start! I've taken a few real estate investing classes so I do understand the basics of theory, but I really don't understand how I actually get started on things like researching markets, analyzing deals, deciding what niche to start with.

I'm fortunate that I have a decent amount of capital to spend, but I need some practice guidance on how to put all the textbook theory to practical use. How would I decide whether I should buy apartments in Brooklyn, or Stamford CT, or Hoboken etc. How would I decide whether I should try my hand in office buildings, apartment buildings, single apartments in the city. What markets are hot? How can I analyze deals?

I know this question is a bit ironic, but are there any practical books that serve as a guide. I've read commercial real estate textbooks which are great but offer so practical guidance on how to put the theory to use.

Thank you.

[Jeff Greenberg]

@Jason R. first I suggest that you do not broadcast how much money you have. Second, I suggest you go to different REI events as well as dig through these forums with a specific purpose. That purpose would be to find out who is doing what you want to do. Once you narrow that down to a few people, maybe someone local to you, have a conversation with them. See how well you get along and their willingness to answer question of a newbie. Then find out how you can help this person out. Ask them how you can help them in their business. By virtue of helping them out you will have a key in the door to ask questions and get involved in their business. As you learn the business from the inside, you will become more knowledgeable and confident when it comes to using your money or OPM.

As far as books, I like Dave Lindahl's Multifamily Millions as a good starter book.