How to start in NYC or anywhere

[Steven Natera]

Hi everyone, first time posting! I’ve listened to tons of the podcasts and I am itching to make my first deal and start my real estate investment journey. However I have a predicament I live in NYC, one of the most expensive real estate market in USA. Here’s my unique position: 

Pros:

- I’m employed

- working in tech affords me a high salary

- great credit

- young (for now haha)

Cons:

- less than 5k in working capital for deals

- young and inexperienced

- in NYC

The easiest solution to get started would be to house hack but I don’t have enough money for the down payment on a high priced home. Not to mention most of the locations are far idle. I’ve considered doing a house hack in NJ but the prices are just as high. Therefore I’ve decided to take the David Greene approach and invest out of state but again I’m not sure if that’s the right move while starting out. 

What advice do you have on getting started with small amounts of capital in a high priced market?

[Basit Siddiqi]

@Steven Natera

Welcome to Biggerpockets!

There are many successful real estate investors here in NYC. Many investors invest within 2-3 hour drive of NYC(update NY, CT, NJ, PA). Some investors invest in areas further than a 2-3 hour drive. Some have the risk tolerance and invest in NYC and are getting the appreciation.

Are you familiar with any areas that cash-flow well? Maybe you possibly grew up somewhere else, maybe you visit family that live in another state. You should look for areas that you are familiar with for your first couple of deals.

There are many local real estate networking events. You should come to a couple to see what everyone is doing.