Any Investors In New York that Invest Out of State?

[Amira Willis]

I am very new to real estate investing. I live in Brooklyn, NY. I would like to invest out of state because I was told that NY is very expensive for a young recent college grad starting out. I am really excited to start investing as soon as I can without making too many mistakes. I have listened to a few podcasts and webinars and I will soon start reading books. I would like to attend a local group or shadow a mentor if possible -- one who also lives in NY and invests out of state. I am very willing to put in ALL of the hard work and learn by any means necessary. I do not plan on giving up! I am currently working on building my credit and saving $3,000 or more. Any guidance or help is greatly appreciated also any book recommendations or recommendations in general. Thank you!

[Raul R.]

@Amira Willis

You’ll find many OOS investors in expensive markets like ours..

You will need more than $3k to get started the exact amount will vary by the market.

The mistakes many newbies make is not having enough reserves, when the unexpected happens they have no room for errors so make sure to have plenty of reserves.

You need to decide what type of investing you want to do, buy & hold, flipping, wholesaling etc and decide on a market.

There are many other decisions you need to make you can start with those 2. Once you pick a market you’ll have an idea how much capital you will need.