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Updated 15 days ago, 11/04/2024
New primary residence
Introduction.
Hello BP community, my name is Ken. I’m fairly new to the BP forums and BP site in general, But I have been very active on the podcasts and books stacking education and knowledge in the real estate field. Looking into going pro and want to make the best out of the opportunity and resources BP has to offer, and most important closing my next deal In the near future. I’ve been putting together plans, resources, partners that each can play unique roles in making a deal happen.
Deals.
Me and my wife currently have a primary residence (Single Family) in AZ that we acquired with a V.A loan. We just moved across the country and our primary residence is now listed for rent through a property management company. Not rented as yet but we have a few potential tenants interested.
Near goals.
Create and put together a solid plan to acquire a new primary residence in Long Island NY (Riverhead). This will be between a duplex, triplex, or quadplex all depending on financial qualifications and resources to acquire.
Skills/Qualifications/Recourses
- Me and my uncle are local handymen in the long island area for over 10 years. We will able to make light to medium renovations and have additional team members available for more complex renovations.
- Military Veteran.
- Access to the V.A Loan.
- 10% on material from Lowe’s/HomeDepot.
- Capital partner that can assist with cash as needed.
- potential equity in primary residence
Asks/Needs to achieve goals.
- In need of assistance formulating a concrete plan to achieve goals.
- Assistance putting the knowledge and resources together to close next deal.
- Looking to attend real estate meetups and expand network.
- Locating and putting together the right team that’s needed.
- Joining communities and connecting with others on a similar path.
Big Thanks to the BP community for helping many others I’ve heard on the podcasts achieving their real estate goals and dreams. I have heard alot of success stories where Bigger Pockets was one of their main resources in achieving those Goals. I don’t plan on letting “Analysis Paralysis”, Fear, Lack of resources hold me back any longer for becoming more active in achieving MY Dreams as well. Any Advise, Guidance, Directions, Recommendations, Resources or Tools to get me any step closer is Highly appreciated. Good to officially meet the community and will be seeing you all around!!
- Ken.
Hey Kenroy, I am also a veteran from Long Island and looking to purchase my first investment property. Posting a reply here as I'm also interested in what you posted about.
So far, the only thing I've heard about is a local meetup that occurs monthly in Bay Shore hosted by @Kevin Myhre. https://www.instagram.com/libiggerpockets/
Hoping to hear about an upcoming meeting soon. Maybe I'll see you there. Best of luck and I'd love to connect to share ideas and knowledge.
Amanda
What's up, Ken! I can be the first to brag about all the resources and experience here on BiggerPockets. I met my mentor and met many other investors at local meetups. Joining BP is the beginning of the dreams you always wanted in real estate and more!!!!
- Property Manager
- Royal Oak, MI
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Get the AZ rental stabilized with a tenant before buying anything else.
- Drew Sygit
- [email protected]
- 248-209-6824
Thanks @Faris Wright Good to meet you. Looking forward to an awesome journey, and I will be visiting some local meetups for sure.
Hey @Amanda G. Thanks for the info on the meetup here on Long Island. I did follow the instagram page so I'll be looking out for an upcoming event Hope to see you there!!
Hey Ken, welcome to the BP community.
It sounds like you're in a solid position with your skills, VA loan access, and local handyman expertise. Since you're aiming to purchase a multi-family property in Long Island, especially with the help of a capital partner, it's crucial to run the numbers carefully (rental income vs expenses) to ensure you're set up for success.
A triplex or quadplex could provide more units for rental income, but obviously will require more financing, so having your financials and pre-approval lined up early is key.
Since you’re already looking to network, attending local real estate meetups is a great idea—you can also connect with seasoned investors or agents specializing in Long Island properties who can offer advice specific to the area.
Keep building that network, and best of luck locking down your next property.
- Mohammed Rahman
- [email protected]
- 929-349-8042
- Residential Real Estate Investor
- Kansas City, MO
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Hello @Kenroy Bernard & Thank You for your service to our country.
Great advice on here so far especially in respect to networking. There is a lot of helpful information online, especially on BP, but nothing beats connecting with people in your market.
Regarding your near goals. I'd recommend targeting areas and property types with a high volume of sales. RE investing is a numbers game so the more properties/options you look at, the higher the likelihood you'll land a good deal in a shorter amount of time.
Only 6% of Suffolk 2-4 family properties listed since '23 have been triplexes and quads. In Riverhead, that ratio is 10%..10 total 2-4 fams listed, 1 triplex.
Triplexes and Quads are totally possible to find but are rare. I'd simultaneously search for duplexes especially those with value-add potential.
Regarding volume, the Suffolk towns with the most listed 2-4 family properties since '23 have been Lindenhurst (46), Huntington (22), Patchogue (21), West Babylon (16), and Bay Shore (15).
Riverhead has had 10 listed small multifamily properties in this timeframe so it isn't too far behind.
All the best!
Abel
- Abel Curiel
Thanks @Abel Curiel for the data on multifamily properties and markets. I will be diving into those in more details and putting together my Box based on the numbers and affordability. Good being in contact with you again hopefully our paths might cross at a meetup soon. Thanks a lot as always!!
I really appreciate the advise @Mohammed Rahman. I will keep this in mind while figuring out financing options. Thanks for reaching out and networking with local investors and other team members in the active goal.
Hi Kenroy
I just scheduled a networking event for real estate investors on Long Island & New York City. You can see it on Bigger Pockets here:
https://www.biggerpockets.com/forums/521/topics/1217146-2024...
I post all my events on Bigger Pockets.