Newbie from Upstate NY

[Lucan Bowen]

My wife and I are seeking to venture into the real estate investment business. In particularly, flipping and / or leasing. How do we start? So far we are working on our business plan and need some guidance. We would like to invest in NYC, Long Island and NJ to start. Please help! 

[James Wise]

@Lucan Bowen 

welcome to the site.

The short answer would be to find a house, fix it then sell it.

To go deeper into things need to know some things about you

were are you guys at right now in regards to skill set, contacts, knowledge etc.?

[Lucan Bowen]

@James Wise!  I was a real estate agent from 2001 to 2006 but would like to get back in the business as an investor/realtor. Also, I have been a Licensed P&C agent since 2009 and just obtained my MBA concentrating in finance. My wife has been in the property management field for over 7 years (Closing agent) has been a Licensed real estate agent for 4 years and is in the process of obtaining her broker license (NY). We always wanted our own business and real estate is where our heart is.

[Jack Butala]

@Lucan Bowen 

Welcome to BP.  You have found the right place to start your career.  The places you mentioned are pretty high priced.  Up State NY has a ton of rural land opportunity.

See what you can negotiate through craigslist in that part of the state as well as eastern PA.  I've purchased 40 acre properties for less than $4K total in both places.

If you need detailed instruction, please reach out to us.  We have many successful students.  

Congratulations.  BP is maybe the best first step!  Steven Butala

[Paul Timmins]

@Lucan Bowen 

Welcome. You and your wife's experience will be helpful. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

[Lucan Bowen]

@Steven Butala. Thanks for the suggestions. Purchasing land is a great advice and I will speak to y wife about that. Also, I will definitely reach out to you in the near future. Thanks! 

[Lucan Bowen]

@Paul Timmins thanks for the advice and we are planning to meet with our local REIA soon. Thanks again for the suggestions. BP peeps are awesome!

[Lucan Bowen]

@James Wise thanks for the suggestions. 

[Dave Visaya]

Hey @Lucan Bowen welcome to the site! And it's perfect that you have introduced yourself here in the site. Go ahead and check out the Learn tab above for valuable resources. You may like to check the Beginner's guide to help you with your first deal.

[Brandon Turner]

Hey @Lucan Bowen welcome to BiggerPockets! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

Oh - and don't forget to set up your Keyword Alerts!

See you around the site!

[Raymond B.]

@Lucan Bowen,

To Make the @ work do the following:

Hold down the shift key and type the following: @?

Look below this Window, and you will see a list of list of names of people who have posted in this thread.

Click on the name of the person that you want notified via an email that you responded to them.

If you are a Colleague with anyone that has not posted in this thread, and you want them to see your post, hold down the shift key, and type the @ and the first 4 letters of the first or last name.

Look below this Window, and click on your Colleague's name.

They will be notified via an email about your post in this thread.

Raymond

[Lucan Bowen]

@ Raymond B.

Thanks for the tips

[Justin F.]

Where Abouts upstate

[Lucan Bowen]

@Justin F. I am in Westchester County. Are you seeking to invest here? 

[Dmitriy Fomichenko]

Welcome to BP community @Lucan Bowen  It is a great place to meet new friends and learn about various aspects of real estate and more. 

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Wishing you the best!