Updated over 9 years ago on . Most recent reply
New Investor From Booklyn in the BP House!
Hi all, I'm a copywriter in healthcare advertising in NYC, living in Brooklyn, via Massachusetts. Enjoy my work but ready to become an investor with a focus on buy-and-hold rentals.
So far the "Look Local" mantra isn't speaking my language. With my demanding full-time job and inability to outbid the all-too-common NYC cash buyers, I don't have enough free time to hunt down the affordable hidden deals (assuming there are any!) in my high-priced NYC market.
Aside from soaking up all the knowledge I don't yet have, this is why I'm here on BP: I need to find an area (or areas) I can actually afford. Starting to focus on Ithaca, NY (plenty of grad school renters) and Indianapolis (I'm there at least once a month for work and it seems like a growing city) but open to any and all areas that produce stable cash flow properties.
If you've got any suggestion, please let me know. I may not have much free time but I'm dedicating it all to taking action and movin' on up. Glad to have found BP!
-Josh Eastman
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome.
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 rehabbers (cash buyers). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul