New Investor in New York City

Investor · New York, NY · Member since 2017 · 40 posts · 5 votes

Hello everyone, so far I've spent my whole day on BiggerPockets and am soaking up as much as possible. My goal is to begin investing in multi-family homes in and around New York City, it sounds intimidating and I'm not too sure how to start, but BiggerPockets seems like a good place to start!

Anyway, I'm excited to see what I can glean from this website and forums. If anyone wants to connect, I'm always available through my e-mail.

0 Reply

14 views

Most Popular Reply

Shawn Mellanson

New York City, NY · Member since 2016 · 5 posts · 2 votes

Hello to everyone here in the forum. Im relatively a new member to bigger pockets aswell and have taking in all the information I can. I live in Harlem, N.Y. and boy the market here is EXPENSIVE!! Its also really annoying to see big multifamily unit buildings on the way to work and saying " just maybe that could be me one day". Im currently on the edge of the diving board about to jump, but whats holding me back is the fact that there are many different ways to invest but i cant choose just one. I afraid of missing out on deals because i only know one creative way to acquire them. Any advise?

1 Reply

See this reply in the discussion

13 Replies

Jump to latestLatest

Sort by

Account Closed
New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
9y
Brandon Leong welcome to BP, there's many information here to get you started, definitely network to know people in the market you want to invest as they can provide you with the best advice. Wish you best of luck
0 Reply
Mark Nolan
Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
9y
@Brandon Leong
You have come to the right place to connect with the wide array of real estate professionals and investors. Make sure to view the Bigger Pockets book store: https://www.biggerpockets.com/store
0 Reply
Alexcia White
Rosedale, NY · Member since 2016 · 120 posts · 24 votes
9y
@ Brendon welcome, are looking to join a team?
0 Reply
Alexcia White
Rosedale, NY · Member since 2016 · 120 posts · 24 votes
9y
*Brandon
0 Reply
Shawn Mellanson
New York City, NY · Member since 2016 · 5 posts · 2 votes
9y
Hello to everyone here in the forum. Im relatively a new member to bigger pockets aswell and have taking in all the information I can. I live in Harlem, N.Y. and boy the market here is EXPENSIVE!! Its also really annoying to see big multifamily unit buildings on the way to work and saying " just maybe that could be me one day". Im currently on the edge of the diving board about to jump, but whats holding me back is the fact that there are many different ways to invest but i cant choose just one. I afraid of missing out on deals because i only know one creative way to acquire them. Any advise?
1 Reply
James LaPosta
Union City, NJ · Member since 2015 · 31 posts · 14 votes
9y
Welcome @Brandon Leong,
Soaking everything up here is definitely the way to go. Make sure you listen to the podcasts as well! Great way to learn on your commute to work.
0 Reply
George DespotopoulosBusiness Member
Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
9y
A fellow New York member! Best of luck Brandon!
MoFin Lending4.9152 Reviews
Website View Page
0 Reply
Krystof Pilisiewicz
Investor · Tampa, FL · Member since 2016 · 58 posts · 13 votes
9y
Best of luck! This is the place to be.
My 2 cents would be: try to educate yourself about the topic, and get your finances optimized for a loan. That`s how we all start.
Again, good luck!
0 Reply
Brandon Leong
OP
Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
9y
Thank you everyone (@George Despotopoulos & @Krystof Pilisiewicz ) It's great that this introduction is still getting hits. Super impressed with the community!

Additionally, if anyone here is investing out of state and is not a US citizen (I'm Canadian), I would gladly take you out for a good lunch to pick your brain!
0 Reply
Henry Dobry
Investor · Katonah, NY · Member since 2017 · 2 posts · 2 votes
9y
Hi Shawn! Just jump and learn from it. Even after deal number five, I am still learning! And did you pick an expensive market. Harlem is expensive. Even Yonkers is picking up steam, I just lost A deal there. But don't give up. Even better advice: Do a good deal in a different state where the distance compels you to be more resourceful with your time and communication skills, and you make more friends and connections on the way. I just did a remote deal in UTAH, and I never set foot there. And made some friends there in the process. Good luck maybe well team up...
1 Reply
Shawn Mellanson
New York City, NY · Member since 2016 · 5 posts · 2 votes
9y
Thx a bunch @Henry Dobry. Im taking your advise as I write this message. Ive been on the with different lenders non-stop to find out what are their requirements. Even took a hit on my credit report trying to qualify at Quiken loans. But I wont stray from my path. I recently discovered the formula for actually building my credit score as a bonus to secure some loans. I believe house-hacking is the way to go once I find a due/tri/quad-plex that I can at lease break even with or hoping benefit from the surplus of rental income each month. I was told that even I the property is 100% vacant, I can still use future rental income to qualify for sonyma/ fha loans. Thx again for the advice. I DOVE IN AND THE WATER IS COOOOLLLLL!!!!
0 Reply
Henry Dobry
Real Estate Investor · Katonah, NY · Member since 2017 · 3 posts · 0 votes
9y
HI. Besides Quicken Loans, which will only close a loan in your name personnally, not an LLC, also obtain a DUNS number to open and build business credit. So you can migrate from personal loans for RE to business credit and decrease risk to your FICO score. A DUNS number is like a SSN number for your business credit - and there are more sources of biz credit than personal credit.
0 Reply
Shawn Mellanson
New York City, NY · Member since 2016 · 5 posts · 2 votes
9y
Sorry for the late rwply @HenryDorby. Can I get a DUNS without owning a business? Or do I have to at least have a registered DBA?
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.