Real Estate Agent · Long Island NY · Member since 2017 · 89 posts · 33 votes
Hello BP family,
I am an Environmental Scientist from Long Island, New York. I am about 4 months out of college and quickly realizing that real estate investing is the best way to grow wealth. I am looking to House Hack my way into the game and then use the BRRRR method to start "snowballing".
Anyone else from New York, or more specifically Long Island? Please comment below and lets make some money!
Massapequa Park, NY · Member since 2017 · 62 posts · 48 votes
9y
@Jordan B. and @Christopher Phillips I am relatively new to real estate investing and i am getting a late start. I think it is great that you are looking to start out early. For me, I am looking into out of state investing in buy and hold properties. I dont have the time to manage the properties myself and not leaving my job. I find NY very expensive and looking outside.
I'm sure you'll find what you're looking for here. I would visit the forums and I'm sure you'll find the topic you're looking for. I don't know anything about house hacking so I'm not helpful. But if you have any questions along the way feel free to PM me
Massapequa Park, NY · Member since 2017 · 62 posts · 48 votes
9y
@Jordan B. and @Christopher Phillips I am relatively new to real estate investing and i am getting a late start. I think it is great that you are looking to start out early. For me, I am looking into out of state investing in buy and hold properties. I dont have the time to manage the properties myself and not leaving my job. I find NY very expensive and looking outside.
Yes I too have realized NY is not exactly the best market to get started in. I just started a job and so moving is not an option for me either. I am a little nervous about trying to look out of state for an investment (especially my first) because I don't want to get taken advantage of.
Massapequa Park, NY · Member since 2017 · 62 posts · 48 votes
9y
@Jordan B. - I would use this website and do as much research and speak to as many people as you can until you are comfortable. You need to fund a good property manager that you can trust to manage your properties. There are a lot of people on this website that you can speak to about out of state investing. PM me if you would like some names of people i have spoken to.
Real Estate Agent · Long Island NY · Member since 2017 · 89 posts · 33 votes
9y
@Joseph Salegna - Thanks for the advice I really appreciate it. I plan on diving into the far reaches of this site to learn as much as possible before deciding what to do. Thanks again.
Real Estate Agent · Long Island NY · Member since 2017 · 89 posts · 33 votes
9y
@Christopher Phillips in your experience would you say multi-family is the way to go? I've heard that it can be nearly impossible to have a decent cash flow on single families in this market.
Massapequa Park, NY · Member since 2017 · 62 posts · 48 votes
9y
@Christopher Phillips you're right. My day job takes too much time and i'm not leaving it anytime soon. I'm sure if people have time then definitely can find something.
Investor · Patchogue, NY · Member since 2017 · 69 posts · 11 votes
9y
Hey Christopher Phillips seems to me you are an investor friendly real estate agent. You live a decent way away from me, I was curious if you knew any investor friendly real estate agents around my part of the woods?
I agree that there is much more opportunity cash flow in the long island area with multi family properties. Especially if you are willing to house hack and live in a section of the home, which gives you significantly better rates as owner occupied.
Like @Christopher Phillips noted, property taxes are high here, as are most prices. You're biggest investment in this process should be in the time you spend finding the right deal for you. There are some great deals to be had out there, but it will take time and effort.
BP is a great place for advice and knowledge. Build a network of trusted professionals such as Chris and keep a hungry mentality!
Flipper/Rehabber · Patchogue, NY · Member since 2015 · 73 posts · 29 votes
9y
Hey @Jordan B.. I'm an investor and REO agent who lives in Long Beach also and I work with investors so give me a shout and we can walk on the boardwalk and chat. Nice to see a local here! @John Cushing - most of my inventory is out that way and I'll be moving out your way this summer and would love to connect!