New Member from Long Island, NY

New Member Introductions
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New Member from Long Island, NY

Ray Smith
Lender · Stony Brook, NY · Member since 2017 · 31 posts · 22 votes
Hello everyone! I'm 22 years old from Long Island. I work in New York City as a Paramedic as I finish my degree in Health Science at Stony Brook University. I've always been looking for that other way to build wealth besides my career. I began listening to a few REI podcasts including the one from BP. That led to reading books and articles from other investors. I've been talking to friends of the family who own multiple houses that are rented out and a family member who is a real estate lawyer. I am in no way done learning about RE but I finally found a way to build wealth that I have a genuine interest in. Right now I'm saving to start out with a house hack, and should be in a position to buy within the year. I'm excited that I've found BP and a community of people that have a passion for sharing their success and knowledge. I come from a working class town and family, any excitement about REI is met with double the negative input from most the people I'm surrounded by. I LUCKILY have two friends who work in finance who share my interest that keep me from being discouraged. So thanks, because if it wasn't for all of the interactions that I've seen in this forum so far I very well could have dropped the REI plan a long time ago.
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Darren SagerPro Member
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
9y

Welcome to BP @Ray Smith ! Thanks for taking the time to introduce yourself. I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it. And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Long Island" or "Garden City" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area.

Use the Find Members area to network with other members who are local to you or are in an area you're wanting to invest in.  I'm sure you know by now Podcasts come out weekly and are great way to learn on the move. I find there's always a gold nuggets of information in each one and I go back to listen to a number of them multiple times.

If you want to find events that are going on in your area be sure to check out the Real Estate Events and Happenings area of BiggerPockets. Here you can find meet ups of local BP members or other groups that get together, network, and have education about real estate investing. Put in your ZIP code above the map and do a search within 25 miles to see the upcoming local events. Beware at some (not all) of these events they might try to sell you a mentoring program, sell you something else, or they may even be run by someone who has little to no direct experience in real estate investing. Networking in real estate investing is vital so don’t be daunted and go to the events!

In most cases you'll find everything you need here on BP so don't spend any extra money elsewhere. There are many great members here on BP who are tremendous resources of information and will help you greatly. And there are some who are just here to try to sell you something so don't be naive to it. Their true intentions come out eventually.

Be sure to read through the rules of the forums here. How you'll get the most out of BiggerPockets is to understand how to navigate through it and understand that it's a two way street. You'll get out of it what you put into it so become active and help us grow the community and wealth of knowledge that's already here.

If you appreciate a post that a fellow member put up responding to you be sure to say "Thank You!" by casting a vote for it. If you're reading through the forums and a post or response is good or answers another member's question well then cast a vote for it. It's our own version of liking something on Facebook provided you're familiar with that. Simply click the green vote arrow under a person’s avatar on the left of a forum post!

And lastly I highly recommend becoming a Plus or Pro member of the site and take advantage of all that BP has to offer you. It's like getting the keys to the kingdom. It will be one of the best investments you'll make when it comes your real estate investing.

Again welcome to Bigger Pockets! 

862-208-2287Podcast Guest on Show #48
4Reply
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17 Replies

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  • Danelson Rosa
    Bronx, NY · Member since 2017 · 32 posts · 14 votes
    9y

    Hey Ray, from a fellow newbie, welcome to BP! It's cool to read about your background (and how young and committed you are) and how you've made your way to real estate investing. I also am interested in house-hacking and am curious to hear about your directions with that, if you don't mind sharing. Given that we're in the NYC area, are you trying to buy in the city (i.e. five boroughs) or on Long Island? I know in my area in the Bronx and NYC in general, properties aren't exactly ea$y grabs. Just means we have to search harder and/or in other places I guess.

    3Reply
  • Ray Smith
    OP
    Lender · Stony Brook, NY · Member since 2017 · 31 posts · 22 votes
    9y
    Hey Danelson! Thanks for welcoming me! I'm mostly interested in the suburbs of NYC right now. I hope to eventually make my way to the outer boroughs then manhattan. I know so much about the neighborhoods throughout manhattan, queens and Brooklyn because I am constantly traveling and interacting with people in all different areas because of my job. One night I'll be in a park ave penthouse apartment in the Upper East Side overlooking Central Park, the next I'll be in the projects in Crown Heights, BK. DM me if you have any questions of want to continue the dialogue!
    0Reply
  • Chris Grenzig
    Property Manager · Orlando, FL · Member since 2016 · 479 posts · 277 votes
    9y
    Ray Smith welcome to BP! I grew up in Smithtown and live in Uniondale now. I was fortunate enough to be able to get into real estate full time about 10 months ago. If you have any questions or just want to chat feel free to reach out. We also do host a free monthly meetup in Westbury if you have any interest. We talk mainly about multifamily investing and network as well. Either way let me know if I can be of any help, best of luck!
    3Reply
  • Ray Smith
    OP
    Lender · Stony Brook, NY · Member since 2017 · 31 posts · 22 votes
    9y
    Chris Grenzig Thanks! I'll definitely be reaching out
    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    Welcome to BP @Ray Smith ! Thanks for taking the time to introduce yourself. I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it. And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Long Island" or "Garden City" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area.

    Use the Find Members area to network with other members who are local to you or are in an area you're wanting to invest in.  I'm sure you know by now Podcasts come out weekly and are great way to learn on the move. I find there's always a gold nuggets of information in each one and I go back to listen to a number of them multiple times.

    If you want to find events that are going on in your area be sure to check out the Real Estate Events and Happenings area of BiggerPockets. Here you can find meet ups of local BP members or other groups that get together, network, and have education about real estate investing. Put in your ZIP code above the map and do a search within 25 miles to see the upcoming local events. Beware at some (not all) of these events they might try to sell you a mentoring program, sell you something else, or they may even be run by someone who has little to no direct experience in real estate investing. Networking in real estate investing is vital so don’t be daunted and go to the events!

    In most cases you'll find everything you need here on BP so don't spend any extra money elsewhere. There are many great members here on BP who are tremendous resources of information and will help you greatly. And there are some who are just here to try to sell you something so don't be naive to it. Their true intentions come out eventually.

    Be sure to read through the rules of the forums here. How you'll get the most out of BiggerPockets is to understand how to navigate through it and understand that it's a two way street. You'll get out of it what you put into it so become active and help us grow the community and wealth of knowledge that's already here.

    If you appreciate a post that a fellow member put up responding to you be sure to say "Thank You!" by casting a vote for it. If you're reading through the forums and a post or response is good or answers another member's question well then cast a vote for it. It's our own version of liking something on Facebook provided you're familiar with that. Simply click the green vote arrow under a person’s avatar on the left of a forum post!

    And lastly I highly recommend becoming a Plus or Pro member of the site and take advantage of all that BP has to offer you. It's like getting the keys to the kingdom. It will be one of the best investments you'll make when it comes your real estate investing.

    Again welcome to Bigger Pockets! 

    862-208-2287Podcast Guest on Show #48
    4Reply
  • Ceasar Rosas
    Real Estate Broker · Bronx, NY · Member since 2011 · 597 posts · 341 votes
    9y

    @Ray Smith and @Danelson Rosa

    Hi guys, welcome to the wonderful world of RE investing. Start networking, I've found it to be huge in being successful at anything. For your 1st deal, if you're looking to house hack, start to narrow down the areas you'd like to be in. Go speak to a few mortgage bankers right away and run numbers and scenarios and see what price range and type of loan work for you and that you're comfortable with. Start reaching out to expert realtors in your areas and get on automatic MLS feeds for updated listings when they hit the market. If they can set you up with Active and Solds that would be great because you'll definitely learn pricing. Listen and read up on this site as well, A lot of good information and you'll make some good connections. Read the new Set for Life book, I wish it was around before I started my househack in the Bronx a few years ago. Good luck and I wish you all much success!

    3Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    9y
    Originally posted by @Ray Smith:

    Hello everyone!

    I'm 22 years old from Long Island. I work in New York City as a Paramedic as I finish my degree in Health Science at Stony Brook University. I've always been looking for that other way to build wealth besides my career.

    I began listening to a few REI podcasts including the one from BP. That led to reading books and articles from other investors. I've been talking to friends of the family who own multiple houses that are rented out and a family member who is a real estate lawyer. I am in no way done learning about RE but I finally found a way to build wealth that I have a genuine interest in.

    Right now I'm saving to start out with a house hack, and should be in a position to buy within the year. I'm excited that I've found BP and a community of people that have a passion for sharing their success and knowledge.

    I come from a working class town and family, any excitement about REI is met with double the negative input from most the people I'm surrounded by. I LUCKILY have two friends who work in finance who share my interest that keep me from being discouraged. So thanks, because if it wasn't for all of the interactions that I've seen in this forum so far I very well could have dropped the REI plan a long time ago.

     Hello and welcome! Best of luck to you.

    0Reply
  • Account Closed
    New York City, NY · Member since 2016 · 420 posts · 172 votes
    9y
    Welcome.
    0Reply
  • Danelson Rosa
    Bronx, NY · Member since 2017 · 32 posts · 14 votes
    9y

    Hey Ray, just sent you a Colleague Request to continue this chat via DM. Here's how I would've responded:

    "Hey man, it's cool that you're getting a good feel for the different areas of the city through your job. What do you do? When you say suburbs of NYC, do you mean like Yonkers, New Rochelle, etc.?"

    Talk to you soon.

    0Reply
  • Danelson Rosa
    Bronx, NY · Member since 2017 · 32 posts · 14 votes
    9y

    Hey @Ceasar Rosas, thanks for providing those tips. Definitely started on one or two of them and will work on the others soon. Where in the Bronx did you house hack? Do you still own that property and live there or just rent it out? 

    Also, just in case you're not aware, the website in your signature doesn't seem to be active?

    0Reply
  • Matthew Rogers
    Investor · Tempe, AZ · Member since 2017 · 61 posts · 36 votes
    9y

    Like your attitude! Keep hustling.

    1Reply
  • Ceasar Rosas
    Real Estate Broker · Bronx, NY · Member since 2011 · 597 posts · 341 votes
    9y

    @Danelson Rosa

    Yes the website is inactive, currently having it build out after a company switch. It's coming soon. 

    I bought my house in the Throggs Neck section of the Bx. I do still live there. I bought for 400k in 2013 and used FHA and included my closing costs as a concession. (Extremely difficult to do in today's Bronx market) Our monthlies are 2725 and my tenant unit rents for 1700. All in all it was a pretty good deal, we get a 2 bedroom with a backyard in a decent area. If we were renting it would easily be about 1600. Also property is now worth about 525k.

    0Reply
  • Danelson Rosa
    Bronx, NY · Member since 2017 · 32 posts · 14 votes
    9y

    @Ceasar Rosas

    What a coincidence: my aunt and cousin both recently bought duplexes also in Throggs Neck. I was out there helping one redo their fencing, as they're preparing to fully move in soon. Thanks for sharing the numbers. I wonder where in NYC properties exist for a true house hack where you'd turn in a profit as opposed to having to cover the remaining portion of rent. There has to be somewhere.....right?, or maybe it's just wishful thinking lol. It's certainly better than having to cover that entire mortgage yourself and when you move out and perhaps do it all over again with the purchase of a new property, then it should get you a little cash flow.

    Do you have other properties, too? Is real estate investing what you do full-time?

    Regarding your site, as a web designer/developer, if you'd like help with that, let me know.

    0Reply
  • Mercedes Falber
    Freeport, NY · Member since 2017 · 5 posts · 1 vote
    9y

    @Ray Smith- I'm in LI too-  Freeport actually.  Can you provide details on the monthly meetup in Westbury? Thanks!

    0Reply
  • Antonio Artusa
    Rental Property Investor · Oakalla, TX · Member since 2015 · 67 posts · 24 votes
    9y
    I was wondering about the monthly Meetup in Westbury also. Thanks.
    0Reply
  • Ray Smith
    OP
    Lender · Stony Brook, NY · Member since 2017 · 31 posts · 22 votes
    9y
    Due Diligence: Potential Pitfalls and How to Avoid Them on the BiggerPockets forums http://www.biggerpockets.com/forums/521/topics/451856-due-diligence-potential-pitfalls-and-how-to-avoid-them
    0Reply
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