New investor in NYC with some savings looking to start right.

[Kevin Ha]

Hi everyone,

I'm sure there are many pages on BiggerPockets regarding what to do as a new investor in NYC. I hear the podcasts ,all the time and webinars where they are saying markets like the one in NYC are harder and it is better to invest out of state. I've saved up what I believe to be a good amount of startup capital and would like to jump into my first deal. Like most investors, I am scared pantsless and not sure how to proceed. I tried working with NACA but their programs are against investors and more for home buyers. I've never really lived outside of NYC so the markets are quite daunting. I've read forums and that is where NACA came in, however, I would like to see if there is another solution that would either help me invest out of state without moving or invest instate. I've been a member of Biggerpockets for over a year and I feel like it is time for me to make moves and do something. Can someone please help point me in a good directions so that I may start my investment in a month or so? I'm tired of being paralyzed by fear an I strongly believe it is time for me to make a change. Thank you.

[Sherwin Gonzales]

Welcome to BP @Kevin Ha!

I agree with @William Brown when he mentions to learn by doing! There's only so much information you can take and you really learn by putting that information and knowledge into ACTION! I would suggest you to attend some local BP meetups and network and meet other fellow investors with all levels of experience. If you're the smartest person in the room, you're in the wrong room!

Then take action! Analyze deals, call lenders, talk to brokers, etc. All those you can do for free without any capital. Another great way to get started is to partner up with people, especially those with experience. You all can share the risks and rewards. It's a great way to get started and learn gradually so that you don't have to go at it alone.

Good luck on your journey!

"Information is not knowledge. The only source of knowledge is experience. You need experience to gain wisdom".

Albert Einstein