Beginner with questions

[Jessica Perkins]

Hi, I live in New York City where the market for real estate is huge but it feels like I can’t make money here. New York is so big but yet so small, every time I drive drive around to try and make a deal on something, it’s already taken. My question is should I try something overseas? Or how can I apply myself to not feel left behind ? 

[Abel Curiel]

Originally posted by @Jessica Perkins:

Hi, I live in New York City where the market for real estate is huge but it feels like I can’t make money here. New York is so big but yet so small, every time I drive drive around to try and make a deal on something, it’s already taken. My question is should I try something overseas? Or how can I apply myself to not feel left behind ? 

Hello Jessica,

I agree, it is very competitive in NYC so deals go from available to unavailable within days or hours. 

Your next move, and every move for that matter, should be aligned with your long-term goal. If you'd like to flip houses for a living, I would start off by seeking mentorship from a house flipper to find out exactly what steps you need to take.

If your goal is create passive income through rental property, I would get pre-approved, speak with a realtor in your target area, and determine what your options are.

As far as investing out of state or overseas, there is an ongoing debate on BP about starting off your investment career by purchasing and managing properties remotely. I recommend starting in the area you are familiar with so you can gain the acquisition experience hands-on. Others would argue that if your market is priced too high, you should start elsewhere.

Feel free to reach out if there is anything I can do to help. 

Best of luck to you moving forward!

Abel