Getting Started in Real Estate from NYC

[Vincent Chan]

Hi,

My name is Vincent, in my mid-20s, and I currently work at a fin-tech startup in New York. I'm relatively well-versed in the stock market and would love to start dabbling in real estate. I have absolutely zero experience with REI but my current goal is to purchase buy and hold rental properties.

I understand how important is it to build an educational foundation before getting started so I'm currently diving into all the below materials:

- The Millionaire Next Door

- The book on Rental Property Investing

- The Book on Investing in Real Estate with No Money Down

- Long-Distance Real Estate Investing

- The Millionaire Real Estate Investor

- What Every Real Estate Investor Needs to Know About Cashflow

- How I Turned $1,000 into a Million in Real Estate in My Spare Time

- BiggerPockets podcasts

I know there are a ton more helpful materials out there but in an attempt to prevent/minimize analysis paralysis, I wanted to limit myself to the top; however, if you guys have any strong recommendation that brought you immense value, please share and I'll add to the list. 

I understand the NYC real estate market is very challenging so my plan is to get started with "nearby" out-of-state investment properties (e.g. Pennsylvania, New Jersey etc.). I want to look at places that are within 2-3 hour driving distance so I can gain the in-person experience of owning and renting a property before I invest further out. 

I'd love to connect with other real estate investors and start participating in NY-based REI associations. Please drop a comment and let's connect.

[Sean Toomey]

@Vincent Chan

Hi Vincent. Those are some excellent choices for books. I myself and a big fan of Rich Dad Poor Dad. Feel like that can really change your perspective on things.

I live on Long Island and I invest out of state in Connecticut. Great opportunities for multi family holds with way cheaper taxes then NY. Make sure you establish relationships with some property management companies so you can have some eyes on the property if you can’t be there.

Any other questions feel free to ask me. Best of luck. Real estate investing has changed my life and it can do the same for you.