Real Estate Agent becomes an Investor

[Jimmy Barry]

Hey Everyone,

I am a RE agent in NYC, primarily BK/Manhattan, currently selling new dev (10-20 unit condos). 

Transitioning into an investor (3 months in). I have private money, splitting profits 50/50 with investors. 

Currently farming Staten Island, Brooklyn, and NJ for fix and flips (investors only provide funds for flips). 

I have multiple real estate agents working to find properties, I have 2 GC's I'm using (one for luxury, one for reg renos), I have not formed an S Corp yet because I have not even completed one flip. 

Currently pulling data from PropStream to find PreForeclosures, Foreclosures, REO's, Vacant Owners, Vacant Land. Currently just calling these owners, no email or direct mail yet.

I feel like I'm spinning my wheels, why? 

- I have zero construction and architectural background.

- I'm having a hard time breaking down my costs so numbers can be 100% accurate.

- Having trouble identifying ONE area to farm. 

- I have a plan, but unsure of which systems/software to use.

I know I just started, but I'd like to have my first property purchased within the next month. I am currently educating myself on construction, architecture, pulling permits, different costs (i.e. short term capital gains tax in NJ is 37%, NYC is 25%). I am also constantly connecting with agents in my area. 

Would love to hop on a call with some seasoned investors to see what systems you have in place that save you time and money. 

My dream is to buy a 3fam and do a condo conversion, so most likely 1st Floor --> duplex garden unit, 2nd floor --> two 1 beds w/ balcony, Top floor --> 2 bed/2.5 bath w/ roof access, common roof space for other tenants potentially, then sell the units myself. Issue is, I haven't even completed a regular cosmetic flip, let alone a condo conversion. 

I am also looking into other markets: Atlanta, Pittsburgh, and North Carolina.

Any help is appreciated and I wish you all the best of luck on your journey. Thank you for your time and thank you BP for the platform!