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Updated almost 4 years ago on . Most recent reply
Newbie from Yonkers, New York
Hi all, my name is Matt Rynne from Yonkers and I am brand new to BP. Minus reading and listening to podcasts I have no experience in investing in real estate. I've been a firefighter in the Bronx now for 6 years. My end goal is to invest in property (thinking multifamily) outside of NY, in places more affordable and landlord friendly. In the meantime my father is signing over the title to his house in Long Beach, NY to my siblings and I. The house is going to be a complete tear down project. I think that done right, this could be the perfect stepping stone for me into real estate. I hope to make connections and am very willing to learn the ins and outs of successful real estate investing. Any and all advice is greatly appreciated. Thanks!
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#5 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Ithaca, NY
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#5 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Ithaca, NY
@Matthew Rynne
Welcome to BP, if you like to put out fires then Real Estate is the right business for
you. There is a lot of problem solving in REI especially with tenant issues.
My advice to you would be to jump right into it. Buy a duplex or 4plex, rent it out and learn how to landlord. I’d also pick your investment locally so you and drive there whenever you’re needed.
NY is terrible for investing but has great loopholes to avoid paying too much in expenses if you know what they are. Good luck
taxes.