Aspiring Out-of-State Investor from NYC

Aspiring Out-of-State Investor from NYC

Real Estate Investor · New York City, NY · Member since 2013 · 12 posts · 3 votes

Hello everyone! I have been reading through the forums and blogs as well as listening to most of the fantastic podcasts that Josh and Brandon have been putting together and figured it was time to introduce myself. I am a 25 year old living and working in NYC. I have been working for the past 3 years in finance and have finally saved enough to start investing.

Why real estate? Because of my industry, I am not able to invest in ANY individual stocks and therefore only have a few options open to me: real estate, ETF’s, mutual funds, bonds and private investments in private companies. Given my 401K is heavily invested in ETF’s and I’ve already made one illiquid investment in a private company, I figured I’d take a peek at real estate.

That’s when I found BiggerPockets and a few other blogs on the industry. The more I read the more intrigued I became. So much so that I couldn’t stop talking about it to my girlfriend! Exasperated, she threw Rich Dad, Poor Dad at me and told me to read it. I was hooked (not the response I think she was going for so she either forgot what it was about or never thought I’d actually read it).

So what are my goals? Right now I am focused on learning as much as possible about how to start out and make sure I have a fully baked plan going forward. I have read the Ultimate Beginners Guide and have picked up some books based on Brandon’s list of must read books. Within the next year (preferably 6 months), I’d like to have made my first investment out-of-state in a 2-4 unit multifamily with the plan to buy and hold.

The markets I am currently thinking about are Dallas, Milwaukee, Cincinnati, Tucson and Phoenix. These are all locations where I have family or friends (and thus am likely to visit annually anyways). If anyone has insights into these markets, I am very happy to listen and at the end of the day I’m very open to any market, so long as the investment makes sense (healthy cash flow, potential to appreciate, etc).

P.S. Sorry for the long winded post. Just wanted to get it all out there.

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  • Real Estate Investor · Cincinnati, OH · Member since 2013 · 50 posts · 6 votes
    13y

    Welcome @Derek Zacarias . I'm a local here in Cincinnati and would be happy to answer any questions I can about the markets here in Cincinnati. Just PM or shoot me an e mail. Good luck!

  • Real Estate Investor · New York City, NY · Member since 2013 · 12 posts · 3 votes
    13y

    Thanks @Matthew Watkins. Happy to connect! My parents live in the tri-state area (Lawrenceburg, IN) and my dad works downtown. I'll shoot you an email.

  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Welcome to BP @Derek Zacarias . You're in for some good reading if you're going to attack that book list! If you're just getting started I high recommend investing where its closest to you. Unless you're seasoned at this try to find your first places close by so you can learn the trade and not have to deal with travel. Join us tomorrow for a BP get together. 6pm at the Atrium at the Citigroup center.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey @Derek Zacarias welcome to the site! Glad to have you here - and thanks for enjoying the podcasts!

  • Rehabber · Glen Rock, NJ · Member since 2013 · 28 posts · 2 votes
    13y
    Derek Zacarias welcome to BP, my man! I'm fairly new myself and work in finance as well, so I hear where you're coming from. I know it's last minute. but a bunch of us in the NYC area are planning on linking up tomorrow at 6:00, as Darren had mentioned. Try and slide thru if you can, it'd be great to meet you.
  • Real Estate Investor · New York City, NY · Member since 2013 · 12 posts · 3 votes
    13y

    @Darren Sager Thanks for the heads up on the Atrium get together. I will definitely try to make it. Would be interested to hear how fellow New Yorkers are investing closer to home (or if not how their experiences have been).

    @Brandon Turner Keep them coming!

  • Real Estate Investor · New York City, NY · Member since 2013 · 12 posts · 3 votes
    13y

    @Account Closed Thanks for the welcome. I hope to see you there!

  • Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    @Derek Zacarias a brew city welcome to biggerpockets

    Just private message any general question for this cheesehead

  • Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    @Derek Zacarias , welcome. I'll be at the meet up today too. See you later?

  • Real Estate Investor · New York City, NY · Member since 2013 · 12 posts · 3 votes
    13y

    @Ramon Jenkins Thanks for the welcome. My brother lives in Milwaukee. Will definitely get in contact.

    @Pete Nater Hope to see you there.

  • Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    sounds good @Derek Zacarias

  • House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    13y

    Welcome to the BP family; hope you make the gathering. This certainly is the place to learn and get direction. You should not overlook the Pocono's, lot of people live here and commute to the Big Apple. In the general area there are some multi family homes that you might explore and we are sort of a bedroom community for NYC. Food for thought. Again welcome aboard.

  • Darrin CareyPro Member
    Lender · Dayton, OH · Member since 2008 · 1k+ posts · 705 votes
    13y

    @Derek Zacarias like @Matthew Watkins , I am also local to the Cincinnati market. Happy to help you out.

  • Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Welcome Derek, I am familiar with the Cincinnati market. I lived there for 10 years. It's great for cashflow since there are a lot of properties that can be bought cheap but it's NOT too great for appreciation. If you're after cashflow, go for it.

  • Real Estate Investor · New York City, NY · Member since 2013 · 2 posts · 0 votes
    12y

    Following up here, I'm also a "newbie" investor based out of NYC looking to invest out-of-state. Markets that have appealed to me are Dayton (OH), Greenville (SC), Tulsa (OK) and Ocala (FL).

    Are there any REI BP meetups happening soon? Would love to join the clan..

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Derek Zacarias - it's pretty crazy how similar our story is. I live in NYC but invest in emerging markets (have property in Cincinnati and DFW). Started out with single family homes then moved to apt communities. You'll find a lot of good info on here. Since you've already read Rich Dad Poor Dad, I recommend Equity Happens as your next book.

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