Hustler's Ambition in Brooklyn

[Michael Acosta]

Good morning BP,

My mission has always been to make money (hustle) so that I do not have to worry about any expenses.  Well, that curiosity of having the ability... the superpower of generating wealth to attain financial freedom has always led me to some type of real estate option to pursue. And here I am for the SECOND SHOT at real estate BUT THE FIRST STEP to gaining a position in the industry with the hopes of creating a network of support on the way.

My name is Michael Acosta. Born and raised in the Borough of Brooklyn, NY, I have had the amazing opportunity to see growth in this city. Unfortunately, everyone does not get a piece of this, of course, but that is just because many do not do their R&D. I have and this is where I have ended up! For the past couple of months I have been listening to the podcasts made available and have gained some (very little) confidence to just shoot for the stars. But because my aim is far from perfect, I would appreciate any input on the following:

Anyone interested or currently working within the Brooklyn RE Market?

Is the South Brooklyn, for instance, Bay Ridge/Dyker Heights/Bensonhurst even Sunset Park profitable areas in the 2016 and moving forward?

Raising capital is my current obstacle and have looked into opening up a business (LLC/S Corp) to begin establishing credit history to ask for bank loans in the near future without much hassle? Any Tips.

Even though this might appear as a novice posting... it is. But I would appreciate any or one response to help me continue forward this interesting journey towards creating cash flow from managing and owning properties in the fast growing city of Brooklyn.

Thanks in advance,

Mike Acosta

[Jeff F.]

Hi @Michael Acosta -

Welcome to BP. There are a ton of resources here, and you'll meet plenty of awesome people. I know NYC is horribly expensive right now (and always) but you may want to look at using an FHA loan to house hack a 2-4 unit building - which you can get into with as little as 3.5% down, and could leverage downpayment assistance programs. Hustling isnt just working harder, a lot of the time its about working smarter - and part of that is knowing what resources are available to you.

Good luck