Basic Questions: Would appreciate input

[Ori Holzman]

Hey. I'm trying to get into real estate investing, would really apprecaie any advice. I only have a few thousand dollars to start with. I live in Brooklyn, NY, and have a full time job with small steady savings. I've read a couple of books, but don't have a lot of knowledge. Was wondering the best way to start? Should I look for cheaper places to buy? (Detroit, Buffalo Etc ). How do you manage out of state rental properties? Any recommended real estate classes around here? How do I look for a mentor? Thank you.

[David Healey]

I would start by deciding what strategy you want to subscribe to.

Buy and Hold: Purchase a Single Family Residence (SFR) or Multi-family (2-4 unit properties) and hold the property long term (10-30 years or longer) by either renting the property out, or living in it.

Flip: Purchase an SFR or Multi renovating it and then selling it for profit.

Where you have a job and a steady savings plan, by suggestion would be to purchase a Multi (at least a duplex) with an FHA loan (3.5% down) and Owner Occupy (live in) one side of the property. This allows you to leverage your savings and helps you get into the Real Estate Investing (REI) game sooner rather than later.

I wouldn't recommend purchasing properties out of state until you've had owned a property or two and know how they should be managed. Once you're ready, you can hire property management (PM) companies where your properties are for approx. 5-10% of rents per month.

Direct message me if you have any other questions.

Best of luck!