All Forum Posts by: Adam Shbib

Hi @Darren Sager thanks for the invite. Please sign me up

Adam

@William Robison there are definitely deals to be found in every state and specializing in your own market has a tremendous advantage in terms of finding the greatest value. I am however, highly attracted to other markets after doing some simple macro analysis. Texas (Houston specifically) being on the top of my list. After your comments (@Shlomi Mor and @Darren Sager ) I have to re evaluate whether getting the license is worthwhile. I must admit (and I hope my employers do not see this comment) but I am quite taken into the idea of being an agent! It's really something I can see myself being proficient in and would help me develop the skills and network for developing my own portfolio in property. I believe that it's almost a must in today's fickle economy to be able to perform at multiple jobs/ have more than one job (especially in markets such as NY)! I have had countless conversations with agents after a prolonged search for a new rental apartment about their line of work.. all of them either reportedly love it or hate it.. To me it seems if you are good at the job (and you have a passion for RE then you most likely like it) I am sure there are many other factors such as agent competition/ market conditions etc - maybe @Pete Nater @Darren Sager you could comment on that? Thanks for your feedback @William Robison may contact you soon for some additional insights on setting up a trust/ using the IRA to avoid taxation.

Adam

Thanks for your insights @Darren Sager . From what I have read - the FHA loan seems to be a great starting point; especially to utilize in a market where the prices are generally quite steep. I need to learn more about it and other forms of financing (on a more advanced level I feel). Once I have done that I will certainly reach out to you for your contacts - that would be great thanks! Lastly, when you say return (on getting a NY license) what do you refer to? The time aspect, monetary or both? It's $250 to do the course and take the test and $2500 for the MLS etc? It's definitely a shame there is a lack of reciprocity between most states for the license - they really have it figured out don't they..

@John Moore Nice to meet you too.. do you attend local meet ups in NY?

@Account Closed I'll see you soon!

Thanks for your '2 cents' @Eva Marin it would be great to talk to someone from a similar area and get a grasp of where you see the market moving in the next 10 years. You may be interested in this article I read the other day about the opportunities of investing in Harlem. Will send you a PM so we can talk more. @Pete Nater thanks for the link. I will make sure to attend the next meet up!

Haha I am only joking Dawn. But in all seriousness - It seems like there are too many members who post their first post never to return to the boards again.

I looked at your bio Dawn. Mighty impressive I must say! Are you close to hitting your goal? :)

Dawn. I found your post extremely helpful thank you. Having a separate bank account is a great idea especially when it comes down to tracking taxes/ if there are partners involved.

BP Community,

Uh oh. . another newbie! Hello BP members - thanks for taking the time to read yet another 1st (but not the last) post!

Quick intro - 25 Yrs - Lived and educated in the England, the Middle - East, and California - Currently live in New York. Work on Wall St in Relationship Management at a Global Investment Bank.

I have enjoyed trying my hand at entrepreneurship from a primitive age and have always appreciated the education those ventures have provided me through success or failure. My first major investment has involved running a ticket brokerage firm which (after 2 years of hard work) yields me a solid fairly passive income for minimal effort. I enjoy the feeling of investing in something that can yield greater value in the long run provided one thinks out of the box, is not too fearful of failure and has enough patience to seek the desired results.

After doing some homework (thank you BP for the insight and knowledge provided - I greatly appreciate it) I am seeking the next necessary steps in order to begin on a journey of building a portfolio of buy and hold properties and to reach my ultimate goal in creating enough passive income in order to retire before I am 50.

Steps I am taking:

1. Research research research

2. Do those 75 hours at NYREI to obtain the sales license

3. Expand REI network - Introduce yourself I want to meet you!

4. Sourced 2/3 partners who are willing to invest with me (need to figure out how to structure that) Look into the FHA loan more in depth.

5. Find a state and area to specialize in - on the surface it seems New York seems extremely difficult to get started in?

6. Work on increasing credit score (new lines of credit/ keep utilization low)

I have a ton of questions/ forum topics mostly related to the above. I think it is best if I post them as separate posts.. In this post it would be great for people to introduce themselves/ maybe comment on my steps/ or just say hello! I understand it is all about helping others out and I am limited in advanced REI knowledge, however I am happy to provide information regarding the Ticket Brokerage world for those interested!

Thanks,

Adam