All Forum Posts by: Ben Be

I am a newbie in NYC as well - happy to connect and discuss any ideas.

@Trevor Fleck I am familiar with the Philadelphia metro area, which is how I started looking at Wilmington and Camden. I looked at Baltimore simply cause it’s the next stop on the Acela corridor and happened to see some properties that looked like they could cash flow (though I know that can be a bit of a honeypot). The others I actually came across looking at rent to retirement, though I see now I forgot to mention Ohio, which I am also considering. I am strongly considering turnkey and have a call with rent to retirement scheduled tomorrow. I’d love to hear about your experience if you have a few minutes to spare. 

@Nelly R. do you think I could PM you about the market? Would love to get your insight. 

@Russell Brazil - thanks for that. I was leaning away from Baltimore, so it is easy for me to take your advice. Appreciate your putting meat on that answer. 

@Caleb Brown I may take you up on that. Thanks. 

@Russell Brazil could you elaborate please? Is it due to the quality of the neighborhoods/crime rate? 

Hi All,

I have resolved to purchase my first rental property (or properties) in the first half of 2022. I am focused on SFH or small multi family, and need to invest long distance. I am looking into both turnkey and traditional properties, but first need to narrow my markets. I have looked at the following, but wanted to get everyone's input:

1. Camden, NJ - former industrial city right outside Philly, fallen on hard times, but enjoying some (very) slow resurgence. Hospitals and schools nearby can help drive appreciation. However, for the time being, crime is very high and i am worried about it being a very rough neighborhood.

2. Wilmington, DE - same concerns as Camden

3. Baltimore, MD - same as both of the above, but at least there is more of a track record for turnkey investments in the area

4. Pittsburgh, PA - considered to be one of the most rapidly gentrifying cities in the country, which improves prospects for appreciation.

5. Kansas City, MO - seems to be a very thick market for turnkey properties.

What do you all think of these markets? Are there others you think I should be looking at? I would like to spend the next couple of weeks vetting and deciding on a market so that I can move on to analyzing deals and ultimately buy a property, rather than continue oscillating between markets aimlessly.

@Bud Gaffney In the NYC area? I think I’d have to spend all my net worth to get the down payment!

I am a corporate attorney in NYC looking to get started in real estate. I have been working in corporate law for just over three years now, and am getting sick of 60-80 hour workweeks where i am ALWAYS at the whim of my clients and the partners at my firm. I have learned a lot, and, importantly, saved up a nice nest egg. I figure i have one more year of this in me before i burn out completely, and am looking to set myself up for what comes next. I think real estate investing could be a part of that.

I would like to start by buying one property, just to dip my toe in the water. However, I am not sure yet where i should be looking and what my strategy should be. I know for a fact that i do not want to focus on the NY metro area, so i will be long distance. I have read some promising materials on renting to section 8 tenants, and I’ve analyzed some deals that i think make sense, but i think the section 8 procedures might be a bit complicated for a first-timer and i think it could complicate finding a property manager. I’ll be spending some time here trying to nail down these details and pick up some tricks of the trade. Hopefully to become a landlord by the end of q2 of 2022. Would love to connect with anyone with experience.