All Forum Posts by: Jack W. Wong

I wanted to know if any NYC investors who does REI out of state for cash flow would share their start on what state they chose/why and what the process was like?

Thanks

Jack

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Originally posted by @Moses K.:

@Jack W. Wong Hey Jack. Glad to hear you're ready to take the plunge. (Btw I grew up in Flushing!)

I would pick out a couple of markets to focus on, then connect on BP with investors and agents in the area. Actually, I would probably hone in on one market. Certain areas within a city are more conducive to rentals, so you really want to know your market.

This book is good for understanding the numbers: http://www.amazon.com/Every-Estate-Investor-Financ...

Looks like you have a friend to guide you through the process so that helps. Seems like you have a 9-5, so I would look into financing. Go through the numbers, account for vacancies, maintenance, and property management fees, and make sure you cash flow. You should be fine if you take that conservative approach with where interest rates are now.

Best of luck to you.

@Moses Kim

Thanks for the tip! I was wondering why you chose to invest in Las Vegas as opposed to to other markets?

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Hey all,

I was referred to this site from a friend who does out of state REI.

I downloaded the beginner's guide and is very excited to start REI myself. My occupation as a physical therapist can be taxing and i'm already planning toward retirement plan with passive income from REI. I have no experience investing my own money in real estate. I am at the stage of building capital, paying off student loans and researching about REI so when I have enough capital I can dive in. I'm here to gain knowledge of how to evaluate properties and plan to invest in a property within the next year.

My strategy is to buy foreclosed single family homes and rent it out for positive cash flow.

Preferably looking out of state cause NYC real estate is hard to achieve that 2% rent rule.

All tips/pointers are welcomed!

Thanks for reading,

Jack

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All Forum Posts by: Jack W. Wong

Jack W. Wong has started 13 posts and replied 33 times.

Post: NYC investors that does REI cash flow

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Post: Hi from NYC