All Forum Posts by: Ming Wu

@Josh Eitingon 

@Andrew Kniffin 

Thanks for your replies. How are the vacancy rates in those areas? Would they be easy to rent out or easier to just buy and flip?

@John Matthews 

Philly looks pretty scary to me. I'm sure there are areas that are nice too. I've been there a couple of times and it just doesn't look like it's getting anywhere. The good thing is, it's close to NY.

I've been looking into Arizona as well since I have a few friends who live there. I'm exploring all my options :)

Thanks again guys!

Hi guys,

I reside in NYC and have been looking into my first investment property around the area. Multifamily is my focus and I've been trying for cheap single families (under 250k) as well. Other than full gut jobs and potential short sales, there hasn't been even one that fits my criteria of 5-6% cap rate under 400k in a decent neighborhood. Most are around 500k+ and that's just single family.

Now comes the part where I have to look elsewhere. States around NY doesn't seem to be very desirable or just as expensive/high in taxes like NJ, CT, PA. If anyone has insight into surrounding states, I would love to hear their opinion.

I've been also looking into the west coast. Seattle seems very pricey but homes are way more affordable than NYC but I've been hearing Seattle is at its peak right now so not sure if I should wait or invest at all.

If anyone can give any advice on Seattle or similar populated developing cities that are not as expensive as NYC, that would be great. Multifamily (2-4) under 400k with a 5% or more cap rate. Thanks.

More or less, yes. The bank or lender has to approve for the short sale which might be less than the amount borrowed.

 I can tell you multifamily homes are near the millions unless you're looking to invest into the bad parts of town. They can go as low as 200k for 3 family. Cap rates are also not so good because the prices of properties are sky high even for a single family in a decent neighborhood. In my opinion, short sales are the way to go for single or multifamily homes.

Thank you all for the warm welcome! I'll be sure to learn lots more from you guys and BP.

Hello, fellow New Yorkers! I also live in Queens and looking to invest in the 5 boroughs. Unfortunately, the idea of a team is not for me but I wish you the best of luck in finding one!

Hello Everyone,

I'm Ming and I'm from Queens, New York. I just signed up today as a new member and look forward to getting to know the community!

I started out as a lurker on BP and its forums absorbing as much information as I could for the past 2 weeks because I want to invest in real estate. I wanted to do it before but I always thought that you needed tons of money in order to begin investing on properties. After being enlightened by loads of information from BP, I now have a new found ambition to work towards my goals as an real estate investor.

I have no experience in real estate investing but I'm hoping to learn and grow and eventually being able to quit my job to invest full-time. 

Right now, I'm saving money from my current job for the down payment on my first investment property. I'm looking to get started around summertime this year or whenever I find my ideal property that meets my criteria.

I'm very excited to become a part of this community and hope we can develop strong long-term relationships!

Thank you all!