All Forum Posts by: Mohammed Milord

Mohammed, 

Good for you. You understand that investing is all about making money not buying the house next door. New York is an expensive state compared to some other states for a beginner. Start with laying out goals. You have funds to buy a property and they are where? What is your current return on that investment? Start your goal setting by selecting a reasonable ROI that is higher than the return on your funds now. If you are invested in equities, your average long-term return is 7% or less. Setting a goal to earn 9% for example or greater is a good start.

The actual act of buying is down the road for a new investor, learning the business and it is a business that should come first. How will you hold the title? Did you create a business e.g. LLC? What about accounting and taxes? Start by learning all of these aspects before you try to buy a property.

Skipping well along and leaving lots of stuff out, you need to work with a real estate agent who has actual investment experience.  An agent that owns multiple properties with years in the business.  It takes a while to make all of the mistakes that turn you into an expert investor.  Your real estate agent can be your partner, not financially (it does happen) but in the sense that your success is their success.

When you get to the point when you believe you are ready to take the leap, let me know.  I work with clients from outside my area, Mississippi Gulf Coast on a regular basis.  I am originally from CA and relocated here in part due to the great investment opportunities.

I would start by talking to a bank and see how much they will lend you.