All Forum Posts by: Paul S.

I don't think you are ready to invest. Low money options could be using a 3-5% down payment loan or doing seller finance. BUT you said you struggle with finances. That needs to be fixed. Whether that is creating a budget and sticking to it or increase your income. NY is expensive so maybe you can move to another area? If you are curious on real estate see if you can work in the field somewhere. That can be property management, selling homes, rehabbing, etc. 1 rental will not solve your issue. You need to first get a strong foundation(emergency money, steady income, etc). You are 31, you have plenty of time to watch real estate snowball as you invest

I think this is a great point. Paul, there are lots of options even outside of the traditional financing world that can be an option at a lower percentage than 3% (hard money lenders, private lenders), but the cost comes at a higher interest rate. I definitely would encourage you to gain confidence in your financial decisions - your example of failing once does not mean always failing. Long distance real estate investing is an option - NYC is historically ahead of the curve when it comes to real estate legislatively and cost-effectively. In other words, you're in an expensive market, that while not devoid of opportunities, will be difficult to access without hard work, connections, and creativity. Lots of other markets are accessible though. Reach out, I'd love to hear more.

Thank you !

0 Votes

New York City, New York

Thank you so much!

1 Vote

New York City, New York

Hello, this is my first time on this post. I am 31 years old and live in Queens, NY. I have struggled with finances for years and have never been too successful with jobs/careers. I had a small business, but it failed due to lack of experience, knowledge, ability to manage high stress, etc. I'm always brainstorming, but just haven't got to the success yet... I want to finally work Smart, not Hard (I mean I'll work hard, if I have to yes, I am not lazy), and make income by not doing so much or being so stressed, etc. I want to be able to travel and enjoy my life, and not be stuck to a 9-5 EVER!

(What I am asking for from this forum):
I am looking for any/all information, experience and wisdom that you can and/or are willing to share, about getting into real estate/rentals, (if possible with low capital).

Where do I start with getting into real estate rentals?
How do I even go about looking for something? What am I looking for? How do I choose what type of real estate to even get into?
I don't have much money, but I can get a small loan from a family member if the plan sounds excellent.

I would like to learn everything I can; strategies, tips, tricks, etc. Just where to start. Maybe some good books to read or courses.

I am willing to put in the footwork, but I am tired of struggling and trying to think of great business ideas and plans and tired from starting from the bottom (even though I think most of us always have to, idk)... I am willing to get a job in real estate to start if necessary, etc.

I remember seeing a video on Youtube about the author of Rich Dad Poor Dad and used a credit card or something to purchase a home and start renting it, but I just wanted to get into this website because of some of the posts I read and see the real deal. I don't know if Youtube is the best way, but I will start watching from now on to learn more, but I figured I could get better information from really delving into this website. So my idea is to be able to get into this type of business, without much capital. Is it possible? and how can I do it?

Thank you so much for any type of comments, info, help, etc. I greatly appreciate it. Have an excellent day!

-Paul

2 Votes

New York City, New York

All Forum Posts by: Paul S.

Paul S. has started 1 posts and replied 13 times.

Post: Where do I start from ZERO?

Post: Where do I start from ZERO?

Post: Where do I start from ZERO?