Rookie Investor Seeking Advice On New York Investing Opportunities
Hello,
I've been reading the posts on these forums consistently for the last few weeks as I embark on my real estate investing career and have found the information extremely helpful. I have just received Scott Risters newest course on finding motivated sellers and I am eager to start setting the wheels in motion.
The thing is, I live in New York City. I am intimidated by the real estate market here and was wondering if there are any investors on this forum that currently work the New York City, Nassau County or Suffolk County Area. I realize I have to overcome this "fear" at some point if I'm going to be successful.
I would like to know what works well in this market—i.e., subject-to, lease-purchase, wholesaling, etc.
I don't have much money to invest, much less here in NY where prices are absolutely outrageous. Hence, creative RE is my only way right now to get in the game.
Any advice and info would be greatly appreciated. If anyone can recommend a good real estate club, I am interested in joining as I understand this will also be crucial to my success.
Thanks everyone for your time.
Milo
Try getting a partner, go to some investor meetings. There are two good ones I go to when I'm in NY,NY. The Phila meeting in Pa and the Newark meeting in NJ
They will be the most experienced in that area. new york laws are hard to me and I've been doing this for 15 years. New Jersey just changed their laws as well and a lot of banks pulled out. So I would only listen to people who have been dealing in the area you are thinking about investing in. I had three deals blow up in New Jersey in Nov 2003. I was very disappointed but things happen.
Good Luck Lori
[addsig]
Thanks Lori,
How would I find out more info about these meetings?
My girlfriend and I are thinking of moving down to N. Carolina next year where she is from. Alternatively, I had been thinking of looking for deals down in N. Carolina since eventually it will be my place of residence. I make enough money now that I can afford to make trips to NC if a deal is on the table. I'm prepared for that expense. However, I am wondering how sound that strategy might be.
I've never wanted to deal with the NY market. I feel I will have an easier time breaking into the game elsewhere. What do you experienced investors out there think?
Milo