My mom and I want to get started in real estate (in NYC)

[StevenYoo]

what books / periodicals should i read?

where's the best place to look for properties without having to go through a middle man?

 

[Epic Fail]

Are you looking to buy old properties and then rebuilding them?

 

[imthebadguy]

how much money u got? we talkin millions?

 

[StevenYoo]

Originally posted by: yamadakun
Are you looking to buy old properties and then rebuilding them?

THat's one thing we're considering. We also want to buy properties and rent them out.

Originally posted by: imthebadguy
how much money u got? we talkin millions?

Hmmm, we want to start small so... perhaps something in the range of $200,000... $300,000 at the very most.

 

[PAB]

Originally posted by: StevenYoo
what books / periodicals should i read?

where's the best place to look for properties without having to go through a middle man?

I'd say hit the bulletin boards, make some communitiy ties and go ahead and keep your ear to the ground.

With Real Estate and everything else: The best deals are never going to be advertised.

 

[StevenYoo]

Originally posted by: PAB

Originally posted by: StevenYoo
what books / periodicals should i read?

where's the best place to look for properties without having to go through a middle man?

I'd say hit the bulletin boards, make some communitiy ties and go ahead and keep your ear to the ground.

With Real Estate and everything else: The best deals are never going to be advertised.

exactly. which is why i'm asking if anyone has any inside tips.

do you think maybe eBay is an OK place to search?

 

[Turnpike]

$200,000??? You talking about buying two parking spots (for 2 cars) and renting them out right?

 

[SZLiao214]

Unless you have tons of financial backing, real estate in new york is going to be a pain.

 

[Slew Foot]

Where to start? How about 5 years ago. Youre going to get killed if you start real estate investing right now, especially in bubble markets.

 

[isasir]

Ebay? Heh, wow, you have a lot to learn.

 

[UNCjigga]

Did Donald Trump marry his supermodel girlfriend yet? Cuz if he hasn't, well, that's a good start!

 

[SeaMonki]

try attend those real estate agent classes and pass the test to learn the basics.

 

[Epic Fail]

Buying property in NYC and hoping to cash in from rental is probably not a good idea right now, property prices doubled in the last 5 years, while rents only went up marginally.

 

[halik]

Originally posted by: StevenYoo

Originally posted by: yamadakun
Are you looking to buy old properties and then rebuilding them?

THat's one thing we're considering. We also want to buy properties and rent them out.

Originally posted by: imthebadguy
how much money u got? we talkin millions?

Hmmm, we want to start small so... perhaps something in the range of $200,000... $300,000 at the very most.

in NYC? good luck....

 

[Anghang]

Originally posted by: StevenYoo

Originally posted by: imthebadguy
how much money u got? we talkin millions?

Hmmm, we want to start small so... perhaps something in the range of $200,000... $300,000 at the very most.

at the very most?...you won't even be able to get a small breadbox studio for that amount...most definitely not in Manhattan...try your luck on the outskirts around the other boroughs (sp?)...

 

[PAB]

Originally posted by: Anghang

Originally posted by: StevenYoo

Originally posted by: imthebadguy
how much money u got? we talkin millions?

Hmmm, we want to start small so... perhaps something in the range of $200,000... $300,000 at the very most.

at the very most?...you won't even be able to get a small breadbox studio for that amount...most definitely not in Manhattan...try your luck on the outskirts around the other boroughs (sp?)...

Definitely outer boroughs.

You can get a 2-3 unit building in Astoria/Long Island City in the 700's the last time I checked. Putting down $300k and floating off the rest is not a bad idea. Although with the finances, I'd probably go into Brooklyn - Bay Ridge/Bensonhurst and get a 5-7 unit building and spend a little more money to get the cashflow up.

 

[DaWhim]

you should just invest those in pinksheet instead.

 

[daveymark]

you're about 5 years too late

 

[dirtboy]

Originally posted by: daveymark
you're about 5 years too late

Yep... you and everyone else wants to be real estate millionaires... wanna make money? Do what other people aren't doing... real estate is over and the fallout is just beginning.

 

[tami]

Originally posted by: UNCjigga
Did Donald Trump marry his supermodel girlfriend yet? Cuz if he hasn't, well, that's a good start!

yeah, and they just had a baby.

as a resident of nyc in a variety of boroughs (all except staten island), i can tell you that you are not going to get anywhere with 200k or 300k. heck, if i could buy an apartment for that cheap, i wouldn't be renting... (and i'm not even looking in manhattan)

 

[Night201]

Originally posted by: StevenYoo

Originally posted by: yamadakun
Are you looking to buy old properties and then rebuilding them?

THat's one thing we're considering. We also want to buy properties and rent them out.

Originally posted by: imthebadguy
how much money u got? we talkin millions?

Hmmm, we want to start small so... perhaps something in the range of $200,000... $300,000 at the very most.

Let me know when you wake up from your dream.

 

[zainali]

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