{ "media_type": "text", "post_content": "Hey 🐠, I’ve been very interested in starting to own and rent out properties, I’m in NYC but willing to look other places. I currently own my first home, have two kids, partner and I work mid manager", "post_id": "5ca217ca15c1000021a242bf", "reply_count": 5, "vote_count": 0, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }
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Hey 🐠, I’ve been very interested in starting to own and rent out properties, I’m in NYC but willing to look other places. I currently own my first home, have two kids, partner and I work mid manager

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Download bigger pockets, the real estate guys, the epic real estate show and grant cardone podcast. Listen to the 5 newest grant cardone episodes then delete the podcast, seriously. Then listen to the past 3 months of bigger pockets and each new episode. Then scan the real estate guys episode listing and listen to 25% of the podcast from last year based on titles (aka skip the opportunity zone and market spotlights and listen to the ones on big picture stuff). When you have a free moment, listen to the epic real estate show as there are lots of 10-20 minute podcast that can fill idle time.

Search google for real estate investing calculators/analysis templates. Then make yourself one based off what you like best and start analyzing random properties. Pick properties in an area you know, so you can get a picture of what a good and a bad investment look like. Find a turn key provider that has detailed analysis on their websites and redo the analysis to sense check yourself (homeunion.com is a good one).

Google ways to value real estate investment properties. Learn about forecast assumptions such as repair expense - is it 1% a year of property value, or 1.5x monthly rent or $1 per year for square footage?

Spend some time reading random articles and posts on bigger pockets website to see insights from hundreds of real estate investors ranging from zero units to hundreds of units, lawyers, CPAs and agents.

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Type positions/salary. Just paid off student loans (120k), and our home has about $550k mortgage in NY. I have about $80k I’d like to invest for cash flow purposes and aging parents support. How can I get started in RE? I thought buying a condo as a start and renting? But how do I calculate the economics of this? Sorry totally newbie in this space. Would appreciated your guidance here...

Thanks so much PwC 1: I downloaded bigger pockets and started reading their starter guide. I read lots of negative things about turn keys - not even sure I fully understand the concept yet. What are your thoughts? I’ll be downloading the calculators and running some scenarios to understand my options. Thanks again!!

Some are shady, some are great. Given you are based in NYC, you are probably going to be looking at places a few hours away. Give that, I’m assuming you are looking at using a property manager. A turnkey will just combine your realtor and property manager search into just one search. Turn keys obviously have to make their cut so you will lose some return due to the convenience of what they provide. The best ones are in strong low dollar markets but unfortunately they are attracting capital from investors in the coastal cities with money to spend and this pushes down your returns further.

Great pointers from PWC1. Checkout best ever real estate podcast by Joe Fairless and look into multi family syndications. If you are in NY and want to invest in markets where it makes sense, passive investing is a good start.

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