[USER]

I’m interested in getting started with real estate investment on the East Coast, but I’m unsure where to begin. What are the best first steps for a beginner investor in this market?

Should I focus on residential properties, rental units, or explore other opportunities?

Additionally, I’d love to hear about any specific regions or cities on the East Coast that offer promising investment potential for newcomers.

What strategies, resources, or tips would you recommend for someone with limited experience to build a successful real estate portfolio in this area?

Any advice on financing, finding good deals, or avoiding common pitfalls would be greatly appreciated!

[Winston]

Avoid any consumer debt and house hack with 3.5-5% down. My first investment was a foreclosed condo that I bought and lived in with friends who paid me rent.

Or if you’re married and/or don’t want to live with anyone, buy a duplex and live in one side.

With any of those options, make sure the deal will cashflow and make sense after you move out.

Some people buy something that makes sense while they’re living there and saving money, but won’t make sense as a stand alone rental.

[Krissy]

Start by listening to podcasts, reading books, and going to real estate investor meetups to network. There is a ton of free education out there to start with.

You’ll really gain confidence by finding a mentor or someone that’s actively doing the real estate investing that you want to do as well.

That’s where the meet ups are helpful.

You’ll want to begin with the end in mind as well. What is your end goal?

I started building my rental portfolio on the west coast with multifamily properties 5 years ago and have 4 doors. My mentor went from 2 doors to 250+ doors in the last 15 years.

You can be super aggressive and go quickly or more slowly and less risky. It all depends on your preference as an investor.

[Molly]

Start by buying a personal residence or duplex, preferably a fixer with sweat equity potential, keep your credit score close to 800 and buy another property 2 years later to fix and move in.

When you get to 4, start selling the older ones and move up.

[Author]

Posts