By: William Morales
When I started learning about real estate investing in 2007 I was basically lost in the
terminology of investing, with words like ROI, CAP RATE, CASH ON CASH RETURN.
So you can imagine what I and other new investors were going through.
That is why education is very important in any endeavor you might partake in. So I
set out to read, watch, or listen to anything related to Real Estate. And one thing I
want to say, I’m still learning 8 plus years later.
There are many ways to get your education for investing, you have sites like Google,
Youtube, & other social media sites that are everywhere we look. But for me the
easiest way to learn was being with like-minded individuals that have the same goal
Which means network, network & more networking, we can take many classes but
being around the people that are doing it, that is the best education, you are learning
on the job.
For those who are new, look at your local meetup.com site and type in Real Estate
and you will see hundred’s of clubs you can join.
By: Michelle Wong
Women in the work force have boomed in the past 10 years and women run
business is also in the rise. Once a male dominated work force and
entrepreneurial world, things have changed and the rules have changed as well.
Women have made their mark in the Real Estate industry and there is a steady
rise of more women dominating this market. There are more real estate
agents/brokers and real investors.
There is funding being offered for women business owners and are encouraging
more women to own businesses. There are programs that you can apply as long
as you show proof of ownership of business and there has to be at least 51%
ownership in the business in order to qualify. There are groups, associations and
communities that cater to women in business. For example, The Women
Chamber of Commerce has a support section for women business owners and
helps them file and be recognized by the government in order to apply for the
grant. In order to qualify them must register as a women owned business and
have certification with the state also have revenue of $ 1 million.
Another place I recommend for women who are looking to be part of group and
feel empowered and encouraged would be the Real Estate Investment
Association of NYC. They have a women focused group called WISE, which is
founded by local REIA chapter organizer Dr. Teresa R. Martin, ESQ. She is an
attorney and an investor that also founder of REIA NYC. She is encourages women
to be part of the group and gain insight on real estate investing and running a
By: Michelle Wong
Real Estate investing in other states has been very lucrative and is thriving. New York was one a powerful market for investors but only the powerful individuals or companies that have the large sums of money invest in New York. There are great investments to be made outside New York State. In fact most of the successful transactions are being made in southern states on the east coast or Midwestern states. The reason is you can get more bang for your back. Other states have a better market for investors looking for turnkey opportunities, fix and flip, buy and hold, etc. The prices to invest is also reasonable, for the one property to buy in New York you can two or three properties for the same price.
The other positive outlook is there is plenty of places you can research and market without feeling of being in competition with other investors. With so many cities, states, properties types and niche you are looking to market the possibilities are endless. The other thing that also useful is working with other people that are in the area you want to market, by partnering up with them you can gain more traction and cover more ground. One thing that might worry an investor who is out of state, how would I know this is a sound investment? That is where it is beneficial to connect with local residences that are also looking to do their own investment deal. Whether it is a partnership or joint venture you can gain experience and knowledge from someone who lives in that city or state. I recommend that you work with people that are referred by sources within your circle or possibly you know that happens to be in that market you want to approach. I am currently using this method to help expand my company, I have people that work with on partnerships and joint ventures and they are mostly in out of states areas.
By: Michelle Wong
New York as I see it is becoming a place of renovation, reconstruction and building. In the past five to six years, New York has undergone a major facelift. There is mass construction anywhere in the New York City area and the five boroughs. New York, being the capital of the world and having a reputation of “anything is possible,” needed a much well-deserved makeover. Places in Downtown Manhattan like SOHO, Tribeca, NOHO and the Financial District are now under massive construction and old buildings are now being renovated. Old warehouses such as lofts are now being turned into residential spaces for the young and hip New Yorkers.
If you go uptown to the Upper East Side, old run-down townhouses (or brownstones as they are called) are now being renovated and flipped to upscale one-family or two-family homes, turning it into an investment eye candy. If you did not take the opportunity to invest and buy these townhouses when they were cheap, you missed out. The values on those properties have doubled in the past couple of years. Most investors have taken the opportunity to take these properties at a cheap price and fix them with a very profitable end result.
Harlem has a lot of renovation and new construction, as well. Older buildings are being fixed up and are attracting very diverse buyers who want to live in the area. Young students who attend Colombia University are now purchasing homes after graduating and landing their first jobs. Young families are also moving into the area.
Brooklyn is now considered the twin sister of Manhattan because of the fast changes being set on the neighboring borough. If you can’t afford Manhattan, the next best thing is Brooklyn. However, due to the fast growth and changes implemented on this borough, the prices are just as high as Manhattan.
Brooklyn’s DUMBO, Williamsburg and Fort Greene areas have massive changes and many are moving into the very trendy areas. DUMBO (the acronym means Down Under the Manhattan Bridge Overpass) has many buildings under constructions or in their last stages of completion. DUMBO has changed; the Barclays Center in the area gives a positive impact to the community.
Williamsburg, another area of Brooklyn where there are also many buildings under construction, is in high demand by buyers who want to live in the unrecognizable area. Williamsburg was once a remote, rundown area but it is now being inhabited by young families and young singles. Unlike Manhattan, the prices are a little cheaper. It is one of the most promising areas to live in now, if you want to live outside the crazy Manhattan life.
Queens areas like Astoria, Long Island City, Jamaica and even Far Rockaway are also the new trend of renovations. Long Island City, was once known as warehouse and factory outlets, is now being turned into lofts, apartment complexes and condos. Jamaica is also changing as well; there are more homes being fixed up and new homes being built.
On Staten Island, there’s a new development of homes being built in the northern side of the island. Renovations are being done in the south side, as well. Slowly but surely the changes are progressing, especially after Superstorm Sandy. There is supposed to be a new Ferris wheel being built by the harbor near Bay Street, which is a few minutes from the Staten Island Ferry Terminal. A mall outlet similar to Manhattan’s South Street Seaport will be added next to the Ferris wheel, which will attract tourists and possibly more homeowners from the outer boroughs.
The northern parts of the Bronx entering into Westchester and Yonkers are under construction. New developments are under way in these areas, as well. There are new homes being built by a few developers in these neighboring areas. From what I hear, it is very promising and there will some competition with the neighboring boroughs but overall each borough has something to offer each New York depending on the wants and needs of consumers.
The old New York most people think about, or is often seen in old movies, is a distant memory. New York is not like it was 30 years ago, full of graffiti and dingy. The New York is more sophisticated, elegant and upscale. It has a new sexy appeal, very chic and modern.
By: Michelle Wong
We are proud to announce that starting the New Year we will be having and
Jehovy Santiago from JehovyPhotography.com
The WYM Group Blog
We are one of the area's premier home sellers. With an inventory of homes ranging from handyman specials to move-in ready, we are excited to help you find the perfect home to fit your lifestyle. Because we are able to buy homes at well below market value, we're happy to be able to pass savings on to you.