Starting As a New Grad

Starting As a New Grad

Member since 2023 · 3 posts · 3 votes

Hi everyone! I'm generally new to the community and was really interested in ways I could get a head start on real-estate investing right after I graduate this May. I have a job lined up in Buffalo, NY where I plan on relocating to. I'm starting off with a 72K salary which in Buffalo, is considered to be high because of the city's significantly lower cost of living. Throughout college, I have been able to work on several side hustles that have allowed me to save about 15K so far. I am graduating with no student debt, but have a monthly car payment of $300 total. 

I was wondering whether I should rent/buy in the area. I could find a 1-bedroom apartment for around $600-$800, and 2-bedroom homes go for as low as 150K-ish depending on how much work there needs to be done. I was wondering what the best way to go about this is. I want to take advantage of living in an area with such low housing rates, but fear the risk that comes along with buying so early off. I know I have a lot to learn but I'd love to hear some general thoughts/ideas. Thanks!

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  • Realtor · Providence, RI · Member since 2022 · 404 posts · 262 votes
    3y

    @Account Closed - I would consider a multi-family house hack using an FHA loan.

  • Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
    3y

    @Account Closed I would look into a midterm rental for a month or two if you don't have time to go check out the area before you move. This will allow you to figure out the area and where you want to be. Before you get there start looking and trying to make connections with folks in the area. If you find something you like go for it. If you could buy and start with a house hack that could be a great way to get started. However you don't want to buy something cause it was cheap and the numbers made sense to hate living there as that is a recipe for disaster IMO.

    Hope that helps way to get focused and take the first steps!

  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    3y
    Quote from @Account Closed:

    Hi everyone! I'm generally new to the community and was really interested in ways I could get a head start on real-estate investing right after I graduate this May. I have a job lined up in Buffalo, NY where I plan on relocating to. I'm starting off with a 72K salary which in Buffalo, is considered to be high because of the city's significantly lower cost of living. Throughout college, I have been able to work on several side hustles that have allowed me to save about 15K so far. I am graduating with no student debt, but have a monthly car payment of $300 total. 

    I was wondering whether I should rent/buy in the area. I could find a 1-bedroom apartment for around $600-$800, and 2-bedroom homes go for as low as 150K-ish depending on how much work there needs to be done. I was wondering what the best way to go about this is. I want to take advantage of living in an area with such low housing rates, but fear the risk that comes along with buying so early off. I know I have a lot to learn but I'd love to hear some general thoughts/ideas. Thanks!


    Like others have stated you should definitely do a house hack with an FHA loan. There are several up and coming neighborhoods where you can get the most bang for your buck in the city. When you decide to scale up you can rent the other unit out and have it pay off some of your mortgage on the next property. That is how I got started :)

    Irish Jones Realty4.947 Reviews
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  • Investor · DFW, TX · Member since 2022 · 198 posts · 161 votes
    3y

    I second house hacking. 

    You mention that you fear the risk that comes along with buying so early off, but that risk doesn't necessarily abate as you get older. In fact, active investing could get quite a bit harder/more complex if you decide to get married, have kids, etc. 

  • Member since 2023 · 3 posts · 3 votes
    3y
    Quote from @Matthew Irish-Jones:
    Quote from @Account Closed:

    Hi everyone! I'm generally new to the community and was really interested in ways I could get a head start on real-estate investing right after I graduate this May. I have a job lined up in Buffalo, NY where I plan on relocating to. I'm starting off with a 72K salary which in Buffalo, is considered to be high because of the city's significantly lower cost of living. Throughout college, I have been able to work on several side hustles that have allowed me to save about 15K so far. I am graduating with no student debt, but have a monthly car payment of $300 total. 

    I was wondering whether I should rent/buy in the area. I could find a 1-bedroom apartment for around $600-$800, and 2-bedroom homes go for as low as 150K-ish depending on how much work there needs to be done. I was wondering what the best way to go about this is. I want to take advantage of living in an area with such low housing rates, but fear the risk that comes along with buying so early off. I know I have a lot to learn but I'd love to hear some general thoughts/ideas. Thanks!


    Like others have stated you should definitely do a house hack with an FHA loan. There are several up and coming neighborhoods where you can get the most bang for your buck in the city. When you decide to scale up you can rent the other unit out and have it pay off some of your mortgage on the next property. That is how I got started :)

    Thank you so much for the input! I will definitely have to do some more research in terms of areas/price range. As someone from Buffalo, do you have any tips for areas or which price ranges would be a good starting point for someone in my shoes? I will be working in downtown Buffalo, but am comfortable with a commute up to 30 min. I really appreciate your advice! :) 
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    3y
    Quote from @Account Closed:
    Quote from @Matthew Irish-Jones:
    Quote from @Account Closed:

    Hi everyone! I'm generally new to the community and was really interested in ways I could get a head start on real-estate investing right after I graduate this May. I have a job lined up in Buffalo, NY where I plan on relocating to. I'm starting off with a 72K salary which in Buffalo, is considered to be high because of the city's significantly lower cost of living. Throughout college, I have been able to work on several side hustles that have allowed me to save about 15K so far. I am graduating with no student debt, but have a monthly car payment of $300 total. 

    I was wondering whether I should rent/buy in the area. I could find a 1-bedroom apartment for around $600-$800, and 2-bedroom homes go for as low as 150K-ish depending on how much work there needs to be done. I was wondering what the best way to go about this is. I want to take advantage of living in an area with such low housing rates, but fear the risk that comes along with buying so early off. I know I have a lot to learn but I'd love to hear some general thoughts/ideas. Thanks!


    Like others have stated you should definitely do a house hack with an FHA loan. There are several up and coming neighborhoods where you can get the most bang for your buck in the city. When you decide to scale up you can rent the other unit out and have it pay off some of your mortgage on the next property. That is how I got started :)

    Thank you so much for the input! I will definitely have to do some more research in terms of areas/price range. As someone from Buffalo, do you have any tips for areas or which price ranges would be a good starting point for someone in my shoes? I will be working in downtown Buffalo, but am comfortable with a commute up to 30 min. I really appreciate your advice! :) 

     Sure.  We have every micro market broken down by classification and expected returns.  I will DM you. 

    Irish Jones Realty4.947 Reviews
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  • Investor · Schroon Lake, NY · Member since 2015 · 26 posts · 9 votes
    3y

    @Cindy Chung Congratulations on your accomplishment. I remember being in your shoes not too long ago. I would recommend renting for a year, see how you like the area, and save a bit more money. Then, as others have said, using an FHA loan and house hacking can be a great way to get started. In the meantime, learn as much as you can about your market and investing in general

  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Account Closed House hack for sure. Rent out the rooms or buy a house that has separate units (or can be converted into separate units). Here are some great resources to keep learning. 

    1. For podcasts I really like the Huse Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb

    2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf

    3. The Book on House Hacking Strategies by Craig Curelop is also a fantastic book

    4. Happy to talk if you want more advice

    The Assumable Guy544 Reviews
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