First Time Long Term Rental Investor

[Kristen C Bailey]

Hello all! I'm a 23-year-old first-time investor on the road to financial freedom. I'm looking to get started in the NJ/NYC area, specifically in Essex County or Hudson County. I currently work from home and live with my parents, earning about $50k per year. My goal is to start my investment journey in late 2023 or early 2024, and I'm considering house hacking and rehab strategies. While I'm a bit intimidated by the idea of flipping and rehab, I'm fully committed to this journey. If anyone has experience with these strategies or is familiar with the area, I'd love to connect and hear your advice. Thanks!

[Nathan Gesner]

Quote from @Kristen C Bailey:

This isn't the greatest time for flipping. Markets peaked a year ago and we are unlikely to see much appreciation for a while. I'm personally expecting we'll see markets drop more, or at least stagnate for 2-3 years. Flipping also tends to take longer and cost more than anticipated, particularly for someone just starting out. Couple that with a market swing and you'll be under water in no time.

House hacking is an excellent opportunity. I recommend a big house in a nice community.