Newbie RE Investor Long Island, NY

[Zack Reyes]

Hello Everyone! And Happy Holidays!

My name is Zack! I'm 29 years old and I'm a newbie RE investor based out of Long Island, NY. I'm a Union plumber (going on 8 years now) and have been living at home rent free (thanks to my amazing parents) which has allowed me to save. I'm looking to get my first investment property and was interested in getting a small Multi-family (Duplex) as a Buy and Hold or House Hack. Most likely acquiring the property through the means of an FHA loan or conventional.

Now, I’ve been wondering whether it makes sense to invest locally or out of state for my first investment property. My brother has recommended that I house hack. Mostly because it’ll be my first property and I’m bound to have mess ups, so being on the property to attend to that would help immensely.

The Long Island market is expensive and competitive, let alone I don’t find much in terms of subject talk/ meet ups on the forums here about the Long Island market. But if it’s one thing I’ve been told continuously, you should be able to find a deal in any kind of market. So I’m curious what do you guys think I should do?

Also, would love to hear your stories and offer my help in anyway that I can. Plumbing related or otherwise! I hope you’re all having a Happy and safe Holiday!

[Taz Zettergren]

@Zack Reyes welcome to the forums and congrats on the post! It depends on your full scenario and how long you can take it living with your folks. I started out house hacking but I live in Memphis where the entry point is much easier to get into and I had several good friends who were still single when I did it so I had very reliable tenants that I was friends with. If you can muster the down payment there are several markets in the southern/middle part of the country you can get into for below 60k and there are turnkey providers or active agents who can make it passive for you. 

House hacking can be frustrating since you're having to share living space with several people but if you can find a great deal locally it's a great way to get started. 

Best of luck! Let us know how it goes