NY/NJ Newbie and CPA Advice

[Noah Clark]

Hi BiggerPockets community!

My name is Noah Clark from Poughkeepsie, NY. I am currently living with family in Ridgefield Park, NJ in order to save up money to hopefully get started in real estate investing. I recently started a job working in audit after graduating college and I passed two of the four CPA exams so far. I have come to realize that I do not want to pursue a career in accounting but I am unsure on whether to finish the exams and stick with this job for the next year to obtain my CPA license. I am also trying to figure out what my next job would be. I am a very extroverted person so working in accounting is just not a good fit for me. I am considering working in sales or potentially another position that allows me to get some exposure to real estate. If anyone has any suggestions for my situation, I would really appreciate it!

As far as real estate investing goes, I am still very new to it but I have been educating myself with podcasts and books over the past few months. I am currently planning on staying in the NYC area while I start my career, save up capital and continue to educate myself on real estate, but eventually I would like to move out of New York to start investing somewhere more affordable. Ideally, I would want to buy a MFH so I can house hack and get experience as a property manager while saving money on rent. My biggest concern now is I am a bit lost on what markets to begin looking into. I have always wanted to live in a warmer climate (ideally closer to a beach) but these properties tend to also be expensive and are better for appreciation than they are for cash flow. There is also a lot of competition for MFH in some of the areas I have been looking at so I was just wondering if anyone has any input on markets I should look into or what I should be focusing on next. 

Also, if any investor in the NYC area is looking for help, I would be happy to work for you in my spare time to gain a little bit of experience!

Thank you so much and I am super excited to get started in this journey!

[Kevin Walsh]

Hey Noah!

I was in a similar situation as you. My first advice is don't quit your job unless you absolutely hate it. You're in a great field and you can save a ton of money by working and living at home. You can then use this money you save for a down payment on a multi-family home. Fannie Mae just introduced a new 5% down payment for multifamily homes which I think is a great opportunity.

I'm originally from Beacon and I invest in Poughkeepsie. I currently live in NYC attending business school. I own flips and do rentals all in the Poughkeepsie area.

You're on the right track just keep educating yourself and when it's time to pull the trigger on your first deal you'll be ready.

Any other questions feel free to PM me.

Kevin