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Updated over 8 years ago on . Most recent reply

User Stats

29
Posts
5
Votes
Sergio Dorval
  • Investor
  • Newark, NJ
5
Votes |
29
Posts

Best advice for a novice investor needed

Sergio Dorval
  • Investor
  • Newark, NJ
Posted

Good morning everyone, 

it's been a year since I last showed up here, looking for  advice from investors with proven success records in real estate. I took your advice but was too timid to take the first step and dive into the investing world. However, now I am ready but still need your guiance and mentorship. The following is my current financial profile in a nutshell: 

Credit Score: 709

Cash in hand: 50K

Salary : 74K

Monthly living expenses: $1500.00

Debt: None

Residence: New York City

Marital Status: Single, no kids

What would you do if you were in my situation? What RE investment strategy would you advice me to take? Any suggestions will be greatly appreciated. 

Sergio. 

  • Sergio Dorval
  • Most Popular Reply

    User Stats

    3,023
    Posts
    3,140
    Votes
    Corby Goade
    • Investor
    • Boise, ID
    3,140
    Votes |
    3,023
    Posts
    Corby Goade
    • Investor
    • Boise, ID
    Replied

    Hi Sergio-

    I give everyone the same advice- what I wish I had done, house hack. Buy a multi family that needs a little sweat equity, 1-4 units via conventional financing, live there for a year or two then move out, rent out your unit and do it all over again.

    You didn't include your age, but If you were to do this a few times, be patient and buy smart, it's entirely feasible that you could "retire" after a few years. Obviously there is much more to learn and consider in this oversimplified scenario, but that is the road I would start to head down. Best of luck!

    • Corby Goade

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