Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago,

User Stats

75
Posts
62
Votes
Jon B.
  • Maspeth, NY
62
Votes |
75
Posts

What should I do now to get to my short/long term goals??

Jon B.
  • Maspeth, NY
Posted

Hi everyone.  I've been doing my homework into real estate investing and have determined this is the route that I want to go to build wealth.  I like the hands-on approach in picking your own houses, projects, tenants and so forth; and believe that the harder you work at this, he bigger the reward.  I would like to assume that I've educated myself fairly well so far by reading several books, listening to 100+ podcasts, and running thru many 'scenarios' where I calculate cash-flow of properties after expenses.  

I have decent credit around 700 and roughly $20k in savings, as well as a civil service job (guaranteed paycheck) where I'm making $75k this year, and will be making $100k-120k in two years with raises.  My only debts are $20k in student loans and $10k on a car loan.  Currently I'm renting a place with a friend where we pay $1,700 a month for a 2 bedroom here in Queens.  (I'm open to investing in NYC, Nassau, Suffolk, Westchester, Rockland and Orange counties since I must reside in those counties).  I have a mentor in a former landlord who owns 10 properties and manages them himself now that he's retired.

I think to start it would be best to invest using a house hacking method, and then once I am established and comfortable enough, to do a home flip or invest in a property using the BRRRR method.

My short-term goal is to purchase a 2-4 unit property where I "house hack" and live for free or almost free, while saving roughly $1k a month towards a down payment on a 2nd multi-unit property within 24 months.

My long-term goal is to own and invest in numerous properties (purchasing one new property every 12-18 months). 

My question to what can I do to move towards these goals?? 

Loading replies...