BUY in nyc or out of state ?

[Faysal Alam]

Hey everyone! I want to begin my investing career but not sure where to start , I make about 20k/year w2 and another 20k from tips , I currently am renting in nyc for $700 a month , I have 65k cash saved up . And another 9k in stocks, about another 1k in crypto currency.I️ was wondering if you were me , what would be the best way to put myself in a better position for the future . My ultimate goal is to build up enough cash flow to where I no longer have to work for other people, do you think I️ should try to buy a rental , or should I️ try to get my foot in the door somewhere here in nyc so I️ can eliminate my rent. Any input , any advise is welcome! Also , moving out of NYC is not an option . I live with my parents and they do not drive, nor do they speak English . so house hacking in nyc is the best option for me. But what loans/ strategy can I use to get my foot in the door here in nyc ?

[John Beck]

If you want cash flow, I assume that you mean rental income coming in. You should follow the 1% rule, which can be read about here and in many books, but NYC is probably much like the DC area and likely won't happen locally.

(Monthly rental should equal at least 1% of property purchase price). This is only a quick method to tell you if you need to do more research into the property in question, and shouldn't be your only factor in deciding.

Maybe find a duplex and do some "house hacking" so the other person covers your mortgage and you get to live for "free", may work in NYC area.

Many investors are buying in regions outside of the area, where they live.

This help at all? I am new also, but have been reading everything I can get my hands on.