What would you do in my shoe?

[Franklyn Gutierrez]

Hello everyone,

I'm new to the community and would love some advice. I will share where I am today financially and what are my future Real Estate Investing goals are. Any advice would help and be very appreciated.

Where I am

My name is Franklyn, I am 30yrs happily married and have a 2 year old boy and another boy on the way in September. I currently own my apartment (co-op). My current balance on the mortgage is $150,600 and it is currently worth $205,000. I am in the middle of opening a HELOC which should be approved for 10-15k (depending on the appraisal).

I currently am working on funding my emergency fund account with 6 months of security. As of today it has 15k and I'm missing 6k for it to be fully funded.

After All of my monthly expenses (mortgage, maintenance, utilities, allowances, food...etc) my net income is 3k, which I funnel into my savings as of now until its full funded.

I also have $33k in my 403b. (which I intend to borrow from once I am ready, can only borrow 50%).

This is my plan, by June 2019 I should have $18-20k cash (separate from my emergency fund of 21k). A HELOC of 10-15k, and A 403b which I can borrow about 15k from which should be a total of $43-50k.

I live in New York and everywhere I look around here is too expensive. My question is what would you do in my situation?. Would you in vest in New York?.. Out of State?. Please any advice would help

[Vinay H.]

I would look at house hacking - buy a 2 family and rent out one side, live in the other ....