Trying to get started in Real Estate Investment.. in over my head

[Isabelle Caggiano]

Hi friends! 

    I’m just reaching out to see if what I’m attempting is even doable. Im 28 years old I’m a registered nurse who recently married a small business owner! (Very impacted by COVID on the brink of going under as he works 80 hours a week and barely takes home anything) We rent an apartment for 2,000 a month and have to intentions on buying a house on Long Island since everything is over valued at the moment and it would be just putting us in a pit. Im in school as well as working full time but I’ll be honest— living in New York is so expensive and between student loans and not being able to do overtime while in school i realized I don't want to spend my life putting hours in the hospital just to get by. I’ve been doing so much research into real estate investment. We have about 70,000 saved between the two of us and 65,000$ in student loans at 2.7% which i pay about 1,100 a month for. 

Is it silly to try and attempt to buy a property to start out this adventure? What loans do you guys recommend if so? Is long term or short term a better jump off point? Thank you guys so much for any and all input.  

[Sean Toomey]

Hi @Isabelle Caggiano

My name is Sean and I am from Long Island as well. Ive been investing for about 4 years now, and I wish that I would have started sooner. I got started while working a full time job and having two young boys. It's definitely possible to do, you just may have to look out of state to places like PA or CT. NY tends to be expensive, with laws favorable to tenants. Maybe you could partner up with someone who had more to time to manage and you could bring capital. Also, a good place to start is local meet ups. We have a great REIA on Long Island that can help you with some education and also networking.

Have a great day and best of luck!!  I'd be happy to help you out if you need anything.