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Updated over 3 years ago, 07/18/2021
Trying to get started in Real Estate Investment.. in over my head
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.
ok what seems to be in your way, what is stopping you?
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.
Originally posted by @Josh Caldwell:
ok what seems to be in your way, what is stopping you?
I think just not knowing where to start.. and as much as I’m trying to teach myself .. not knowing what’s a smart move or not
Originally posted by @Sean Toomey:
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.
Hi Sean!!! Omg I’m in Babylon! Hey neighbor! I would absolutely love to pick your brain. I didn’t even consider NY because I know how outrageous it is. Thank you so much for your post and advice
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#5 Investor Mindset Contributor
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Maybe house hack and rent rooms or units to others to cover your housing cost and pay down the mortgage. Sounds like you have your hands full.
The best way to learn quickly is to network with other local investors Find a local meet up, finnd several and start attending. That way you get exposed to the deals of 20 people rather than just your own deals. That will accelerate your learning curve. then come to BP and ask questions about what you are learning.
I agree with what the others have mentioned. Markets are hot and competition is fierce so that can add challenges to purchasing a home. However, to get started in real estate investing, it doesn't always mean you have to purchase a house. If the market you're in is too expensive and you can't move anywhere cheaper, you could consider doing a house-hack type of investment if you are able to sublet a portion of your apartment (not sure how many rooms you have). Anyway, there are multiple strategies out there and surfing bigger pockets forums and podcast episodes will certainly help you get creative. Knocking out that student loan debt will help a lot I'm sure.