Maybe Real Estate Investing Is for Me

[Colin Mills]

Hi all, 

My name is Colin and I am a 24-year-old software engineer working remotely from Brooklyn, NY. I have always been interested in owning property and the potential cash flow of renting it out, but always felt like that was a "someday" goal and not something I could tangibly achieve soon. I was motivated by the exorbitant cost of rent in NYC -- wanting to start putting my rent money towards equity, rather than lining another investor's pockets.

After picking up Brandon Turner's, The Book on Rental Property Investing, I have been sold on the idea that my only limitation is me taking the first step. Given the barrier to entry is so high in this city, I am hoping to find a house hacking deal (likely accompanied by an FHA loan) that will empower me to live for free so I can further build up my wealth to take the next step.

Although I am early on in my investing career, I am interested in building a network of real estate investors who have been down this same path. A few areas that I am specifically interested in are:

- Getting started investing in high COL areas

- The ins and outs of purchasing property in NYC

- Building the right team

- Leveraging FHA and other first-time buyer programs that I might leverage

- Meeting and building relationships with local and distant investors

[Abel Curiel]

Hello @Colin Mills and welcome to the BP forum!

NYC is undoubtedly a challenging market to navigate but definitely not impossible!

Househacking is the best strategy for getting started especially in high COL areas.

A few reasons I say this are:

- You can get started with an FHA loan as low as 3.5% down payment. If you negotiate a seller's concession, you may be able to lower your up-front costs even more!

- You'll gain valuable acquisition, property management and project management experience

- Househacking multifamily in NYC can provide additional income potential: i.e. garage/storage space, parking, laundry, ADU 

[Mohammed Rahman]

Hey @Colin Mills, welcome aboard! I used to work in the startup tech scene before switching over to real estate a few years ago. 

As an investor and realtor, I have a good understanding of where your headspace is at rn. 

I recommend attending a meetup (or two) in the near future to give yourself some more exposure to others in the space. 

The meetup I host every month attracts a small group of newbie investors that I think could be helpful for you. 

[Sloane Kraftsow]

Hi Colin. I also live in New York, but in Manhattan. I would love to connect with you as my motivations were very similar to yours with the insane cost of living in NYC. Feel free to connect with me on BP and good luck on the beginning of your investing career.

[Harold Looney]

Colin Mills - Welcome. I've house-hacked in Bayridge Brooklyn for over 16 years. Feel free to DM and I'll share my experiences.

[Dmitriy Fomichenko]

Welcome to BP community @Colin Mills ! We're glad you joined us.

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/...

Wishing you the best!

[Colin Mills]

Quote from @Harold Looney:

Colin Mills - Welcome. I've house-hacked in Bayridge Brooklyn for over 16 years. Feel free to DM and I'll share my experiences.

 Thanks for the response, Harold! Sending you a friend request.

[Zach Edelman]

Welcome to BP! Can you please explain what "COL" means?

[A.L. DeFalco]

"Cost of living"