Newbie RE investor

[Zack Reyes]

Hello Everyone! And Happy Holidays!

My name is Zack! I'm 29 years old and I'm a newbie RE investor based out of Long Island, NY. I'm a Union plumber (going on 8 years now) and have been living at home rent free (thanks to my amazing parents) which has allowed me to save. I'm looking to get my first investment property and was interested in getting a small Multi-family (Duplex) as a Buy and Hold or House Hack. Most likely acquiring the property through the means of an FHA loan or conventional.

Now, I’ve been wondering whether it makes sense to invest locally or out of state for my first investment property. My brother has recommended that I house hack. Mostly because it’ll be my first property and I’m bound to have mess ups, so being on the property to attend to that would help immensely.

The Long Island market is expensive and competitive, let alone I don’t find much in terms of subject talk/ meet ups on the forums here about the Long Island market. But if it’s one thing I’ve been told continuously, you should be able to find a deal in any kind of market. So I’m curious what do you guys think I should do?

Also, would love to hear your stories and offer my help in anyway that I can. Plumbing related or otherwise! I hope you’re all having a Happy and safe Holiday!

[Nicholas L.]

@Zack Reyes

house hack.  and note that cash flowing net positive on a house hack was never the point, it was just a happy accident when rates were low. If you could rent for $1600, or house hack and still owe $922.57 toward the mortgage, house hack. (made up numbers)

You are 1. saving a few hundred dollars AND 2. learning to be a real estate investor AND 3. building equity.  WAY better.

also, MOST markets are competitive, and MANY markets are expensive.  a lot of people get discouraged before even starting.  don't be one of those people.  if it takes you months of work, and seeing dozens of properties, and making lots of offers to find one, so what?  you'll be better off.  if you see 3 properties  and make 1 offer, that's not going to cut it.

hope this helps.