New Young and Eager invester in NY

[Wojtek Wlodarski]

Hello everyone.

I'm currently 22 years old. In about 3-4 months (tax return + a sports car since I have two but don't drive it much anymore) I should have 10k in cash assets and be completely debt free. My monthly savings from my job is $2000+ after all my expenses including a overestimated weekly allowance calculation and all.

I've been in the mortgage industry for the past 3 years. Not on sales too much but mostly processing and back end operations. My most recent job is reviewing Government FHA loans before they are sent to HUD for mortgage insurance. Looking at these loans makes my mind go crazy about the potential for a first time home buyer purchase. In example 97% LTV loans with seller paid "gifts" and grants and LOW! closing costs while still getting rates of 5.5% fixed over 30 years.

Before this job I was a processor for a broker that dealt with subprime and my initial thinking was to do an 80/20 on a 2-4 family residence and have the tenants pay the mortgage and found some areas that it seems do-able.

I'm not too sure if I want to start flipping I think I would rather buy and retain but anything is an option if it can be done.

Also been in real estate before that as my mother is a successful Real Estate Broker in NYC. I was looking at the upstate New York Region of Orange County (Newburgh) because prices are within limits for me.

My credit is 520 right now but it's on it's way up. I had it at 640 two years ago but young spending habits caught up to me and I just recently started working after quitting my last job and not rushing to find a new one (which was stupid). Now I charged up my cards, found a great paying job(unlimited overtime!) and have sworn to never be in debt again (lets hope) and to finally start investing and stop partying!

Hopefully I can be as good of an asset to this forum as everyone else and hope to make good friends here!

Thanks,

Wojtek