Newbie from NYC thinking - what can I do with $225K?

[Sandra Creamer]

Hi BP community,

    My name is Sandra and I'm a new BP podcast fan and just joined recently, as in last week! I've started listening to the podcasts from the beginning, and I especially appreciate how Josh and Brandon support getting more women involved in the community. So here I am.

    I could use some advice on which option would give me the most upside and be smartest for the long term given my goals to achieve passive income in 7 years that amounts to $20K per month. A crazy goal, but I figure that would allow me to retire very comfortably! Let's assume I have $225K cash to play with and can afford to spend up to $5K total a month to cover both any investment and my rent, but I live with someone who can pay some of the rent. I work in Manhattan and like living in the city, so living in the suburbs is not an option...yet. 

 Among the choices to get started building my portfolio are to:

• Buy a small apartment outside the city to become a landlord and keep renting in the city.
• Buy a small apartment in the city and a small second house upstate that I can rent out occasionally (or not at all).
• Buy an apartment here in Manhattan that offers live/work occupancy so my partner can work from home and pay me his office rent (so he'll be better off as well).

    I'm reading books and just signed up for my first networking event, but I would love any and all advice from the BP community to give me a head start! If not, I just wanted to introduce myself and say hello and thank you for all the advice already on here.

Best,

Sandra