Newbie from NYC trying to figure it out and find guidance

[Daniel D.]

Hey Guys! I just wanted to start off by saying that the amount of information that I've received just off this site alone is golden. I'm so grateful to have had the opportunity to find Biggerpockets and i'm looking forward to connecting with you guys. I always had an interest in real estate (buy and hold). It's not until recent while shopping for a house I could say I finally made the decision to move forward  and follow my dreams. I'm taking online classes at NYREI and the plan is to get my license by the end of the summer. 

Unfortunately I have applied to several banks for pre-approvals and my max is $400,000. What multi family house can I get in Queens or Long Island for $400,000?! I'm 25 years old making decent money at $70,000 but they're saying that isn't enough. Is there better banks out there that would give me a higher quote? My short term plan is to house hack while my long term goals are to buy out of state properties in the Midwest and create passive income. I'll definitely be documenting my progress along the way. Looking forward to growing and being apart of this community :)

[Josane Cumandala]

Hey Daniel,

I feel your pain as a fellow NYC resident. If you absolutely must own your home right away as a young person probably you will have to look in the boonies or way out in the suburbs which may or may not be feasible with your current job. 

So what are your dreams? Getting a real estate license has nothing to do with being a real estate investor, but they can compliment one another well if you plan it out right. I hope you're also talking to a CPA. If you're also looking at residential mortgages on top of that my word of caution is just don't get bogged down in shiny object syndrome. Invest in your education first before you rush out and spend a lot of money on courses and and all of that because this city has a lot of needless distraction if you don't have focus. 

Good luck!