Newbie: Accountant from NYC/NJ

[Marilin Matos]

Hello Everyone,

My name is Marilin, 27 years young, I'm from NYC born and raise, and I have some big dreams! I have been saving, education myself on finance, and researching what to invest in since I was 21. I always had dreams of opening my own business (a restaurant) but didn't feel like it was a safe enough investment for all the hard work I put in to save my starter funds. I came across bigger pockets in January and have been ADDICTED ever since. Owning my home was always the plan but I just recently started viewing real estate as a business and wow how much I have learned. I am OBSESSED. I majored in Accounting and have been working in finance for the past 6 years. My husband has been working in the restaurant industry (that's how we met) for over 8 years now.

The first step in my plan is to get a duplex and house hack so that I can save more before I start investing in real estate. I am determined to do this by January 2020 when my current lease is over because I refuse to rent for another year when all that cash could be used to pay off my home. I was hoping to get an FHA loan; although I am undecided if it would be better to pay a low down payment but then pay a large monthly payment due to PMI or if I should use my starter money to pay the 20%. (suggestions/opinions more than welcome!) I am hoping to do this in one of the outer boroughs of NYC (hopefully) If not in NJ as we both work in midtown and the commute would probably be quicker than what it is now.

Once we (husband, 2YO daughter, and I) are successfully house hacking we will be able to save a pretty good amount of our combined income every month and that way we will save another 20% down payment for a second home. At this point I would like to start BRRRRing. I also plan to do this in the outer boroughs of NYC or NJ (although I have also been researching long distance investing and though it seems a bit scarier NYC just doesn't seem like the best market for this) I am fascinated by the idea of buying multiple homes with the same dollar.

I have always been into home improvement and am also very excited about the rehab process. I paint on canvases with acrylic in my spare time and also have lots of experience painting walls. I am great with numbers and budgeting and I have been an obsessive planner/organizer pretty much since I learned to write. I am already super grateful to Bigger Pockets and the community and resources they provide and have a long term goal of one day being a guest on the podcast. I am also in the process of becoming a licensed real estate agent in NY. Mostly for personal education (and perhaps future access to MLS).

I decided I might as well start networking now because it's all about what you know and who you know right!? Please let me know any recommendations of how I can be proactive in this waiting period (until I am ready to move into my new home). We are actively working on our credit scores, debt to income ratio, and still saving to prepare for that. I read something real estate related and business related everyday. I started working on "My Master Plan" which is basically an outline of everything I have learned about BRRRR. Looking forward to making connections!

Thanks in advance,

Marilin

[Darren Sager]

Welcome to BiggerPockets @Marilin Matos!  I was an accountant with Deloitte when I first started real estate investing more than 20 years ago.  My first property was a side by side duplex near a train station which would take me into Manhattan.  I highly recommend the "house hack" approach as it's know now here on BP as the way to get started.  It's probably one of the most easiest ways to get into the game.  And if you purchase in the right place it can set you up for the rest of your life!