Newbie from NYC

[Marisa L]

Hi everyone! I have never owned my own home but I would like to invest in real estate in a few years.

My mom is a landlord and I have seen the good and bad side to it. I don't want to go into residential RE because here in NYC the laws are catered towards the tenant and it can be a long process to get a non paying tenant out.

So I have been thinking about commercial RE. Maybe I'm jumping the gun by wanting to go straight into commercial. I have been reading articles and threads on here and know the very basics. I plan on reading some books too.

My goal for investing isn't to become rich, although that would be nice lol.

I just want to have something on my own outside of my 9 to 5. I would like extra income and if I make enough of a profit that I could just work part time that would be great. I wouldn't expect to happen for another 10 or 15 yrs though.

I know there are risks and I don't expect it to be easy or fully passive but I want to do it.

I have a question: I saw a retail space selling for $150,000 and the rent is $2500 a month. Mortgage is $640 a month. There are tenants occupying the space and the leased was sign for 7 more years.

How much would my pre tax income have to be for a bank to give me a loan? I don't plan on buying anything for a few years but I wanted to know what others thought about the space for sale.

Sorry for the long post.