New Guy From Brooklyn

[Matt Dacey]

I'm looking for another stream of income and I'm thinking that rental investing is the way to go. I work in construction supply sales (lighting) on the designer/specifier side. This has been my business for the last 20 years and it has been very good to me. However, it can be cyclical. I'm looking to hedge against.

In 2006, I started a design company with my wife. As we dumped all effort into this we didn't spread our income sources out. We then had my daughter in 2007. So when the market tanked in 2008 we were forced to move overseas for 3 years. The move put a great strain on the relationship and it eventually came to an end in 2013.

Fast forward to today, I have a vastly improved wife and a baby on the way. I also see signs of a slowdown or at the very least a market shift so the feelings are coming back. As the baby is coming next month, our plan is to move up to Rockland County NY by next summer. And that's what brings me here...

She wants to buy a home and is very emotionally invested in that idea. I'm thinking rent and then take what we are saving as a down payment to purchase an out of state rental and then build from there (I'm not buying in NY if I can avoid it. Laws are terrible and the prices are too high for entry, although I would be happy to be convinced otherwise).

I understand this site has calculators that can help me make my case but I am wondering from the jump if my thinking is off on this.

Looking forward to being part of the community!

Thanks,
Matt