Starting out: With some unique circumstances!

[Andrew McElroy]

Hi BP Community,

I hope everyone is off to a great start in 2021. One of my goals this year is to become a more active member of the BP community. It has taken me a few days, but here goes my first post:

I stumbled upon the Bigger Pockets real estate podcast a few months ago and I am now hooked. I would say I listen to Brandon and David probably almost every day and I finished Brandon’s The Book on Rental Property Investing over the holidays and I am working my way through David’s book, Long Distance Real-Estate Investing right now. I have always viewed real estate as an important investing tool, but I have come to realize over the past few months that it is a vehicle that, if used and leveraged properly, can build generational wealth and lead me to the life I want to live.

I am truly at the beginning of my real estate and wealth building journey as I am only 24 years old. I am currently based out of Northern NJ as I am finishing up my master’s degree, while also working for a general contracting firm that renovates high-rise apartments in NYC. My goal is to purchase my first rental property in 2021. There are a unique set of circumstances surrounding this goal though. I actually am supposed to be leaving for Germany at the end of April to play pro American football for the Dresden Monarchs. I played five years of Division 1 football at Marist College and then after the 2019 season signed to play over in Germany. Unfortunately, for obvious reasons, the 2020 season was canceled so I resigned for this year. The season is supposed to end around October, so I will not be in the United States for probably close to half of the year. Also, the NYC metro area, that I am currently located, is extremely expensive, especially for those just beginning their real estate journeys. I see myself in the future out of state rental property investing, as this seems like the best way for me to build a portfolio.

In my mind, all of this seems to leave me two options:

1. 1. Begin to build a network and team and continue to educate myself and then when I return from Germany, work to purchase a multifamily in the NJ/NY area using an FHA loan and then house-hack the property.
2. 2. Begin to build a network and team and work to purchase an out of state rental property. Because I am already out of state, I would still be able to work on the property and get things going when I am in Germany.

Just wanted to see if anyone had any advice for me in regards to this situation and also in regards to just starting out in real estate investing.

I am excited to hear back from the BP community and start on this journey. Thank you!!