Investing as a millennial in NY/big cities amidst COVID

[Shulammite Ng]

Hi everyone, my name's Shulammite and I recently found the BP podcast through another real estate investing podcast! I've gotten really excited about REI after listening to so many success stories of regular people using flips and rental properties to work their way towards financial freedom. I know that the first step before investing is to have your personal finances in order so I've opened up my Roth IRA (my job doesn't offer a 401k), paid off my credit card, and started saving up in an online savings account. Finally I feel ready to focus on REI. Although I'm still learning, I want to avoid analysis paralysis so the plan is to take the plunge on a real estate deal this year.

Unfortunately I live in NY and the prices of property here are much higher than in the midwest. To start, I'm looking for a deal in my area so I can be really hands on throughout the whole process. Ideally I'd like to purchase a property in the borough of Queens or Long Island potentially with a FHA or a new homeowner loan for less money down; I've been looking into renting out by the room and house hacking strategies but unsure of where to start.

Can anyone that's invested in a saturated market starting from nothing offer some advice on which strategy would be more effective or if there's another one I haven't heard of? Welcoming advice from anyone who's had even one investment deal or even in the process of closing on their first.

If you've read this far, thank you I appreciate any input I can get :)