Buying First Property as a College Grad living in NYC.

[Patrick Murtagh]

Hey all! First time posting here and just starting to get interested in Real Estate. 

A big question I've been kicking around in my head as I think about to begin investing in real estate is how to handle living in NYC? I am currently a 22-year old grad student living on Long Island and plan on moving into an apartment in May 2022 when I begin my full-time job. I have always wanted to live in NYC and my job is located there, so I don't see those plans changing. I would imagine that the NY metro area is an extremely difficult place to begin investing in real estate, so I was wondering what options I should consider for my first property. 

Should I be looking at investing remotely in markets around the country? 

Is the best option to change plans and try house-hacking somewhere that is a commute away from NYC?

Any tips, stories, or suggestions are welcome. Thanks!

[Drew Cheezum]

Hi @Patrick Murtagh! Investing in Real Estate is an amazing tool to generate wealth, however NYC is certainly tough. I'm not entirely familiar with the NY market but I imagine you'd have to venture out pretty far from the city in order to house hack something that would appreciate enough to be a solid investment.

You can generate passive income much more quickly by going out of state (the midwest in particular). Property costs are significantly lower and cities like Columbus, OH are actually growing much faster than big metros like NYC and DC. 

Out-of-state investing can seem scary especially when it's your first property but all you need is a trustworthy team of a REALTOR/Broker, Contractor, Lender, and Property Manager and you're golden.

Good luck!!