Advice/Guided needed for Young REI

[Adrien Canery]

Hi, I am a junior in college looking for advice/guidance on how to purchase a home. I am looking to purchase during 2023-24 because that is when I'm hoping to start medical school. I'd rather put a down payment on a SFH and rent out the house than pay rent. I have 10k saved up and should have about 30k when I plan to purchase a home. Also during the mean time, I am planning on building my credit so that I have a great credit score. Is there anything now I should do in the mean time? Is this idea too risky due to the high property taxes in Nassau County and Suffolk County? I am very open and receptive to advice and would love to hear the experiences/stories anyone has in this realm. Thank you

[Adrien Canery]

Hey Ryan,

Thank you for responding. I have heard that New York is a tenant state and experienced that abuse when my family was selling my home a couple years ago. Definitely something that I am worried about.

In regards to Medical School, you are right that nothing is set in stone.This is hopefully something that will materialize in 3 years, when I have the capital raised and a clear idea of where I will go to medical school.  Granted I will go wherever I'm accepted but I am hopeful that I can attend a NY school for financial reasons (drastically cheaper) and regional preference. Further, I'm not just looking at Long Island. I'm thinking Rochester, Syracuse, Buffalo or other parts of the Upstate New York.

Thank you for your input, I appreciate it.
Originally posted by @Ryan Cleary:

@Adrien Canery

Hey Adrien,

our area of New York is going to be very rough. Not only do rtp ratios make no sense and your cash on cash return will be negative (especially if you are paying less then 20%) but the laws are in favor of the tenant and if they stop paying rent then it’s going to be months to a year before you get a new tenant and thousands in legal fees. Investors starting out will have a VERY tough time trying in New York.

How do you know where you will be going to medical school? I would suggest differentiating your goals. Take your 30k and find a market where you will get much higher returns.

That being said, Nassau and suffolk are possible if you make your own deal but is it worth the time and money when long distance investing is so much easier.

Good luck!