All Forum Posts by: Christopher Canzoneri

@Thomas S. I agree what you say but with the Public Student Loan forgiveness program my large federal student loans remaining debt amount will be forgiven after 9 more years of payments based on my income. You suggest waiting 9 more years to start investing in real estate?

@Thomas S. I agree what you say but with the Public Student Loan forgiveness program my large federal student loan debt amount will be forgiven after 9 more years of payments based on my income. You suggest waiting 9 more years to start investing in real estate?

Hello everyone, I am attempting to start my real estate investing journey but I believe my student loans will hold me back. I have 45k in refinanced private loans that I'm currently paying $320 a month on and 93k in federal loans that I am paying $0 on. These federal loans are in the PSLF loan forgiveness program. I need to make 109 more payments based upon my income (which was almost 0 last year because I was in grad school) and the remaining balance will be forgiven tax free (potentially 100k+ forgiven depending on my income). My payment will go up on these as my income increases but significantly less than if I was paying these loans off with cash. My issue is that I believe an FHA loan will not work being that 1% used to calculate my debt for my back ratio (1.3k a month debt). Also Homeready loans only allows 75% LTV loan on a 3-4 unit. I am trying to save cash as fast as possible by having a savings rate of over 50% but in my area (greater NYC) to save 25% down will take me many years. I am 28 and want to start ASAP. My income is 5k a month at a stable government job in Manhattan. I have 15k in cash saved(and growing by 1.5 a month) and credit score of 792(given to me when I refinanced my students loans) Does anyone have a sugestion on how I can start investing in real estate in my situation? Maybe someone has a different strategy or has been in a similar situation? I am hoping to buy a 3 or 4 unit to owner occupy and then after a year move to another multiunit or different strategy such as the BRRRR strategy. Thank you for your time and if you have any question or would like to connect please let me know!

Hello Everyone! I've been reading a lot on this site, including the getting started guide and I figured now would a good time to introduce myself. I am 28 years old and I have a dream. For the first time in my life I will soon be in the position to begin my goal, to be a real estate investor. My whole life I have worked hard at jobs knowing I was meant to own my own business and establish passive income. I was never able to set myself on a particular product or service until recently. I've decided real estate is where I want to be. I have now made it my goal to become a successful real estate investor and someday, no longer need my normal day job. Currently I live very frugally, living off a very low amount a few miles outside Manhattan.

I have been reading a great deal of the forums here and books such as The Millionaire Real Estate Investor, Rich Dad Poor Dad and many more. I am currently looking to invest in the area outside NYC such as North Jersey and areas in NY state north of NYC such as the Hudson valley (Rockland, Orange and Duchess Counties). I have a secure government job and will need to be able to commute into lower Manhattan for the foreseeable future. This is why I am attempting to buy in an area that can be within a reasonable commute to retain my full time job.

I have developed a starting strategy where I will begin with house hacking. I am looking to take advantage of a lower down payment with an owner occupied loan to purchase a 3-4 unit property. I would fix the property up, increase the value of it and then hopefully leverage the additional equity to move into my next home. After that I may attempt to utilize the BRRRR strategy depending on how everything goes and my new real estate relationships.

If you have any questions or would like to connect please drop me a line. I currently reside in Jersey City, work in lower Manhattan and travel to the Hudson Valley (Newburgh, NY) area often on weekends. I am open to working with and networking with anyone in these areas. I am more than willing to grab a coffee and have a chat with anyone to LEARN, network or just make some friends along this journey!