All Forum Posts by: Account Closed

Quote from @Matthew Irish-Jones:

Quote from @Account Closed:

Hi everyone! I'm generally new to the community and was really interested in ways I could get a head start on real-estate investing right after I graduate this May. I have a job lined up in Buffalo, NY where I plan on relocating to. I'm starting off with a 72K salary which in Buffalo, is considered to be high because of the city's significantly lower cost of living. Throughout college, I have been able to work on several side hustles that have allowed me to save about 15K so far. I am graduating with no student debt, but have a monthly car payment of $300 total. 

I was wondering whether I should rent/buy in the area. I could find a 1-bedroom apartment for around $600-$800, and 2-bedroom homes go for as low as 150K-ish depending on how much work there needs to be done. I was wondering what the best way to go about this is. I want to take advantage of living in an area with such low housing rates, but fear the risk that comes along with buying so early off. I know I have a lot to learn but I'd love to hear some general thoughts/ideas. Thanks!

Like others have stated you should definitely do a house hack with an FHA loan. There are several up and coming neighborhoods where you can get the most bang for your buck in the city. When you decide to scale up you can rent the other unit out and have it pay off some of your mortgage on the next property. That is how I got started :)

Thank you so much for the input! I will definitely have to do some more research in terms of areas/price range. As someone from Buffalo, do you have any tips for areas or which price ranges would be a good starting point for someone in my shoes? I will be working in downtown Buffalo, but am comfortable with a commute up to 30 min. I really appreciate your advice! :) 

Hi everyone! I am moving to Buffalo after graduating around August 2023 for a job. I will be making a steady 72K income, and wanted to take advantage of house-hacking in a part of NY like Buffalo with comparably lower real estate prices than where I am originally from (North NJ which has outrageous real estate prices). I will be graduating with no school or credit card debt, but am paying around $300 monthly for a car payment. 

I am interested in the idea of using an FHA loan to buy my first home and renting out a portion of it. However, I am unsure of the market in Buffalo and fear that I will struggle to rent out a unit, or will be unable to sell the home down the road. My plan is to move back to NJ with my parents as they are getting older after around 1.5-2 years of being in NY. Are there any resources/tips for my situation? All input will be greatly appreciated!

Hi everyone! I'm generally new to the community and was really interested in ways I could get a head start on real-estate investing right after I graduate this May. I have a job lined up in Buffalo, NY where I plan on relocating to. I'm starting off with a 72K salary which in Buffalo, is considered to be high because of the city's significantly lower cost of living. Throughout college, I have been able to work on several side hustles that have allowed me to save about 15K so far. I am graduating with no student debt, but have a monthly car payment of $300 total. 

I was wondering whether I should rent/buy in the area. I could find a 1-bedroom apartment for around $600-$800, and 2-bedroom homes go for as low as 150K-ish depending on how much work there needs to be done. I was wondering what the best way to go about this is. I want to take advantage of living in an area with such low housing rates, but fear the risk that comes along with buying so early off. I know I have a lot to learn but I'd love to hear some general thoughts/ideas. Thanks!