All Forum Posts by: Elias Wiscovitch

As I'm learning about how I go about my BHAG (Big Hairy Audacious Goal) of putting a down payment on a property by the end of this year (I am almost 18), I'm wondering how much should I save up before dipping my feet into REI. (I'm aware of the strategies I'll be taking in terms of increasing credit score through small credit card payments etc)

For example, I live in NYC, a market that is infamous for being high-barrier entry, so I would mostly be looking at rental properties in the New Jersey area. Say I find a house where I have to put 15k down, how much should I have in savings on top of that for renovations, expenses, or the like.

Of course, getting financed is probably the only realistic way to go about this, (and that’s a different question on how to get people to take a kid like me seriously, even if I find a good deal and offer 80% equity or something)

@James Wise

I'm just starting to dip my feet in REI, so my skills in terms of rehab and management are non-existent. My logic here is that with turnkey, my main work would be in analyzing deals to find the right ones and make sure I'm not getting scammed.

The other trick being saving for a down payment or finding a way to put less than 20% down, which is what I keep seeing on turnkey sites

As I'm researching and starting to figure out how I want to go about in REI, I've come across the idea of turnkey investing, which unless I'm wrong is purchasing a home for rental that's already renovated and ready for cash flow almost immediately.

While I will do more research, I’m wondering what are the main downsides to turnkey and why it may not be the best idea, or if it is a good idea, what would be a good place to start in figuring out what to do

@Tyler Drapeau

House Hacking is something Ive seen people say can do well, however it doesn't fit my situation well since I plan on commuting to NYC for school, meaning I'll just be staying with my parents through college. When it comes time that I graduate and I reassess how I'll move out house hacking may work well due to FHA loans and the like. Of course I have much to learn before making confident decisions!

For my first I’ve been debating turnkey, however that may require more cash on hand/down than other options, but again I have to research more. Flipping is a definite no as of now, but I may do so in the future, it’s all dependent

It helps that I’ll be studying Finance at Baruch College so I’ll definitely be taking as many Real Estate electives as I can to learn more

@Brian Adzadi

Thank you

Yeah I’ve been reading up about how important it is to build a credit history through small credit card payments, some even suggesting taking out 3-5 credit cards and paying off small dividends on each, though one sounds much safer and easier to handle

As for down payment, yeah it will be through leverage, learning more and more to figure out exactly what I want, been FHA or normal 20% down. Plus of course learning about out of state investing because like you said, NYC Real estate is insane. My current viewpoint may be New Jersey to start

@Jaron Walling

Actually yeah, I am an avid reader, so any books geared towards beginners or towards investing early would be awesome. Would you say the book you recommended is like that?

Hello, I am new to BiggerPockets and have been listening to the various podcasts available and going through many blog posts. I’m declaring here and now that I’ll be going into real estate investing as soon as possible, (not full time, will be continuing college education and career in finance). The more I look, the more i see how investors wished they started earlier, and I plan not making that mistake

I plan on saving up cash and learning as much as I can. My crazy goal? Putting a down payment by the end of the year on a rental property

If there’s any general advice, tips, or just encouragement, I thank you in advance

Hello, I am new to BiggerPockets and have been listening to the various podcasts available and going through many blog posts. I’m declaring here and now that I’ll be going into real estate investing as soon as possible, (not full time, will be continuing college education and career in finance). The more I look, the more i see how investors wished they started earlier, and I plan not making that mistake

I plan on building up some cash and studying more and more to put a down payment on a rental property. My crazy goal? By the end of this year

If there’s any advice, tips, or just general encouragement from you all, I thank you in advance