All Forum Posts by: Jace Perez

@Jace Perez usually you need to be in a 2 family + to make the numbers work here.  Hybrid strategy with one long term rental and rent out rooms in the unit you occupy.  Its definitely doable.   

If ever helpful we do house hacking happy hour meetups every month on zoom.   

Long Island and NYC metro as a whole are tough. But think about it this way. If you are house hacking and still "paying rent," it all goes back to you in the form of equity in the property. In HCOL areas, paying a mortgage while house hacking can still be a win. 

Keep your mind open to areas that might be up and coming, and find something that works with your commute, if you have one. Where are you on LI?

Educate yourself and network. If I were to ask you; what kind of value could you bring to the deal if I were to finance it? What would you say? Learn how to manage construction, read market trends, learn how to run numbers, take classes (just watch out for the sales pitch at the end of every cheap real estate class), read books, join groups. That's how I got started in investing, I found a deal, secured funding, already had lots of construction knowledge so people trusted me with their money. I delivered and more people wanted in, and so it goes. Good luck! 

@Jace Perez, while it's not the case for everyone, however, at your age and the fact that you're just starting, your first property should be a house hack. Start researching this investment strategy asap! I also advise that you read "The House Hacking Strategy" by Craig Curelop and "Set For Life" by Scott Trench. You're already on the right track by securing employment and your strategy of buying by 20 is realistic if you stay with your current employer. Lenders like to see at least two years of employment. Moreover, for your basic but essential advice; save religiously, build your credit now that you're 18, limit unnecessary debt, etc. Hope this all makes sense and helps!

Make lots of money and/or lots of connections where you can access money. Get a second or third gig, like Uber, etc....

More importantly - learn all you can about RE. Volunteer at a RE office and/or on a Construction jobsite. It will do you zero good to have this lofty goal of acquiring properties by age 20 and then get there and have no clue what you're doing.

Owning property should not be your goal. Understanding properties is the key.

And remember, there is not a race going on that I know of. Take your time and accumulate money and knowledge. It will happen when you're ready....