All Forum Posts by: Robin Downes

I think Keith makes an excellent point. I would start out figuring how much you need to pay your bills each month then work back from there. If you know you need 6k per month you can then look at your skills to see what kind of investing would best suit you and your needs. 

If you rent out your place and clear $1000 per month, where do you live after your home is rented? How much will it cost you? Do you have the ability to get a HELOC on your current home? If so that could be a source of down payments to buy some properties. I would think you'll likely be investing outside of NYC. 300k can get you a lot but not in the city as you know. Good luck!

Well $300k is a excellent starting point if you are in the correct market. If you were to sell your home would you buy or rent? And what would this cost? 

I would not rent the unit for $1,000 a month if you have that much equity to use, you could use that money to make you way more then your ever going to make renting if your looking to supplement income.

I guess the real question is to figure out what you need to bring in monthly to live the way you want and once you have that number then you can move forward. 

Every market is different obviously, 300k in my area could make you 80-100k a year flipping three homes a year  if you know what your doing and know the market (if not it would be key to find a partner to work with in your area). 

I know it prob didn't answer your question as it's just some food for thought. Wish you the best.