Can I really get wealthy?

Westchester County, New York
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Can I really get wealthy?

Sebastian Lim
New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes

Just got a 56k job in westchester county NY and I'm still living with my parents. I'm 28 and spend about 1500 a month in expenses. Can I really invest in real estate? What would be the best route? FHA loan? Short tem rental? Invest elsewhere than NY? Condo? Invest in stocks?

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Jeremy Horton
Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
9mo

What's the $1500 a month for since you're living with your parents? 

Side note - living with family is a really underrated 'get wealthy' tactic. For some reason the US pushes independence the day you turn 18. That's literally the hardest way to do things. 

If I was you, personally I'd invest in the stock market for now. Then I would use RE to diversify. Take the extra time you are saving from investing in stocks over RE and look into creating/buying/owning a business - ideally a service based business. 

What field is your job in?

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  • Jeremy Horton
    Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
    9mo

    What's the $1500 a month for since you're living with your parents? 

    Side note - living with family is a really underrated 'get wealthy' tactic. For some reason the US pushes independence the day you turn 18. That's literally the hardest way to do things. 

    If I was you, personally I'd invest in the stock market for now. Then I would use RE to diversify. Take the extra time you are saving from investing in stocks over RE and look into creating/buying/owning a business - ideally a service based business. 

    What field is your job in?

    7Reply
    • Isabella Rocco
      Member since 2025 · 5 posts · 1 vote
      9mo

      @Jeremy Horton I'm in a similar position, live at home, have the luxury to choose where my money goes. I'm interested in real estate. May i ask why do you suggest owning a business/service based business? My dad is also giving me this advice but from what I've seen and learned, RE is the way to go unless you have an amazing hit business idea...

      0Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Jeremy Horton its an environmental health tech for the county and hmm ok makes sense prob too expensive i am also looking into affordable condo lotteries in white plains

      0Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Isabella Rocco i guess it would give u more capital to invest in RE, low income makes it hard maybe?

      0Reply
  • Jules Aton
    MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
    9mo

    Agree with @Jeremy Horton and would start saving money for as long as you enjoy living with your parents. I’d consider dollar cost averaging in a low fee total stock market index fund and when you get closer to moving out start putting money into high yield savings or similar for your down payment. 

    1Reply
  • Joey BanasihanPro Member
    Investor · Boise, ID · Member since 2019 · 233 posts · 188 votes
    9mo

    Hey @Sebastian Lim - you absolutely can invest — the trick is starting with something that matches your stage of life, not what Instagram says you should be doing.

    At 56k in Westchester, with $1,500/mo in expenses and living at home, your real advantage right now is your low overhead. Most people your age don’t have that luxury. So your first move isn’t “pick the perfect strategy”… it’s “stack as much cash as you can while your fixed costs are low.”

    Once you’ve built a real cushion, a few routes start to open up:

    1. House hack with FHA
    If you’re open to moving out, this is usually the cleanest first step. Doesn’t have to be fancy — a small multi or even a single-family with a rentable basement/roommate setup. Let someone else cover most of your mortgage, build equity, and learn the ropes.

    2. Don’t force Westchester
    NY isn’t uninvestable, it’s just expensive and slow to cash flow. Tons of people make their first investment out of state because the barrier to entry is way lower. Nothing wrong with that if you’re willing to learn how to operate remotely.

    3. Short-term rentals
    Only works if the regulations allow it and you actually want to run a hospitality business. It’s not passive at all. Great tool in the right spot, headache in the wrong one.

    4. Stocks aren’t the enemy
    If you’re not ready to buy a house this second, parking money in an index fund while you save isn’t “falling behind.” It’s just responsible.

    The real mistake people make is trying to jump into the most complex strategy possible because they feel behind. You’re not behind. You’re 28, living at home, low expenses, and asking the right questions.

    Pick one simple path, learn the basics, get your first win, and everything else opens up from there. Just know, building wealth and being successful is less about choosing the perfect strategy - its those who are able endure uncomfortability, failure, and learning as they go over a long period of time that builds wealth and success. 

    [email protected]
    1Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Joey Banasihan is house hacking a thing in westchester like 5% down seems risky? But it does seem like the easiest way. What about just saving up a ton and trying to buy an apartment building 

      0Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    9mo

    Hey @Sebastian Lim, I'd recommend starting with a house hack using FHA so you can learn, lower your living costs, and build equity. Once that's rolling, investing out of state is a solid next move if numbers in your area stay tight. Stocks aren't wrong either, but they won't teach you the skills real estate will. Real estate gives you leverage, tax write-offs, and the ability to force appreciation, which stocks can't. Just take the first step and build from there.

    [email protected]614-490-1163
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    2Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Kerlous Tadres thanks kerlous any tips on how to actually house hack with fha in westchester? Do most banks give out 5% down loans and with my income I have wouldn't they only approve a 250k mortgage max

      0Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    9mo

    If you can, I'd look to house hack. In more expensive markets, it's the primary way for smaller investors to get in relatively easily. Low down payment and you ideally reduce your housing expense. It is Possible but will require saving and potentially earning higher income to qualify for a loan. 

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    2Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Aaron Zimmerman yea makes sense prob just save and try to get promoted

      1Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    9mo
    Quote from @Sebastian Lim:

    Just got a 56k job in westchester county NY and I'm still living with my parents. I'm 28 and spend about 1500 a month in expenses. Can I really invest in real estate? What would be the best route? FHA loan? Short tem rental? Invest elsewhere than NY? Condo? Invest in stocks?

    Hey Sebastian, welcome to BP! And yes, you can absolutely invest in real estate even with a 56k salary—your low monthly expenses actually put you in a really strong position because you can save aggressively. The best route really depends on your goals, but in high-cost areas like Westchester, it's tough to get anything that cash flows, even with an FHA loan. A lot of people in your situation look out of state for more affordable markets where the numbers make sense, and one market I'd strongly suggest looking into is Columbus, Ohio. I moved here from Portland in 2020 to invest and now own 10+ rentals, and it's still one of the few places where you can pick up properties in the 120–180k range that hit the 1% rule and positive cash flow day one. The macroeconomics here are on fire with huge job growth, population growth, and massive company developments like Intel, Amazon, Google, Microsoft, Honda, LG, Facebook, and more, so appreciation has been strong too. Long-distance investing can absolutely work with the right team on the ground, and it gives you a path to start building wealth without needing a massive income. Happy to connect and answer any questions you have!

    [email protected]614-300-7535
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    1Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Jimmy Lieu oh cool yea id definitely chat with u about it, could i give u a call?

      0Reply
  • Placeholder Placeholder
    Member since 2025 · 1 post · 2 votes
    9mo

    Absolutely invest beyond where you are where its growing, Im a local here never seen so many new faces and restaurants. If you’re thinking about becoming a serious investor, do your own research and make sure you understand this market. Ulster County has had a big wave of NYC buyers coming up this way, and the demand is still strong.
    My brokerage currently has townhomes under $300K currently and some beyond that great rebtsl income as 2bd rentals here are averaging around $2,000/month.  The numbers make sense if you’re analyzing for cash flow or long-term equity.

    If you want to explore opportunities, connect with me. I can walk you through active listings and introduce you to a few great lenders who specialize in investor financing.

    2Reply
  • Jonathan BombaciBusiness Member
    Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
    9mo

    @Sebastian Lim 

    First I'm excited for you!
    Second, you can absolutely do this. We help over 100 people a year buy their first investment property, many of them in greater Boston where prices are high. Your biggest advantage right now is the ability to use FHA / owner occupied financing programs while your living expenses are low. With 3-5% down you can control a $1,000,000 asset for about $50,000 dollars. You do not get opportunities like that often once you start scaling. I wish I still had access to those programs personally!

    A lot of newer investors we work with follow what we call an FHA ladder. You buy a 4 family, house hack it for a year, do a value add project, build some equity, then move to a 3 family, then a 2 family, then a condo, and finally a single family. Underwriters tend to approve that path because you are moving toward the "American Dream" SF with white picket fence property. You are using very little capital (3-5%) each step and getting real experience with tenants, repairs, and management along the way. I bpught my first 30 units with less than 150,000 dollars out of pocket, borrowing against 401k fund and negotiating seller credits, by following the same principles.

    Short term rentals and condos can work, but they are rarely the simplest starting point and will handcuff you for the next property. In your position, looking to build wealth through real estate I would pick a nearby market where the numbers make sense, focus on a clean house hack, and let that first deal set the foundation. My company owns and manages about 1000 units across Massachusetts, New Hampshire, and Maine, and the pattern is consistent. The people who start with a straightforward house hack end up in the most portions and put themselves in the best position to scale.

    I also recommend getting to local meetups. We host Free meetups under the name Candor Meetups across Worcester, Lowell, Waltham, Portsmouth, Manchester, Biddeford, Northboro, and Medford, and there are plenty in your area too. Go to the events tab to see what's going on and just go to Any meetup. When you meet people who have already done this, it becomes a lot less intimidating. You also get answers as to how this works in your nearby markets. 

    You are 28. You have time, low expenses, and access to the best financing tools in the world for building real estate wealth. Get the first one done and that runway opens up fast. Keep us posted on your progress. I'm excited for you! 

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    0Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    9mo

    @Isabella RoccoA business is the best way to generate cash, so you have some to in-vest. Real estate takes capital. Yes, you can buy a house with an FHA loan, but then what? Wait 30 years?

    A lot of people love the idea of real estate so they choose to flip houses (which is a business not very different to a used car lot) to generate money, so they have some to invest in buy&hold. But a service based business is a lot easier to start and grow than flipping houses.

    Cashflow from real estate is going to be about 7% of your equity, so you first have to generate that equity. You can negotiate for it, wait for it or rehab it into existence. But for the most part you'll need at least the downpayment. And not only once, but over and over again. Like every 12 months, or every 6 months, to grow a portfolio. That's where the small biz comes in. 

    PS house hacking with FHA is not ideal, use a 5% down conventional loan. You'll get a better deal when you buy and you can shake PMI when you hit 20% equity

    3Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Marcus Auerbach would u recommend buying a business?

      0Reply
    • Isabella Rocco
      Member since 2025 · 5 posts · 1 vote
      9mo

      @Marcus Auerbach thank you for the explanation. I see your point. It just seems like real estate is the "safer" risk vs creating a business (depending what the business is) but i feel like it has to be a hit from the jump. And that's what's scary. 

      0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    9mo
    I’m gonna go in the other direction and say no you shouldn’t invest. I would save up as much as possible and try and reduce your expenses as well. $1500 a month living at home seems excessive. Save up to 50 or $100,000 and educate yourself during this time then start to see if real estate investing is for you
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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    9mo

    good question.  I'd start by asking yourself what you want and what you consider wealthy.  Look at your current finances and see where your money is going.  Are you paying your parents rent and for your own food as part of the $1500 a month of expenses or is that money spent on other things (eg car, gas, entertainment)?

    Decide what your risk tolerance it-not based on how much you will make, but how much you could lose if it all goes wrong.  Rentals are not passive investing.  With current interest rates (and depending on your risk tolerance), I'd put the money somewhere 'safer'-eg high yield savings account.  Come up with a plan (and it can change over time-most good ones do).  Can you save up to buy a house where as others mentioned, you can rent out rooms to others-decreasing your living expenses?  Find out how much you'd be qualified to borrow which will depend on your income and debt.  Do you see yourself moving to another city with your job in the next couple of years?

    0Reply
    • Sebastian Lim
      OP
      New to Real Estate · Westchester County, NY · Member since 2020 · 18 posts · 25 votes
      9mo

      @Theresa Harris i dont think id move and my career path kinda tops out at 90k so my house hack plans seems hard maybe ill just invest in a small business or something

      0Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    9mo

    1. Yes you can get wealthy but real estate is typically a slow path to wealth not a get rich quick scheme. You have an advantage in this regard since you are starting relatively young. I got started at exactly your age and was set up well by 35.  

    2. I’d look for ways to increase your income: side hustles, 2nd job, start a small business, etc. and decrease spending to boost savings. Working in the trades/ handyman type work/ working as an re agent or anything that has to do with real estate will be a good for understanding how the industry works on a basic level. 

    3. I’d start by investing in some blue chip aristocrat dividend stocks or even better an ETF that consists mostly of high dividend stocks. This dividend income will help you qualify for loans eventually, supplementing your W2/ day job income. 

    4. When you have raised enough capital for a down payment and adequate reserves and are ready to move out of your parent’s place, I’d start with a house hack. Living with housemates who pay most of your mortgage is the best way to get going. Buy the worst house in the best neighborhood you can afford, and fix it up while you live there to force appreciation and build equity quickly. Then refinance and pull out that equity for a down payment on the next place, rent out the first one and house hack the 2nd. Rinse and repeat until you “settle down” with a partner/ start a family/ just don’t want to live with housemates anymore. I did this twice and the equity gained this way was life changing. It’s probably the lowest risk way to start. 

    5. The one golden rule of real estate is location, location, location. Only buy properties in good locations. 

    6. There is more to life than investing and becoming wealthy. There is a lot of value in having a career path that gives you a purpose in life and within which you can have a healthy work/life balance. Being set up financially is important for well-being but isn’t everything. It’s also important to have something to do each day that is emotionally rewarding and also to have something interesting to talk about at the dinner table each night. 

    Good luck! 

    1Reply
  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    9mo

    Ok look @Sebastian Lim, I appreciate your authentic question and as you've already gotten the BS comission-chasing replies, I'm gonna give you the blunt accurate truth of it. 

    Let's start with the easiest part, stocks. First we "test" if you have the necessary basic level knowledge to have a fighting chance at making, not loosing, $ on Wall Street. Do you understand what it means when I say; when RSI drops under the 30 on a sentiment move, lock in that cash covered Put ITM, to then cycle OTM covered calls in the 20's delta range on the 20-30 day execution. 

    If you don't know exactly what I said like were discussing a McDonalds menu, no, get stocks and Wall Street off the table. 

    Next is all the BS on house-hacking...... for fck-sake it just grates the hell out of my nerves all the starving agents pump Pump PUMPING house-hacking for all. Why do they do it? Because it's the EASIEST way to spin the numbers of a bad/non investment property into seeming good via a cooked-books analysis. Simply put, it's easy to convince noob's into dumb high commission buys. 

    As @Jeremy Horton pointed out, living dirt cheap via parents home is a GREAT resource you should hold too for as long as possible. 

    Step #1 @Marcus Auerbach touched on; it's NOT about rushing out to find an "investment", it's getting yourself trained RIGHT to be competent to manage your investing actions. That means build or buy a small business! Yes, side-hustle #1. 

    It has literally NEVER been easier, with more opportunities, to start a small business. Your not trying to make it the next Amazon, so don't over complicate it. 

    You want rentals, STR's, flips, you name it ALL these things require business operation skills. Even $-lenders have to have business management skills. The idea that any kind of "investing" with real estate can be as simple as buying Tesla shares n just sitting back watching $ drop into the account monthly is total BS! None of it is purely passive, none of it!

    Skills and knowledge is your first most valuable "investment" you need to invest in. Starting a small business is excellent for this. 

    2Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    9mo

    Do a house hack. Buy a 2 to 4 unit at 5% down and live in a unit. If you repeat and do another every 1 to 2 years you will get very wealthy. This is how I started at 26 and I have tons of clients who did the exact same thing. Eventually can cash out refi as they appreciate. 

    1Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    9mo

    I’m going to add one more: 7. Build relationships. Find a great lender now and ask them to help you with ways to get qualified for your first loan, then find an agent, insurance broker, tradespeople, other investors who are active in the biz etc. to learn from and share resources with. It’s a relationship biz.  

    And you don’t have to know what James is talking about to start investing in stocks today unless you’ll be actively trading/ day trading. You can buy and hold an ETF that is weighted heavily with dividend stocks and not have to worry about it daily. It’ll go up and down day to day and month to month but the overall trend will be up over the years. Buy and hold is not complicated. 

    It’s also not an either/ or scenario that you’re in. You can invest in stocks and real estate concurrently and if done right they compliment each other. For example the dividend income from my stock portfolio helped me qualify for a larger purchase price on my first property. You can also start a small business while investing, none of these are mutually exclusive endeavors. At your age I think it’s important to try a few different things and see what suits you best.

    0Reply
  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    9mo

    OP. Sounds like you have good day job. Do the minimum saving plans. Either with your job or Roth IRA.

    Take your job expertise and apply it to REI. This will be your unfair advantage.

    Now start doing deal analysis.  You might not do a deal for 3 years but start the learning and team building process.  

    Look at 925 South St,  Peekskill, NY.  Don’t worry about buying.   Do the zoning and deal analysis to convert to all housing.  Make a post on here for advice.  End up doing about 5 deal analysis.  Keep learning and building your approach.  

    0Reply
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    9mo
    Quote from @Sebastian Lim:

    Just got a 56k job in westchester county NY and I'm still living with my parents. I'm 28 and spend about 1500 a month in expenses. Can I really invest in real estate? What would be the best route? FHA loan? Short tem rental? Invest elsewhere than NY? Condo? Invest in stocks?


    Great advice on here regarding stock investing, diversifying with RE, OOS investing, etc.

    If you were looking to househack in Westchester, I'd recommend targeting areas with high inventory - Ossining, Yonkers, Mount Vernon, New Rochelle, White Plains

    Westchester is pricey and cashflow isn't great but if you're holding long-term, you could see major gains in equity. Small multifamily (2-4 units) property values have seen a nearly 30% increase in Westchester since 2020.

    If you find a deal at/below the median pricepoint (~ $850K), you'll need about $30K for a down payment using FHA. You likely won't cashflow for a few years but in that time you'll build enough equity to buy cash flowing properties OOS.

    I don't think Condos or Co-ops are a better route than small multifamily. Returns can decline or stagnate if the Condo has newer competitors nearby with more/better amenities, lower HOA fees, etc.

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  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    9mo
    Quote from @Sebastian Lim:

    Just got a 56k job in westchester county NY and I'm still living with my parents. I'm 28 and spend about 1500 a month in expenses. Can I really invest in real estate? What would be the best route? FHA loan? Short tem rental? Invest elsewhere than NY? Condo? Invest in stocks?


     Househack

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  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    9mo

    Hey Sebastian! If you're interested in exploring real estate investing, don't hesitate to shoot me a message. 

    I'm Mo, a real estate broker based in NYC and Long Island. I also have someone investment properties of my own. I'd be more than happy to share my experiences and offer any advice I might have for you!

    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    9mo

    Will you get wealthy - Sure, eventually. However, what is your timeline for being wealthy and what is your definition of being wealthy?

    What is the outlook with your job / profession?
    Are you expecting 1% to 5% annual increases in salary?
    Are you expecting to get a promotion / switch employers and get a pay bump?

    It is unlikely you will get rich with a $56,000 job(unless you expect your expenses to remain at $1,500 monthly which might be hard to expect unless you live with your parents forever and or don't have a family of your own).

    Investing in stocks / real estate will increase your net worth annually but I wouldn't consider it to make yourself wealthy quickly unless you are talking about a really long time horizon.

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  • Roberto Reyna
    Lender · Houston, TX · Member since 2025 · 35 posts · 24 votes
    9mo

    Yes bro

    0Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    9mo

    Hey @Sebastian Lim, you’re in a great spot. Living with your parents gives you a huge opportunity to save a significant portion of your income. All the money you’re saving, I’d make sure to put it somewhere it can earn a little, like a high-yield savings account, until you decide on your next move.

    Don’t overcomplicate things; you have the right mindset already, and real estate is a great way to build wealth. Many investors say they wish they had started earlier. As the famous quote goes: “The best time to plant a tree was 20 years ago. The second-best time is now.”

    As others mentioned, house hacking is a great place to start, and I completely agree. Renting out part of a property while living in it lets you offset your mortgage, take advantage of tax benefits like depreciation, save more, and start building equity—all without taking on too much risk. It’s also a fantastic way to learn how to manage a property and get your foot in the door without the hurdles of an investment loan and helps you build a solid foundation for future investments. That equity and savings can then be used to fund your next property.

    From a tax perspective, it’s important to understand passive vs. non-passive income and how different streams of income and property types work alongside your W-2 income. This is why some people choose to invest in short-term rentals, because the structure can make sense for their current income and tax situation.

    To answer your other question about house hacking in Westchester, you can house hack almost anywhere, rent to a couple of friends, or just live in a portion of the property while generating income from the rest. The key is to start with something you can comfortably afford, in an area with growth potential. Get with a lender who understands your goals, find an agent in the area you’re interested in, and start looking for a property that works.

    Once you have that first house hack producing income, you can reinvest those profits into your next deal, growing your portfolio while learning the ropes. As you grow, you'll definitely want to get with a CPA who understands real estate investing. 

    Good luck and happy to connect.

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    9mo

    @Sebastian Lim

    I think you can invest but the best course of action in a high cost market like Westchester is typically to invest out of state where the numbers truly cash flow or to house hack with an FHA loan. I suggest you should concentrate on building reserves, enhancing credit and either purchasing a small 2-4 unit. I think for liquidity, stocks are fine, but if you get the right deal, real estate will move the needle more quickly.

    Good luck!

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