Best advice for a novice investor needed
Good morning everyone,
it's been a year since I last showed up here, looking for advice from investors with proven success records in real estate. I took your advice but was too timid to take the first step and dive into the investing world. However, now I am ready but still need your guiance and mentorship. The following is my current financial profile in a nutshell:
Credit Score: 709
Cash in hand: 50K
Salary : 74K
Monthly living expenses: $1500.00
Debt: None
Residence: New York City
Marital Status: Single, no kids
What would you do if you were in my situation? What RE investment strategy would you advice me to take? Any suggestions will be greatly appreciated.
Sergio.
Most Popular Reply
Hi Sergio-
I give everyone the same advice- what I wish I had done, house hack. Buy a multi family that needs a little sweat equity, 1-4 units via conventional financing, live there for a year or two then move out, rent out your unit and do it all over again.
You didn't include your age, but If you were to do this a few times, be patient and buy smart, it's entirely feasible that you could "retire" after a few years. Obviously there is much more to learn and consider in this oversimplified scenario, but that is the road I would start to head down. Best of luck!
- Corby Goade