Real estate Rookie 19yr old from Brooklyn ny

New York, NY · Member since 2017 · 81 posts · 19 votes

hey everybody Chris here how's it going today? I had a few question that maybe you can help me as I start my real estate journey. I've read a few of bigger pockets books so I'm not a complete newbie

I'm 19 have about 35k saved up and got a decent income of 50k a year. I save about 1500 a month. My income goes up every year, I'm currently a construction apprentice.

My ultimate goal is to create passive income I'm not a fan of the berrrr strategies I'm more interested in house hacking or simple buy and hold single family units.

1.what would you do if you were in my shoes.(keep in mind I live in a very expensive NYC market)

2.would it be beneficial for me to take a agents class at a local college even those I don't want to be a agent.

3.what do you regret the most that you wish you did/knew at 19years old THANKS FOR YOU TIME

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Arpan Patel

Investor · Chicago, IL · Member since 2010 · 504 posts · 191 votes

One of the newest podcasts has a couple that is in the NYC area and bought a 4 unit that cashflows with them living in one of the units. Maybe reach out to them and see how they did it and if that is close to you. I'd just keep combing my area and find the asset classes or patters that will work. Maybe condos or multi units but bear in mind property taxes as that can kill cashflow. If you want to take the class then go ahead but I don't think that will help all that much. I wish I started then... But I did start at 21 so not like it was a world of difference! Good Luck!!!

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Arpan Patel
Investor · Chicago, IL · Member since 2010 · 504 posts · 191 votes
9y
One of the newest podcasts has a couple that is in the NYC area and bought a 4 unit that cashflows with them living in one of the units. Maybe reach out to them and see how they did it and if that is close to you. I'd just keep combing my area and find the asset classes or patters that will work. Maybe condos or multi units but bear in mind property taxes as that can kill cashflow. If you want to take the class then go ahead but I don't think that will help all that much. I wish I started then... But I did start at 21 so not like it was a world of difference! Good Luck!!!
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Account Closed
New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
9y
Chris Breezy keep saving, keep building your credit score, keep studying, get an IRA or 401k account which down the line it can be use for real estate, make friends with like minded investors and choose the New Jersey market as your starting point market.
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Sam Mendez
Real Estate Investor · Yorktown, VA · Member since 2017 · 2 posts · 2 votes
9y
I'd avoid Jersey and look to state NY as the housing prices drops or PA. With 35k you could already own a multi family and take the fha 3.5% for a multi family (live there for 1 year)
Rent the other unit(s) and rent a room from the unit your in. I had a 2br condo and used the second room as an office... pointless really. Moved a friend in and made 550 a mo. BTW my mortgage was only 675 a mo.
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Account Closed
Shirley, NY · Member since 2013 · 28 posts · 10 votes
9y
Having the money can be its own detriment as I've overpaid for rehab and I think "no big deal." I'd keep saving but go the FHA route and get into a local duplex/fourplex and keep as much of your cash as possible. Try pretending you don't have it.
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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
9y
Good morning Chris,
You're definitely off to a good start. @Account Closed couldn't have said it any better, pretend you don't have it! Keep saving at the rate you're saving and find out how to save/earn more. Don't limit yourself by thinking thats all you can put away monthly.
Side note: If you have a knack for entrepreneurship and want to create passive income, you'll stop at nothing. I like e-commerce as a way to make some side money (eBay, Etsy, amazon, etc) and Uber is another great way to earn some extra money.
1. House hack! Step out of your comfort zone and explore areas where you could cash flow, live for cheap or even live for free. Live in a basement or the smallest apartment of a 2-4 unit property.
2. I would do some research and speak to some agents about the benefits of becoming an agent. If you still don't like the idea or see how it fits into your future plans, don't do it. If your interest is sparked, keep learning until you make a decision. I can help if you have any questions.
3. At 19, I wish I knew whatever it is that you know now! You are definitely ahead of the game. I have 19 year olds in my family who watch netflix all day and don't have any work experience or $20 to their name. I wish I understood the importance of saving and investing.
Best of luck to you!
-Abel
REbuild Team - eXp Realty5234 Reviews
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Chris Breezy
OP
New York, NY · Member since 2017 · 81 posts · 19 votes
9y
@Abel Curiel great feedback thanks
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Adam K.
Investor · Brooklyn, NY · Member since 2015 · 127 posts · 57 votes
9y
@Chris Breezy
Definitely look to househack. It will be tough to find a place in NYC that will let you do FHA and that is in a decent neighborhood but I promise they do exist. I see listings that fit this from time to time in Brooklyn (3 bedroom condos in east Crown Heights go for $500k still for example) but your best bet might be a duplex in the Bronx. You could look for a 3 over 3 in the 500-600k range and live in one of the bedrooms and rent the other 2 and the other unit and definitely break even at least.
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