Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
Hey everyone! I want to begin my investing career but not sure where to start , I make about 20k/year , I currently am renting in nyc for $700 a month , I have 15k cash saved up . And another 5k in my Roth IRA . I️ was wondering if you were me , what would be the best way to put myself in a better position for the future . My ultimate goal is to build up enough cash flow to where I no longer have to work for other people, do you think I️ should try to buy a rental , or should I️ try to get my foot in the door somewhere here in nyc so I️ can eliminate my rent . Any input , any advise is welcome!
Also , moving out of NYC is not an option . I live with my parents and they do not drive, so staying in nyc is the best option for me.
Cleveland, OH · Member since 2018 · 133 posts · 59 votes
8y
@Faysal Alam ok that's more clear. I'd still say continue to increase your main income as much as you can. And again by planning to stay in the NY market find a NY RE investment mentor, boots on the ground sort of thing. Perhaps you can also participate in wholesaling to raise capital. Just a few thoughts.
@Faysal Alam that would be a nice start, 2 hours definitely gets you out of NYC, and in to other parts of NY, PA, NJ, even Del. All different markets that are close enough for you to get to in a car for a nice road trip, but don't exclude looking in other markets just because they're too far away. Look at property when you vacation too. Don't shut yourself out on potential markets that can make your path to investing easier.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
I’m gonna go against Jacob Camilliere advise and say don’t put any more money in crypto. Once the money you’ve already invested breaks even or makes a small profit I’d cash out of that as well.
A study that claimed the Price of bitcoin rose last year due to market manipulation was just released, not to mention the every present risk of hackers just stealing it all. You don’t need that in your investing portfolio.
Could crypto you rich? Sure. So can a lot of other things. Will it? Probably not. Much more likely to lose a lot of money.
Investor · Phoenix, AZ · Member since 2015 · 485 posts · 384 votes
7y
Hey @Faysal Alam I'm glad you're starting very early and please know that you're to be in that position. When I woke up to real estate, Bigger Pockest nor podcasts exsisted yet - and mind yiu all for free!
So as many have mentioned here before, read all the free guides, books and podcast here on BP over the next few months and process all of it. It's a marathon not a sprint.
Revisit the forums every now and then to get answers on the tough questions you might not find in books etc.
Start networking with everyone out there - grow your rolodex. You will need to work and partner with a varity of talented and passionate professionals out there, but many are inexperienced as we all are when we start, so be aware.
Once you have a solid understanding of the basics and find the niche or strategy that aligns with your type of genius, you will know what to do and who to contact.
You will need patience, focus, persistance, dilligence and passion. Never give up. Ask for help. Surround yourself with energetic, positive awesome people. In other words, may the force be with you ;-)