Updated about 7 years ago on . Most recent reply
A Beginner's Dilemma
Hey everyone!
My name is Jennifer and I currently reside in Staten Island, NY. As a 29-year old professional working in Brooklyn, NY, the commute as well as other things has got me thinking about moving to Brooklyn. However, as you may know rent is insanely expensive. The average rent in the places I would like to live (1 bed, 1 bath) is between $2,100 and $2,500. This as well as my preexisting desire to get into real estate has motivated me to reach out and ask for help. I purchased a whole bunch of real estate books to learn all the basics so I can engage intelligently in real estate related conversations and plan to join a local meetup group today.
Also there is a property that just came to the market, a small multifamily with 2 units for $277,000. The rent for the entire building $700 below my max rental budget of $2,000. I would like to do a live-in and flip but I am aware of my level of inexperience, I don't think it smart to act hastily. My move to Brooklyn has thus been complicated by the battle between paying extremely high monthly (essentially paying someone else's mortgage) or investing my money into owning something that could yield me returns later on down the road. I know this a lot of information but guidance in any way shape or form would be greatly appreciated. I am a sponge and eager to learn.
Most Popular Reply
#2 General Landlording & Rental Properties Contributor
As a professional you should have the ability to find employment else where, preferably some where less expensive, and relocate. You won't regret getting out of the rat race. You can then benefit from a higher wage in a less expensive investing market. You could invest long distance but would be much farther ahead relocating yourself.