Staten Island, NY · Member since 2015 · 265 posts · 59 votes
Hello all! Basically I purchased a SFH for $250,000 here in Staten Island, NY. I put $50,0h00 down and have been making all payments for the past year. I also have around $10,000 in savings. I live in this property, and I used a VA loan for it.
I would like to buy my 2nd property. Which will be a buy and hold. I was thinking of buying out of state because homes are way cheaper in other states. Do I have enough money to do this? Can I use any money from equity I have in my current home? Also what areas should I look into for investment?
The primary thing to remember is everything revolves around your goals!
So, what is it that you want to accomplish with real estate investing?
Are you:
Looking to make a quick buck?
Looking primarily to increase your overall cash flow?
Looking to buy and sell in the next 3 - 5 years for a nice profit?
Looking to buy and hold for the next 20 - 30 years for your retirement?
There are so many questions you can get answered here. However, once you decide what type of investor you want to be, then it's a lot easier to start peeling back the onion of where, why, and how much.