Newbie from NYC
Hello BP!
I'm excited to be posting here. Working on adding a profile pic, are there certain size limitations I should be aware of?
Some background: I'm 22 and live in NYC (Manhattan). Working in IT, pulling low six figures. Been doing this for a 2 years, and I've saved up a little over 50k.
I'm eager to learn about flipping, but I think I'm in the wrong area to do flips so I am willing to relocate (I've been watching to much Flip or Flop lol).
But if that is too much, then my second option is looking into rentals, as per what my fathers tells me it also a good investment.
My dad is really helpful, he's been a superintendent so he knows a lot about contracting and such (which could be helpful for flipping). But he is also horrible at handling businesses, and we both agree that I'm better at talking to accountants, and handling the money end of stuff. We both learned it when I ended up having to take over and run his locksmith company, but in the end we both found better opportunities.
My main question is how much money should I have saved up before I think about Real Estate investing? Is my age going to be an issue? Oh and I should also add that I'm in the military and a few people have told me that might help me out in getting a loan, I just don't know if it'll help me get a loan for flipping intentions.