Updated almost 8 years ago on . Most recent reply
Newbie w/ interest in SFR/Multi-family based in NYC / Jersey City
Hey everyone – I'm a newbie investor eager to learn the ropes and get myself educated before buying my first property in the next 1-2 years.
Backstory
My interest in investing was sparked in my teens after reading Rich Dad, Poor Dad, which inspired me to go study business in college (Cornell University) with a focus on accounting/finance. After graduating in the middle of the financial crisis, I started my career in the startup world and discovered a passion for marketing; I helped to start a company with three other first-time entrepreneurs and took over the company's marketing as it grew to ten employees in three years. About 3.5 years ago I left the startup and moved to NYC to launch my consulting business (focused on digital marketing for startups/nonprofits), which I still work on full-time.
Now at age 30 I'm finally in a place where my short-term survival is no longer consuming 100% of my attention, and I have the mental space and cashflow to turn my eye towards long-term wealth building. Which brought me back to Rich Dad Poor Dad for a second read, and with a renewed interest in REI I've found my way here through the BP podcast.
Goals
Financial freedom by age 40 (ten years). While I make a good living from my consulting business and love what I do, I recognize the tax advantages and growth potential of converting active income into passive income (big believer in the Rich Dad philosophy). I aim to be able to meet all of my monthly expenses with real estate income within 5-10 years. Specifically, aiming for $5k/month by age 35 and grow the portfolio to keep up with (or surpass) my monthly needs thereafter.
Currently Seeking
Education and connections (NYC/Jersey City area) to be ready to invest in my first property (most likely a SFR or multi-family) with a buy-and-hold strategy by mid-2019. I'm devouring BP podcast episodes and working through the BP Beginner's Guide.
If there are any members or meetup groups active in the area I'd love to plug in!