New member relocating from Texas to upstate New York

New member relocating from Texas to upstate New York

Member since 2017 · 11 posts · 2 votes

Hi all,

My name is Chris Lopez and I'm an eye doctor relocating from Texas to upstate New York to practice.  I've been binging on BP podcasts for the past couple of months, as well as reading finance and real estate books.  I'm excited to start my real estate investing career!

My goal for RE investing is simply to create passive income streams to allow me to retire early and maximize my time with my family.  After my baby girl was born a couple of months ago, the desire to spend time focusing on what matters most in life (family, friends, loved ones) increased exponentially. 

A bit of background on my (short) RE journey.  My wife and I bought a townhouse in Texas a few years ago while I was in training.  Our house increased in value drastically and we just sold and made >$31k.  We're closing on our house in upstate NY this week with <$6k down.  I plan to keep a chunk of the funds as an emergency fund, spend a little on renovating our new home, and paying off some debt with the remainder.

As a high income earner, I hope to invest in rental properties (single family, multifamily, open to other options) slowly at first to get my feet wet.  As I become more comfortable with the process, I hope to scale up, as many of you all do.

Looking forward to networking, meeting new people, learning a ton, and starting my RE journey with this great community!

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Stephanie JacobsonBusiness Member
Real Estate Agent · Ithaca, NY · Member since 2016 · 427 posts · 323 votes
8y

Hi Chris! Welcome to Binghamton! I'm an agent with Warren Real Estate's commercial division, and I cover both Ithaca and Bing. I specialize in student rentals, and residential investments in general. Please feel free to reach out and let me know how I can help. Congrats on your little girl and your new home, too! :)

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  • Real Estate Agent · Albany/Schenectady/Troy, NY · Member since 2016 · 74 posts · 35 votes
    8y

    Hi Chris,

    What city are you moving to?  Upstate is a big place and each market is unique. Good luck with the move.

  • Residential Real Estate Broker · College Station, TX · Member since 2013 · 1k+ posts · 969 votes
    8y

    @Chris Lopez. Congratulations on finishing all your medical training. With that I presume you have significant student debt, but also a big sword (high income) to attack it with.

    With a high income, plan on living well below your means for a few years and kill off the student debt. If you find yourself without student debt - fabulous! Still plan on living below your means and accumulate capital for your RE Ventures.

    Good Luck and happy investing!

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Brian Rosher I'll be moving to the Binghamton area, so a little over three hours from you.  Thanks!

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Jim Cummings You're absolutely correct about the debt. My financial plan involves maxing out retirement accounts (employer-sponsored 401k and separate Roth IRA) and paying off my large student loans in 5 years. That should free up significant income that I can gear towards RE investing. Thank you!

  • Stephanie JacobsonBusiness Member
    Real Estate Agent · Ithaca, NY · Member since 2016 · 427 posts · 323 votes
    8y

    Hi Chris! Welcome to Binghamton! I'm an agent with Warren Real Estate's commercial division, and I cover both Ithaca and Bing. I specialize in student rentals, and residential investments in general. Please feel free to reach out and let me know how I can help. Congrats on your little girl and your new home, too! :)

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Stephanie Jacobson Thank you!  I will definitely be reaching out once I'm in a slightly better financial situation (aka student loans are getting paid off and I'm building capital).  Thanks again!

  • Member since 2017 · 11 posts · 2 votes
    8y

    @stephanie Jacobson Is it okay if I "connect" with you?  I'm a noob and not sure if I have to ask permission before sending you a connection request.  Thanks!

  • Attorney · Binghamton, NY · Member since 2016 · 127 posts · 84 votes
    8y

    Feel free to bounce any legal questions off me as well... welcome to Binghamton.   I have been closing deals for almost 30 years in the Binghamton Area.

    Good Luck and Welcome!

  • Real Estate Agent · Groton, NY · Member since 2016 · 22 posts · 8 votes
    8y

    Welcome to the area Chris! Congratulations on your little one! I hear you regarding prioritizing. My husband and I have a goal for him to reitre in a few years by investing in real estate. We have three little ones he would like to spend more time with. I am also getting my real estate license to help supplement our income and to help with our investment goals. I heard great things about the REI group in Binghamton. You should definately look them up.

  • Multifamily investor · Boston, MA · Member since 2017 · 281 posts · 521 votes
    8y

    Chris Lopez - congrats on your move! Texas is a GREAT market to invest in, if you are interested in multifamily properties. It'a a strong cash flow market, but also has a solid appreciation factor (maybe not as strong as NY or SF, but the cash flow is significant). You can use your knowledge of the Texas market to buy some multifamily properties. If you do so, my only advice is to be cautious when you do so, because it's a seller's market and prices tend to be inflated in many cases. Feel free to reach out to me if you'd like to chat about that option - I'd love to share my knowledge with you. Best of luck! 

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Gary Kline Thank you!  One thing that's different for me coming to this market is the fact that houses hardly appreciate (if at all).  It's unfortunate, but I suppose that further supports the idea of investing for cash flow, not banking on appreciation.  I'll probably be reaching out in the future.  Thanks again!

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Gini Vidal Thanks! I hope your husband is able to retire soon. Spending quality time with family is of the utmost importance! Good luck on getting your real estate license. That should definitely help with you and your husband's real estate goals! I just found the Binghamton REI group on FB. Thanks for the suggestion!

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Ellie Perlman Yup, the Texas market was good to us!  Also, I was paying less owning my home than my friends were renting an apartment in Houston.  I definitely plan on getting involved with multifamily properties in the future.  When I do, I'll be sure to reach out.  Thank you!

  • Realtor · Albany, NY · Member since 2014 · 103 posts · 14 votes
    8y
    Welcome! If you are looking in Albany let me know if I can be a hand! Adam
  • Member since 2017 · 11 posts · 2 votes
    8y

    @Adam Clark Will do, thanks!

  • Jill DeWitPro Member
    Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
    8y

    @Chris Lopez congratulation on the sale of your house and pulling out >$31k in profit and good luck on your move to upstate New York.

    And welcome to BiggerPockets!  

    We are glad to have you here and are happy to help in any way we can.

    I wish you the best in your real estate investing career.

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Jill DeWit Thanks Jill.  Will reach out in the future!

  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    8y

    Hi @Chris Lopez,

    Congratulations on your new family and move. The weather up here is a bit different so there is that :)

  • Member since 2017 · 11 posts · 2 votes
    8y

    @Mike Cumbie haha, I don't mind the weather, but we'll see how I feel about that in a few months.  Thanks!

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