BP Newbie from Queens, NYC

[Jane Wish]

Hello! My name is Jane. :) I'm from Queens, NYC and have been listening to the BP podcasts for a few months now. I've been meaning to join the forums for a while too, but finally decided that now was the time to suck it up and get over my "analysis paralysis." I am on the road to saving up $30K by the end of this year, which is not much here in NYC, but I would like to buy my first property outside of the area and follow the footsteps of the many others who have gone down the long-distance real estate investing path. Any tips would be appreciated! Thank you and looking forward to getting to know everyone.

[Basit Siddiqi]

@Jane Wish

Welcome to biggerpockets!

I would continue what you are doing by researching real estate(listening to podcasts and reading the forums).

I would also buy some real estate related books and potentially go to some real estate networking events if you have a chance.

$30,000 can realistically buy you a $75,000 house(if we consider 20% down payment and not the 3.5% FHA down payment requirement).

Approx $5,000 will be used for closing costs
Approx $10,000 should be set aside for repairs/emergencies
The remaining $15,000 will be available for the down payment of the house.

You should be able to find some $75,000 homes...but they will likely be outside of NYC as you pointed out.

Good luck in your real estate investing journey.