Updated about 6 years ago on . Most recent reply
First time Investor looking for freedom
I’m 30 years old and I’m lucky to be alive . I’m a assitant General manager at a famous restaurant in Manhattan, I’ve had the opportunity to travel a bit and experience pretty cool moments in life but I’ve always felt like I miss so much time with my family due to my job. I can’t get mad my hard work has paid for everything but it’s time consuming. I’m never there on the holidays birthdays or any special moments. I barely see my family but especially my mother who has been sick for a long time & currently got diagnosed with non hodgeskin lymphoma. My goal is to be financially free one day so I don’t have to worry about working to pay bills and be able to spend as much time possible with her. My wife and I have been looking at ways we can make this happen but we don’t know where to start. I began with reading obtaining basic knowledge and trying to get an idea of what we need to do. She’s has a steady job with the DOE (department of education) we both make around 160k a year combined and we have only 20k saved at the moment. I know it’s not a lot i dont have crazy depth but she does have student loans to pay. I have to really figure it out because who knows how long I have to be with my family. I will never forgive myself if anything happens. Any help or any advice would really help & I would really appreciate it. Thank you everyone Godbless
Most Popular Reply
Manhattan is cool, and a great place to visit. For the folks making $300k + I suppose there may be ways to 'get ahead' - however in your case that much take home and so little savings to show for it, as well as prospects to invest there in NYC being dire at best for someone 'starting out' (in real estate, anyways) - means you should take a hard look about getting out of the area - at least since you're on a real estate investing site.
If your pride can handle that, read on!
I'm not trying to be negative but we get a lot of people wanting to get into RE investing from the high cost coasts, seeking financial freedom. Practice doing the numbers yourself, then go to zillow and run the same numbers for investing in some random midwestern cities: say, Witchita, KS Omaha, NE Kansas City MO and Dayton OH just to name a few. You'll find there's opportunity out there but you have to be willing to let the numbers do the deciding for you.