New Investor from Long Island, NY

8 Replies

R.J. here. Long Island native (Nassau county), born and bred. Engineer by day.... and night, and pretty much every waking hour (BE & ME in MechEng), so analytics and spreadsheets are my bread and butter (as well as CAD, product development, and a slew of other things). I figured I had two options as an adult stuck here... make the best of a bad situation and try to survive, or get the hell out of dodge and move to a lower COL area. The universe seems to have kept me here in the near term, so I needed to figure out a way to afford living here.

My commute affords me the ability to catch 1 or 2 BP podcasts daily - in between Duolingo sessions, so I've been trying to learn the best I can over the past 6 months to a year. The best way to learn though is by doing - can't get level of education through a youtube video or podcast.... so I jumped in.

Just purchased a townhouse with the intention to ultimately move into, but to rent in the near term too (specific post on that later I'm sure) I know condos/townhouses are typically advised against, but the numbers made sense to me. For the amount that I would be paying in rent for a comparable place, or renting the 2nd floor or basement of someone else's house, I could start gaining equity in a place that I could ultimately rent out to someone who either commutes to NYC or even out east.

Ultimately going to look around for a multifam deal that I can FHA into as my next step, but also looking for out of state BRRRR options too - mostly in central FL. Family already has a few properties down there, and I'd like to stake my own claim. Ultimate goal is to FIRE, or at least the FI part. I'm hoping to be able to at a minimum replace my SO's salary with rental income in the next 10 years so she can enjoy being a SAHM when we start having kids.

Happy to be here. :)

Hey R.J. You have come to the right place! I am also from Nassau county.. Currently investing in rental property in the Atlanta metro area. I will shoot you a PM, lets connect.

Originally posted by @R.J. Petrillo :

R.J. here. Long Island native (Nassau county), born and bred. Engineer by day.... and night, and pretty much every waking hour (BE & ME in MechEng), so analytics and spreadsheets are my bread and butter (as well as CAD, product development, and a slew of other things). I figured I had two options as an adult stuck here... make the best of a bad situation and try to survive, or get the hell out of dodge and move to a lower COL area. The universe seems to have kept me here in the near term, so I needed to figure out a way to afford living here.

My commute affords me the ability to catch 1 or 2 BP podcasts daily - in between Duolingo sessions, so I've been trying to learn the best I can over the past 6 months to a year. The best way to learn though is by doing - can't get level of education through a youtube video or podcast.... so I jumped in.

Just purchased a townhouse with the intention to ultimately move into, but to rent in the near term too (specific post on that later I'm sure) I know condos/townhouses are typically advised against, but the numbers made sense to me. For the amount that I would be paying in rent for a comparable place, or renting the 2nd floor or basement of someone else's house, I could start gaining equity in a place that I could ultimately rent out to someone who either commutes to NYC or even out east.

Ultimately going to look around for a multifam deal that I can FHA into as my next step, but also looking for out of state BRRRR options too - mostly in central FL. Family already has a few properties down there, and I'd like to stake my own claim. Ultimate goal is to FIRE, or at least the FI part. I'm hoping to be able to at a minimum replace my SO's salary with rental income in the next 10 years so she can enjoy being a SAHM when we start having kids.

Happy to be here. :)

Welcome to the site RJ.

 

@R.J. Petrillo

Welcome to the site RJ! I am relatively new as well and also just beginning my journey. Currently living on LI and share a similarly long commute to NYC, affording me time to catch 1/2 podcasts a day.

There are a few of us LIers on here, we should start a meetup!

Good luck!

Dan

@R.J. Petrillo

Welcome to biggerpockets. You will find it to be a great community of investors who are willing to help the next investor.

Being good with spreadsheets should come in handy when you analyze investment properties.

You can't go wrong with trying to do an FHA on a multi-family.
Good luck in your investing career!

Hey R.J

Another NY investor here! Welcome! Bigger pockets is the site to be if you want to learn and connect. Shoot me a PM, and good luck!

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