Garden City, NY · Member since 2021 · 19 posts · 5 votes
Hi BP. Just joined a couple of days ago after stumbling across the site via a Google search.
My Name is Eric and I live in Garden City, NY with my wife and 2 kids. In my opinion we are late to the game in terms of real-estate investing but our main motivation is to build some passive income to replace my wife's W2 job. Her story is a familiar one. She had a great paying job that she loved but required many 10 hour days and during busy times often late night work. All good until the first child comes and those hours are no longer feasible. Long story short she works a lower paying job now just for the income and the work-life balance.
I am a tech executive. Replacing my W2 job isnt a goal or at least not yet.
We are currently just interested in single family or small multi-family long-term rentals.
Rental Property Investor · Channahon, IL · Member since 2018 · 161 posts · 103 votes
5y
@Eric Braxton Welcome to BP! It's really never too late to start. You have already figured out why you and your wife want to have some passive monies coming in. Now decide what areas are good, if you will be managing or will you be hiring a property manager. Were you thinking a house hacking? If you purchase say a duplex then your housing cost may be considerably lower, then if you wanted you could house hack again then rent out your side and get more cashflow. Listening to BP podcasts especially those giving advise on how to begin is great.
Hi BP. Just joined a couple of days ago after stumbling across the site via a Google search.
My Name is Eric and I live in Garden City, NY with my wife and 2 kids. In my opinion we are late to the game in terms of real-estate investing but our main motivation is to build some passive income to replace my wife's W2 job. Her story is a familiar one. She had a great paying job that she loved but required many 10 hour days and during busy times often late night work. All good until the first child comes and those hours are no longer feasible. Long story short she works a lower paying job now just for the income and the work-life balance.
I am a tech executive. Replacing my W2 job isnt a goal or at least not yet.
We are currently just interested in single family or small multi-family long-term rentals.