All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 2 times.
Thanks for the comments.
I'm not looking to go into RE full-time. But I do want to diversify my income and have a few hundred bucks of post-tax cash flow a month during grad school. (No unrealistc expectations here).
Hello BiggerPockets community! This is my first post!
I want to get started in real estate. I read 4 books on RE investing and currently reading Brandon Turner's "The Book on Rental Property Investing" I live in NYC and know Queens, Manhattan, and Brooklyn very well. I also know Binghamton, NY fairly well.
HOW CAN I USE ALL OF THE BELOW? WHAT WOULD YOU DO IF YOU WERE ME?
I think a have a GREAT financial starting point but I just need that push in the right direction. My biggest concern is a lack of cash given NYCS's INSANE house prices. But in theory I can 0% down VA loan.
WHAT I WANT:
I want to house hack or buy a single-family home to generate income. Then quit my job and go back to school and not worry about being a broke grad student!
WHAT I HAVE:
FINANCIALLY:
(1) $10,000 in cash to invest in RE that I can afford to loose
(2) $93,000+ base salary, not including bonus, commissions and over-time which I do earn!
(3) $0 debt (no car or student loans, or credit card balances)!!!!
(4) 790-810 credit score
(5) I qualify for a VA loan (I'm a vet)
(6) My parents own a condo in NYC which is paid free-and-clear ($700k+ equity!)
(7) I can live there for free whenever I want and save on rent.
(9) I contribute $19k to my traditional 401k because between employee match and 30% savings in marginal tax, my yearly return is is 65% on that 19k! So I'm unwilling to divert retirement savings money from this into cash savings
OTHER ASSETS:
(1) Early 30's guy with a great work ethic!
(2) A decent knowledge of finance and accounting because I work in finance :) !!!
(3) A good car that runs
(4) Decent DIY and home improvement skills
(5) Amazing design skills; I can make crap look luxury like magic (I have spent years honing this skill) Fixer-uppers?
Thank you all.