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All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 2 times.

Post: New Investor NYC. Where to Start?

Account ClosedPosted
  • Posts 2
  • Votes 1

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).

Post: New Investor NYC. Where to Start?

Account ClosedPosted
  • Posts 2
  • Votes 1

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.