All Forum Posts by: Christopher Tile

@Rick Albert Since I'm so young, I should definitely share the same mindset. Thank you again for your help.

@Rick Albert Great point Rick. I guess sometimes people like myself hear “cash flow” and that’s all they think about. Even if I’m paying a small portion of the mortgage, someone else is paying for majority of the asset which will benefit me greatly when it’s paid off. 

@Melissa 

@Melissa S Vrobel Thank you so much for your response. Apartment.com seems like an amazing tool, thank you for sharing.

I agree with your comment regarding neighborhoods. I just finished listening to podcast 515. They talk about the importance of identifying good neighborhoods, rather than solely focusing on cash flow. While these A/B+ neighborhoods might not cash flow for some time, the long game is really what the focus should be on. 

@Ryan Thomson Thank you so much for the insight. I've listened to a couple of those but not all. Will definitely circle back and listen again. I'll have to pick up that book as well. 

@Danielle Jackson Thank you! I will continue to build my foundation and start analyzing properties. I need to get the substantial “reps” in before coming close to closing on my first property. I asked the question so I can gain some insight on what I should focus on, researching that topic even more. With more analysis and learning, the answer will come. 

@Grace Wang Thank you so much for your quick response! I have the privilege of living with my parents. I live in the basement of the house and pay no rent (no rush to leave either).

I agree with your comments on house hacking. I''d probably wind up paying rent by house hacking on long island (with a significant discount thanks to tenants). For my first deal, I'd much rather pay a 3.5% down payment, but If I get to find a great deal out of state that will leave me with cash flow, I have no problem putting down the money and recycling my principle with a refi after a year. Wouldn't OOS be the better option here then? 

I guess there really is no definite right answer. Advantages and disadvantages to both. 

I currently live in Long Island, NY. I'm a 21-year-old accountant, actively building on my real estate knowledge + saving for my first property. With home prices on Long Island being extremely high (Nassau County), I wanted to get some advice from the BiggerPockets community on the most likely strategies for locking down my first property - House hacking a multi-family on an FHA loan vs. investing out of state (BRRRR)

I understand investing out of state for my first property might be very difficult and confusing, but I'm confident with proper education and preparation, it could be done (especially with a partner/mentor). On the other hand, a small multi-family house hack is definitely more realistic. I'm sure this topic has been discussed previously, but I wanted to start an active post so I can reply with more questions. 

Please feel free to ask me more questions about my background/intentions, as I'm looking for completely transparent/honest advice. 

Here's to my first post on BiggerPockets, and many more to come!