All Forum Posts by: Ellen O'Neill

Awesome thank you! I am going to continue looking into all of that! :) 

On top of my above question though - is it possible to even make a very low sum of profit from this? With house hacking it seems that multiple units allow for more cash flow but with just one roommate it seems less possible. Unless I have them pay the entire rent but i'm not sure that would exactly workout. Or, would this be a venture that just allows me to live on my own without giving someone else my rent money? 

Thanks again! 

Hi all,

So, I have decided to wait on buying a two family in my area as it is expensive and out of my price range. However, I would like to move out around 26 (I am 24). I am from NJ and have been on the fence of potentially investing in a 2 bedroom apartment/condo in Union City/West New York/ Jersey City/ Hoboken area. Everyone usually suggests house hacking but with a two family home. Would buying a 2 bedroom and getting a roommate still put me on the right path for smart real estate investing? Thank you so much!

• @Aaron Hunt Thank you! I have to admit, having my mom as my roommate has really helped me in the savings department lol. It allows me to save the money that I do. 
• @Adam Widder I agree! My boyfriend is a plumber so i've been trying to learn the basics in hopes that my knowledge will come in handy later down the road. 
• @Adam Burns I have looked in to this - I'm thinking that when it is time to move out that this would be the best way to do it. Thanks!
• @Andrea Ives Thank you! And so happy to hear that there is another young girl out there looking to save her pennies and invest smartly. I wish that I had been on top of my game and done that while I was in college. Best of luck & thanks for the advice! 
• @Odie Ayaga I have been thinking of looking in PA. I've just been told that your first investment home should be as close as possible which is why I've been hesitant but I think I should really start looking into it. Thank you! 
• @Brendan Markle Thank you! & tell me about it. It's really a killer for someone just starting out. You are the second to suggest PA so I think I will begin looking into it. I will definitely let you know if I have any questions. 
• @Caleb Heimsoth Thank you for being honest! I wasn't sure if I was being negative or realistic. 
• @Miguel Dormany We need more people like you in the world! Thank you for the kind words. I also have been thinking of partnering up with someone in hopes of speeding up the process without being irresponsible and finding myself in a financial pickle. 

Thank you all for the responses. They were all extremely helpful and uplifting. Have a great day everyone! :) 

I am 24 years old currently making 35k a year living in New Jersey. I don't make a lot of money but have managed to save 17k in a little less than 2 years. I want to invest in a multi family property but am hesitant to do so considering New Jersey is very expensive, I am a young female (this may be a problem when dealing with renters) and my future is very much so undetermined as I am just starting out in the "adult world." 

I have done research but am still on the fence about how much to have in the bank before purchasing a rental home. I have heard it is recommended to have at least 50k (or absolutely nothing depending on who you ask). 

Did anyone else start out young and a little unstable when buying real estate? Thanks!