All Forum Posts by: Nick Connors

 I don't think house hacking would work in this market. The median home is $700,000 on Long Island. The generally equates to a tiny 3 bed 1 bath home that is in need of renovation, and either no basement or unfinished. Property taxes are also insane. I wouldn't even be able to start with a down payment, let alone any other additional costs getting it ready for another tenant. I would be so deep in the red. Plus I don't want to be tied up living in NY. God forbid something happens and I either can't get rid of a tenant or can't find one, I would barely even be able to afford the mortgage

Hello everyone! I'm a 26 year old from Long Island hoping to acquire my first rental property by the end of the year. I do pretty decent for my age, and I live at home still, so I've been saving up a lot of money. Sad reality is I'll probably own a few rentals before ever moving out. That's just how it is here. With that being said I'll obviously be focusing on out of state.

I know Ohio is mentioned a lot around here, specifically Columbus, and I'm an Ohio State alum, so that would be pretty cool to secure my first property in Ohio. I'll be looking for long term rentals that don't need any major repairs initially. I'm terrified enough of doing this out of state, so I am not interested in additional complexities with BRRRR. I'd feel comfortable investing ~$50k to start off. Seems like I could possibly get a duplex with that kind of down payment. I've considered going Dave Ramsey and buying a house with cash and upping my budget to $100k in a smaller market, but that would blow almost all my savings, and $100k just doesn't get you much anymore. Plus I need to leave my folks' place at some point lol. So loan it is.

A few thoughts/questions on my mind that I hope to learn as I continue my real estate journey:
1. How do you actually strike from out of state in a timely manner?

2. Tips for setting up an LLC

3. How can I connect with local investors?

4. I'm terrified of doing all this research, finding a "dream" property, only for it to fail and negative cash flow. What are common things beginners overlook?