All Forum Posts by: Sophia Smith

Thank you again to everyone who has recently replied to this post! You all have been so helpful and I am really excited about the advice I have received. Currently I rent in Elmwood and I love living in the village! I would love to buy a piece of property here, but Elmwood is starting to get increasingly expensive so I am not sure if that will be realistic. I am not opposed to buying a property that needs some work, but in that regard I am only looking to fix cosmetic. I will still be working my FT job so I really do not have the time, nor do I have the knowledge to do a full flip. But, I am really interested in flipping in the future! I am hoping that buying property near any of the universities or just right outside of Elmwood/Allen would be a good investment (thinking that eventually these areas may become too expensive and push people a little farther out), but if anyone has any thoughts on area let me know! I also did not grow up here, I am from Albany. I lived in the Falls for 4 years for college (but frequently came into Buff) and now I live in Buff and love being here! 

Does anyone have any advice as far as pre-approval? Since I am so new to this, I am not sure if there is a "better/smarter" time to get pre-approved. As tax season is right around the corner, is it better to wait until after I file? Also, I am suppose to be getting a raise at work. It is only a 2% salary raise, it really doesn't make a huge difference but wasn't sure if it is better to wait. 

I genuinely want to thank you all! Your responses provide me a lot of comfort and it seems like everyone agrees on the next step(s), which puts me at ease. I am going to pursue the advice you all have given me. Thank you again for taking the time to respond and shed some words of wisdom. You all have truly helped me out! 

Best, 

Sophia

Hello! 

I am a total newbie when it comes to real estate investing, but the Bigger Pockets podcasts/community has really influenced me. I am very excited about the possibilities that real estate investing could create for me in the future. I am 22 years old and have recently graduated college (May 2019). Over the last 7 months I have been working full-time at a hospital as a clinical research coordinator. I do not hate my job, it is rather interesting but I as Robert Kiyosaki wrote I am totally "working for money" (thanks Bigger Pockets for the book recommendation). Although I like the stability and security, I am already starting to feel a bit trapped in my 9-5. 

I live in Buffalo, NY and housing is pretty affordable. Many sectors of the city are up-and-coming and there are tons of colleges/universities, major medical hospitals, some professional sports, and factories around. 

So heres my dilemma: My lease is on my apartment is up August 2020 and I'm debating on whether I should rent and save another year (which kills me a bit inside) or invest in a multifamily property and house hack. But, I am fearful and discouraged, as I am unsure if I am in a position to qualify for a good loan. Therefore, I am not sure if it is realistic at this point. Here is my financial situation at a glance:

-Credit score fairly good about 700 to date

-I have saved up a decent chunk of money over the last 7 months

-I have student a good chunk of debt (thanks to college and student loans approx. $29,000), however I am on a regular repayment plan and I can afford my monthly payments.

-My one year of full-time employment is July 2020, although I have worked part-time since I was 15

-I am nervous about my debt to income ratio and how that may look on paper

So I am considering going in on a property with my dad. My dad is looking to get into real estate investing too. He for sure has the means to do it, so I am wondering if I co-invested with him on a property if I would be more likely to get a loan? I know that mixing business and family isn't always a great option, but I am thinking it could a good option in regard to my financial situation. Ideally I would like to find a multi-family house, where I could occupy one of the units and house hack. But, I know this all takes a lot of time and I want to make sure that I really understand the market and everything investing encompasses.I am trying to learn all that I can through books, podcasts, youtube videos, my own searchers, talking to people in the industry and attending seminars, but I am still new to this world.

What thoughts do you guys have? I am working on a shorter timeline like I mentioned, my lease is up August 01 2020, so I am not sure if it is even a realistic goal right now. Would you advise I rent another year? Wait it out, save some more money and pay down more debt, then try for an investment in 2021? Or try my luck and attempt to get a loan, possibly with my dad as an investor too? 

Any advice is greatly appreciated!