Goldman Sachs🤙🏻MrYang

Have some savings, how to manage it?

Long story short, I have around 50k sitting in my HYSA and I'm planning on accumulating more. I am already contributing to my retirement funds and saving the rest. Ideally, I'd like to get into real estate, most likely buying a property somewhere that's not NYC and renting it out to generate extra sources of income. I know I could already buy a place somewhere OOS now and start my RE journey that way - but I'd like to hear any other suggestions from people who have done something similar on how to get into the RE game and when to pull the trigger. I'm probably going to be in NYC for another 2-4 years at least, so buying anything here to house hack is pretty much not an option (although I'd love to do that if I were living in a more affordable city). To me, the only realistic option to get into RE is to buy something outside the immediate NYC area or even go further, like Florida or Georgia, similar to the guy who held the AMA just recently. TC: 170k YOE: 4 #realestate #investing #fire

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Microsoft utLu50 Feb 16, 2020

Goldman Sachs guy asking blind for investment advice 🤔 Maybe i wont buy gs shares...

Goldman Sachs 🤙🏻MrYang OP Feb 16, 2020

Don't buy them

Microsoft Clippy3.0 Feb 16, 2020

The SEC has joined the chat.

Microsoft CloudTown Feb 16, 2020

Buy a duplex and live in one side and rent the other until you can afford a four plex. Rinse and repeat until you own an apartment complex.

Goldman Sachs 🤙🏻MrYang OP Feb 16, 2020

Don't think it's feasible in NYC with 50 grand lmao

Microsoft CloudTown Feb 16, 2020

Move to New Jersey! ;)

New
fsfehico Feb 16, 2020

What is your total financial situation, like any debt, financial goals at a particular age etc.

Goldman Sachs 🤙🏻MrYang OP Feb 16, 2020

No debt. Ideally I'd like to have a substantial amount of money being generated from sources other than my day job, hence I'm looking into real estate. At the moment, I'm basically saving up for a downpayment, but I don't have a good idea on where I'd buy my first property and for how much...

New
fsfehico Feb 16, 2020

Ok, then buying is a good idea generally but I guess the location is the only challenge you have to grapple with; honestly if I were you I'd talk to a financial advisor and I just did that.

Google ABC-CEO Feb 16, 2020

Buy a car and rent it out. Not sure how you can get into RE with $50k.

Amazon amznzma Feb 16, 2020

Midwest has 250k homes that need 50k down payment

EA arcades Feb 16, 2020

isn’t remote management a pain though?