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
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.
Don't think it's feasible in NYC with 50 grand lmao
Move to New Jersey! ;)
What is your total financial situation, like any debt, financial goals at a particular age etc.
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...
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.
Goldman Sachs guy asking blind for investment advice 🤔 Maybe i wont buy gs shares...
Don't buy them
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