Investor · New York, NY · Member since 2022 · 1 post · 1 vote
Hello,
I'm a clinical research professional and my boyfriend is a construction worker. We are looking to purchase a duplex within an hour away from NYC. Combined we make 160k and my salary is set to increase in the next quarter. We have about 40k for a down payment. I've been trying to figure out what's the best strategy, work with a wholesaler to find a great rehab deal, find a turn key duplex at a higher price point and put down 5 percent. Ultimately, trying to cash flow or at least lower living expenses. Any recommendations in this area would help, thank you!
Realtor · NJ · Member since 2020 · 277 posts · 138 votes
4y
Hi @Rebecca Almonte, welcome to BP and congrats on taking the first steps in your investing career!
I'm an investor and investor-agent born and raised in Bergen County, and I work all over North Jersey including Bergen, Passaic, Essex, Hudson, and parts of Union/Morris counties.
I'd be happy to connect with you and learn more about your investment objectives!
Real Estate Broker · Montclair NJ · Member since 2019 · 17 posts · 17 votes
4y
Hi Rebecca, To me, your question is a bit broad. I am in NJ. I don't work with wholesalers but from a real estate point of view.
If you are buying something...do you know how much house you qualify to buy? Have you connected with a lender? I have one if you need one.
Is there a particular reason you want to be in Bergen County? Passaic, Essex, Morris, Hudson, Union, and even Monmouth could be options as we have a great transportation system in NJ.
Do you want to live in the property you purchase?
Do you work in NYC? If so, how would you commute there? Bus, Train, car?
What type of lifestyle are you looking for. Nature, urban, suburban, the beach etc.
Realtor · NJ · Member since 2020 · 277 posts · 138 votes
4y
Hi @Rebecca Almonte, welcome to BP and congrats on taking the first steps in your investing career!
I'm an investor and investor-agent born and raised in Bergen County, and I work all over North Jersey including Bergen, Passaic, Essex, Hudson, and parts of Union/Morris counties.
I'd be happy to connect with you and learn more about your investment objectives!
It's great to see you taking your 1st steps. IMO, if you are savvy about real estate, know your numbers, and have construction knowledge, then working with a wholesaler is fine. But don't work with just 1, make sure to have multiple contacts and make sure they are direct to seller. YOU must verify all numbers, and YOU must make sure to have all your ducks in a row because the wholesaler will likely not help you with that. On the other hand, if you feel like you need some hand holding on your 1st deal, definitely, definitely, look into working with a realtor to help you with the process. A good realtor will walk you through the process from A-Z.
Developer · NY · Member since 2021 · 131 posts · 106 votes
2y
Hi Rebecca, nice to virtually meet you. I see you were looking to purchase your first property. Let me know if you have any questions or need any pointers. I thoroughly enjoy helping people invest in real estate, so happy to help any way I can.