Getting Started in Monmouth County NJ
Hi all,
Another new investor looking for advice in New Jersey. I'm looking to break into investing in my area (Northern Monmouth County) but it's definitely gotten expensive in the last few years (like everywhere.) My question is, for my first deal, is it best to stick to a smaller SFR or has anyone invested in a more expensive (over 500K) BRRRR-like property to start? How do you go about calculating rents in an area with few comps? Do you have favorite local lenders that know the area and are good to work with?
I'd like to purchase my first investment property in the next 6 months and would love some advice on where you would start. I currently own a home that has appreciated about 100k in value in the last 2 years. If I rented it out it would cashflow but likely only a few hundred a month (without management.) I DON'T want to sell my current property as the plan is the expand it and turn it into our forever home (plus it's in a great neighborhood and if we add on it will be worth $$$.) If you were me would you 1) try to rent out the house and find a new property to house hack for a few years? 2) Focus on an affordable SFR somewhere cheaper? 3) Try to find a BRRRR opportunity that you probably have to beg borrow and steal to make happen but ends up with great cashflow?