I am a newbie looking to invest in some more real estate. I bought my first 2 family 7 years ago which has been fully rented out ever since I basically purchased.
I bought my residence house last year.
I am looking to continue to grow my real estate investments in rental properties. I enjoy managing real estate from the finance aspect right down to the maintenance/repair portion of it too.
I honestly don't even know where to begin with what I should be looking for to invest in. I am open to ideas. Any suggestions or advice would be greatly appreciated. I look forward to speaking with you guys on this site.
It looks like your on a good start. You have rental income thats been reporting for more than two years, which will help you qualify for investment loans using future rental income versus being based off of your primary income.
As for where to start, you currently have experience from buying and holding, and it looks like you enjoy it. I would stick with what you know and enjoy at first, at least until you get a few more properties under your belt. Once you get a few more properties under your belt, and you feel comfortable then possibly venture out into buying and flipping.
I'm starting out and buying and holding myself for the cash flow.
Here's what I'm doing:
1) created a keyword on biggerpockets.com for "Jersey", so that I can find networking groups in my area.
2) searching for networking groups on Meetup.com
3) Had a real estate agent put me on the alert list for any more Multi families in my area.
4) search craigslist.com everyday for new Multi families
5) analyze the new listings by using the analyze tab on biggerpockets.com and an app for the iPad and iPhone called "evaluator".
I look forward to seeing what tips other investors have to give and to see what they have to say about my advice.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers to supply deals and rehabbers.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Thanks for the info. I am really not looking to flip houses. I just don't have the time for that. I really would like to buy rentals and sit on them for a while.
@Patrick Presti - sounds like share similar strategies. I'm a buy-and-hold investor too and I'd recommend taking a look at either a) another property similar to what you've purchased or b) go bigger and do multi-family. I live in NYC but invest in other markets that cash flow a bit better and have a lower price for entry.
Welcome to BP @Patrick Presti . I'm a big fan of the duplex because it can help you skirt around local rent control laws. Most municipalities see it as a "mom and pop" business so they allow you to operate on your own. You've had success with this formula already so like Joe said why not continue with it. Its worked very well for me too.