Central Jersey and want to buy my first property

[Frank Martinez]

I'm 44 and been wanting to get into real estate investing for awhile now.  I live in central Jersey and have $14,000 saved.  I have a w2 job and my wife also has a w2 job.   I was looking into flipping houses to make more/quick money to build my capital but, the houses are too expensive here in new jersey. Looking to start small and then build up to get better properties.  I have 1 friends that also want to do the same.  We've talked about partnership to look for a houses to flip or to keep as rentals.  I've also looked out of state but, I'm sacred of not living close to the property if something happens and or getting scammed by management company or contractors.  

[Shawn Mcenteer]

Quote from @Frank Martinez:

I'm 44 and been wanting to get into real estate investing for awhile now.  I live in central Jersey and have $14,000 saved.  I have a w2 job and my wife also has a w2 job.   I was looking into flipping houses to make more/quick money to build my capital but, the houses are too expensive here in new jersey. Looking to start small and then build up to get better properties.  I have 1 friends that also want to do the same.  We've talked about partnership to look for a houses to flip or to keep as rentals.  I've also looked out of state but, I'm sacred of not living close to the property if something happens and or getting scammed by management company or contractors.  

 Hi Frank.  Do you currently own a property?  Main Concern I have is funding the deal.  Unless you are veteran you'll likely need do to 3.5% down payment then on top of that have room for closing cost which tend to be over $10K.   There are options of seller providing concession or money towards closing fees but in many cases that makes your offer much weaker in competitive situations.  Having access to some more capital will go a long ways for you. Staying local and doing a house hack strategy tends to be smart move. You need a place to live, may as well be in an asset you own that has portion of it paid by your tenants.