Rental Property Investor · Trenton, NJ · Member since 2020 · 6 posts · 0 votes
Hi, I'm in N.J and trying to invest and pruchase my first home. Not sure if I'm looking at the right houses, and also have no mentors or info other than my realtor loving everything I look at for her profit. Would love to get info, insight, help, or whatever to kind of make it a little less stressful and knowledgeable.
Realtor · NJ · Member since 2023 · 215 posts · 99 votes
6mo
Hey Armaine, NJ investing is challenging as a first time homeowner and not to be taken lightly. I definitely learned the hard way starting out. I can't stress the importance of having an investor friendly agent in your corner who can help you with navigating local regulations, calculating the numbers on a deal, estimating renovation costs etc.
I promise it does get easier with time and experience! Let me know if you want to chat real estate!
Here's my suggestion for a place to start your new mindset--make the distinction between buying your 'home' and being an investor.
A home buyer will base their decision on emotions, like how it will feel to live here.
An investor will look at a property and see a business. Investors work the numbers to see if the property will be a profitable, predictable, and safe investment.
I think to Marc’s point you need to separate homeowner from investor.
If you’re looking to live in the property, you’re looking at home comforts that you like and want to live in.
As an investor, you’re looking at the property as a business. Will it make you money? Are you ready to start a landlord/tenant relationship?
There are methods to both: you can house hack (live in and rent out) or BRRR, but start with what you’re trying to accomplish. A home is an investment, it’s an asset to you but the rationale behind owning versus buying to rent it out are different.
Feel free to DM, I’d be happy to chat and hear your goals.
Hi, I'm in N.J and trying to invest and pruchase my first home. Not sure if I'm looking at the right houses, and also have no mentors or info other than my realtor loving everything I look at for her profit. Would love to get info, insight, help, or whatever to kind of make it a little less stressful and knowledgeable.
I live in NJ so like the others - separate investment vs home purchase. For buying a house to live in. Everything is mostly expensive in NJ. Find areas where prices may not be as high. If you are in northern Jersey, look at central or south. But you have to figure out where as you probably want to have a short commute. You know traffic sucks here. I am in northern part of Ocean county. Expensive but going further south would be slightly less. Again depends on how far you want to be from family, work, friends, etc. Maybe buy a house that needs work and you slowly renovate it.
Rental Property Investor · Trenton, NJ · Member since 2020 · 6 posts · 0 votes
7mo
Definitely. I think that’ll be the plan. Just trying to find something semi decent that isn’t too far for my work commute and also where I stay now in central Jersey
Realtor · NJ · Member since 2023 · 215 posts · 99 votes
6mo
Hey Armaine, NJ investing is challenging as a first time homeowner and not to be taken lightly. I definitely learned the hard way starting out. I can't stress the importance of having an investor friendly agent in your corner who can help you with navigating local regulations, calculating the numbers on a deal, estimating renovation costs etc.
I promise it does get easier with time and experience! Let me know if you want to chat real estate!
Lender · Charlotte, NC · Member since 2024 · 14 posts · 6 votes
6mo
@JooYung Choi I second this, you HAVE to have an investor friendly agent. I would also look into DSCR loans for your financing as they don't require your personal income. Investing outside of NJ seems to be tough as a first time investor so perhaps considering another market may be an option?