Wow! I have been active on BP for a few months now. The podcast really get me going. I am however feeling bummed out about REI. I teach in Union County, NJ (Plainfield, NJ). I like my job, but I do not want to be a slave to the 9-5 for the rest of my life. I am looking to buy my first rental property.
-I have pre approval (250K) since March of 2015.
-I have put two offers on duplexes in Plainfield, NJ. (outbid by cash buyers)
Are the deals out there? In Union county at least.
I am looking to break into Multifamily investing. I have pre approval but haven't been able to lock down my first house yet. Any advice for someone looking to buy in Union County. I work as a teacher in Plainfield, NJ - so I am looking for my first house to be somewhat close to my job (30 mins or less.)
If you have any advice on getting my first deal secured please respond. My impression of the market is that If I am not a cash buyer I will not be able to get any multi's esp. in Plainfield.
Are you attending any REI groups? This is a good place to let others know what your looking for and there may be someone there looking to sell a multi.
Another option is to do your own direct mail to find a property. Companies like YellowLettersComplete can mail to your exact specifications. I'm not sure how much time you have, but once you send some letters out, be prepared for your phone to ring and you'll need time to follow up with sellers and hopefully view some properties. If you take this route you may find a deal that others aren't all competing for, not to mention saving yourself fees/commission. Gluck!
I second the advice hat you should join a few real estate clubs and/or Real Estate Meet Up groups in the area you are interested in living in. Hook up with a real estate agent also. Keep looking and you will find something
@Tristian Cox what methods are you currently using to find your property?
I am a Realtor and an investor in the Essex and Union County area. I would like to help you with your search. If you would like to talk please see my profile for my contact information. Don't get discouraged, sometimes you get out bid. I'm sure there is a property out there for you.
@Account Closed I have not joined any local REI groups yet, last night I stayed up until about 2am researching when and where they are. I am also going to work on the yellow letters ! ,y question who should I be sending the yellow letters to? Should I send letters to absentee owners ? How do I found out who I should be sending the letters to? Thank you for your suggestions thus far.
@Gilbert Ross Jr thanks for the reply! Are you actively listing and selling any multis in union county? What are the trends that you have seen? I have seen multis being listed for a day or two at most in Plainfield and being put under contract. If you have anything in my price range or come across a deal I am ready to buy- yesterday!
@Joe Fairless as of right now, I get automatic listings every day from my brother who is my realtor. I do not think that was the best idea on my part! Hoping things work out before I bave go in a different direction.
@Barbara G. thank you for your advice. I found a few in my area and I will be attending them in October !
Nothing wrong with your brother being the realtor, You can really make sure he helps you. You have good leverage with you brother. There is some way he can send you new listings automatically (I believe) .
Tell him you are depending on him. Lean on him and he will be an asset. Do you have bussiness cards to give out at the Real Estate groups? They are inexpensive so get them to exchange with people. Get a coffee group of people you meet together for breakfast. Just invite one or 2 people to meet you at a coffee shop or ask BP people in your area to meet you for breakfast/coffee
@barbara thanks for your kind words a few weeks back! I have my first accepted offer. The property is in attorney review as we speak.
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