Hi BP Community,
I just been pre-approved for 250-275K and I am afraid of investing in the wrong property (and being out the "game")
I am looking for a multi-fam home (owner occupied) that I could obtain decent rental income. Is it possible for you guys to provide me with 3-4 affordable towns in NJ that I should invest in?
Thank you in advance,
@Michael Peralta Not my area so can't help you but I would suggest joining to as many local REIA meetings, join local message boards, and read as much as you can to overcome the fear of investing. If you are scared to invest that should go away with being better informed, otherwise it's going to be an uphill battle if you feel like you are in the dark.
It would be wise for you to join a local networking group and link up with experienced investment agents as well. If you're interested I would love to connect with you. I''ll PM you.
Don't be afraid, be mindful. The process can seem daunting but be patient. The deal, every deal, is made when you buy. You buy right and you have the room to make it work. Too often people get that approval letter and its like money burning a hole in their pocket. Take your time and buy a DEAL. I am not in NJ but I have friends who are making some serious money there. The DEALS are out there.
As others have mentioned, your best bet is to start networking and connecting with other investors.
Generally speaking, real estate investors are pretty warm to newbies and eager to share their stories and experiences. Connecting with these folks can help lead you to a good opportunity.
Also, you should get in the habit of running some numbers on properties that hit the market. Even if it is something that you are 100% uninterested in, it helps to exercise the brain and to go through the numbers and try to figure out what the property would rent for, sell for, cashflow for, etc. The more familiar you become with various neighborhoods, the better prepared you'll be when the right opportunity emerges.
Lastly, resist the urge to go buy something immediately now that you are approved. The profit-opportunity is on the buy-side. Trust the math and trust your analysis. You'll know when the right property is there.