Multi-Family and Apartment Investing

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Kaitlin O'Brien
  • Jersey City, NJ
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Do I Make the Offer? Advice for a Newbie

Kaitlin O'Brien
  • Jersey City, NJ
Posted Jan 18 2022, 08:17

Hi BP Community!

I'm new to real estate investing and hoping to start my journey by investing in and house hacking a duplex in Union county, NJ. I'm running the numbers with the help of my lender and leveraging all the great resources on BP for evaluating if a rental property is a good deal. I found a property where the numbers and returns work and I saw it with my agent yesterday. There was nothing glaringly wrong that makes me think this wouldn't be a good investment - I'm just hesitant since it was one of only two properties I've seen. That, and I'm such a newbie that I still feel like I don't know what I don't know.

There's not a ton of inventory out there that meets all of my criteria (FHA loan, ~$500-$550k, duplex, no or little upfront maintenance) so I don't want to lose a good opportunity. I'm hoping for some advice from you seasoned investors - what kinds of questions should I be asking myself before diving in an making an offer? Should I wait and see if any more inventory becomes available at the risk of losing this deal?

Any and all advice greatly appreciated and welcomed! Thanks in advance :)

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