New Investor looking for Friendly Advice !

New Member Introductions
4yFollow

New Investor looking for Friendly Advice !

John Costanza
Member since 2022 · 13 posts · 13 votes

Hey Everyone ! My name is John, and I am new to Bigger Pockets as well as Real Estate investing. I turn 30 years old this year, and spent the last 10 years earning my Bachelors Degree in Business Management from East Carolina University, then continuing on to earn (4) I.T Certifications and I am currently working as a Systems Engineer. My recent promotion had me thinking for the first time in my life I might be able to get ahead, but like most of you I found I was sadly mistaken. Feeling the middle class struggle, I took to the books. "Subtle Art of Not giving a F*ck" by Mark Manson taught me to embrace the fear of failing and use it as a learning tool. I read "Rich Dad Poor Dad" by Rich Kiyosaki next which got me thinking outside the box and thinking about Real Estate. That is when I read "Rental Property Investing" by Brandon Turner which brought me here. As you can tell I am dedicated to learning and I have been bitten by the Real Estate bug. I honestly cannot wait to get started. I ordered more books and I am analyzing how I should make my first move.

Living in Jersey City, paying cheap rent in a bad part of town... my initial thoughts were to buy myself and wife a Single Family home to live and begin our life together. Hopefully have some children..... but these books got me thinking maybe I should instead use my First Time Home buyer advantage to purchase an investment property that could boost my cashflow. I have family roots in Jersey City but the taxes are too high so I was thinking maybe in the surrounding suburbs. Maybe I should "House Hack" first so my wife can continue to be close to her office in Jersey City so the commute isn't bad. Our ultimate goal is to make enough money to replace her income so she can quit, as I work from home and that would free us from being stuck in North Jersey for good ! These are the "Why" I am interested in investing.

I could also pursue a place in Toms River New Jersey, by Seaside Heights which is a popular summer location by the beach where I was born and raised and also have roots.

Finally, I could think about pursuing Greenville, North Carolina where my Wife has roots, or Naples Florida where my parents currently live and are developing incredible friendships I could use to my advantage.

Thanks for reading and any comments are greatly appreciated.

1Reply
23 views

7 Replies

Jump to latestLatest
  • Sunny Alexander
    Real Estate Broker · Tampa, FL · Member since 2020 · 103 posts · 74 votes
    4y

    How exciting! I would recommend going to as many meet-ups as possible and networking. House hacking is an awesome idea too, I would try to pursue that course of action first. 

    0Reply
  • Kevin Woodard
    Lender · Nationwide · Member since 2021 · 220 posts · 105 votes
    4y

    @John Costanza welcome aboard! Like Sunny mentioned, start networking. There are many different flavors of real estate investing every time you meet someone new you'll discover a new approach to it. I was actually talking about Toms River specifically the other day, never been personally but as a surfer I need to be close to the ocean! I enjoyed Florida (Pensacola) while I was living there, and like their lack of state income tax. 

    If you need to start building your team in Jersey, let me know. I know a few really good realtors, attorneys, and lenders on the conventional side of the house. 

    Hope this helps, feel free to reach out.

    0Reply
  • John Costanza
    OP
    Member since 2022 · 13 posts · 13 votes
    4y
    Quote from @Sunny Alexander:

    How exciting! I would recommend going to as many meet-ups as possible and networking. House hacking is an awesome idea too, I would try to pursue that course of action first. 


     Thanks so much for the advice Sunny ! My toughest choice is choosing where to buy in North Jersey that won't crush me in taxes that is still close enough to Jersey City (where my wife works). I fear it might take a long time to find a good deal.

    0Reply
  • John Costanza
    OP
    Member since 2022 · 13 posts · 13 votes
    4y
    Quote from @Kevin Woodard:

    @John Costanza welcome aboard! Like Sunny mentioned, start networking. There are many different flavors of real estate investing every time you meet someone new you'll discover a new approach to it. I was actually talking about Toms River specifically the other day, never been personally but as a surfer I need to be close to the ocean! I enjoyed Florida (Pensacola) while I was living there, and like their lack of state income tax. 

    If you need to start building your team in Jersey, let me know. I know a few really good realtors, attorneys, and lenders on the conventional side of the house. 

    Hope this helps, feel free to reach out.


     Hey Kevin ! Toms River is just a few minutes from the famous "Jersey Shore" where the beaches are under-rated. Not sure about the waves though. I appreciate your reply, do you know anyone there who owns rentals ? I would be interested in reaching out to them to talk. 

    0Reply
  • Gregg Fitzgerald
    Investor · Saint Joseph, MI · Member since 2022 · 2 posts · 0 votes
    4y

    Hey John!

    I'm nowhere near Jersey while living and investing in southwest Michigan. But I do love the title of the book you mentioned "Subtle Art of Not Giving a F***". I have thought about investing in real estate all my life but never making a move except for the places I live in. Five years ago without any advice from anyone, without reading (I never read), without consulting or using a lawyer, without relying on any forums or online support, I researched and dwelled and agonized for months over the purchase of a small mobile home park for sale at the time...and then made a move. 12 mobile home spots, a rented pole barn and two rental houses. For all of the pain, arguing with tenants, drugs and screeching tires and loud music and social management.... I'm still glad I did it. If I wasn't glad, I could have sold it and I still would be ahead. My point is, I love the title of the book because I didn't give a F*** at the time of purchasing. I knew I needed to do it. Now I'm in that mode again and ready to buy several more properties knowing that I will make it work or sell them and move on. 

    I'm wondering if you could take that approach in Jersey by applying the right amount of scrutiny whereby you recognize the point at which you are shying away from a deal purely due to fear or overanalysis. 

    0Reply
  • Account Closed
    Investor · Member since 2020 · 64 posts · 29 votes
    4y
    Quote from @John Costanza:
    Quote from @Kevin Woodard:

    @John Costanza welcome aboard! Like Sunny mentioned, start networking. There are many different flavors of real estate investing every time you meet someone new you'll discover a new approach to it. I was actually talking about Toms River specifically the other day, never been personally but as a surfer I need to be close to the ocean! I enjoyed Florida (Pensacola) while I was living there, and like their lack of state income tax. 

    If you need to start building your team in Jersey, let me know. I know a few really good realtors, attorneys, and lenders on the conventional side of the house. 

    Hope this helps, feel free to reach out.


     Hey Kevin ! Toms River is just a few minutes from the famous "Jersey Shore" where the beaches are under-rated. Not sure about the waves though. I appreciate your reply, do you know anyone there who owns rentals ? I would be interested in reaching out to them to talk. 


     hey John im from asbury park area, my parents have a rental in lavalette, i have out of state rentals. not sure if thats of any use here

    0Reply
  • Richard Phillip Lewis
    Investor · Manasquan, NJ · Member since 2019 · 70 posts · 38 votes
    4y

    Hey @John Costanza, If You need some guidance along the Jersey Shore. I have lived here all my life. My family has owned a beach front rental in manasquan all my life. We rent it in the summer and winter. Im very familiar with the STR game. There is definitely alot of great opportunity here and Id be happy to help any way I can. In 2016 I started digging more into Real Estate investing when I came across Bigger Pockets and Rich Dad Poor Dad. I went on to get my real estate license in 2018 because I like to do things myself. If I can help feel free to shoot me a text: 732-567-1441

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free