Recent College Grad, Current Corp Employee, Future RE Investor
Hi Everyone,
I'm based in southern New Jersey, but pretty much close to Philadelphia. I graduated grad school recently, got myself a "safe" corporate job, and really just want to start building my real estate portfolio. My degree is in public health, so I have to start from scratch in attending seminars and doing my homework all over again, but for real estate! I really don't like to idea of wishing and hoping for my 401k to be enough when I retire, and the lucrative benefits (passive income, taxes deduction, appreciation) of real estate intrigues me. In addition, if the decision comes, I want to be able to choose to spend time with my future family and not neglect them because I need a job to bring home the money. Thus,if anyone in New Jersey is interested in partnering or networking please let me know! Excited to be part of bigger pockets :)
That is just PHENOMENAL that you @Ying St.Cerny is starting young. If you stay on course, this will play tremendously at your favor... congratulations for your decision on doing REI!
There are hundreds of different ways to invest in real estate and all of them are valid. I've started doing traditional long-term rental of single-family homes in 2005, and only in 2020 I have discovered multifamily syndications, since then I dove head on, switched my investments towards large multifamily syndications (>100 units) and currently invest in 1,220 units (60% of it as General Partner). With that I am saying you should research and learn about different ways to invest in real estate, but please include large multifamily syndications on your portfolio of options - I wish I have learned about it at younger age.
I'm open to chat more about it if you want, just DM me. Wish you all the very best on your journey!
Quote from @Anderson Bigate Nogueira:
That is just PHENOMENAL that you @Ying St.Cerny is starting young. If you stay on course, this will play tremendously at your favor... congratulations for your decision on doing REI!
There are hundreds of different ways to invest in real estate and all of them are valid. I've started doing traditional long-term rental of single-family homes in 2005, and only in 2020 I have discovered multifamily syndications, since then I dove head on, switched my investments towards large multifamily syndications (>100 units) and currently invest in 1,220 units (60% of it as General Partner). With that I am saying you should research and learn about different ways to invest in real estate, but please include large multifamily syndications on your portfolio of options - I wish I have learned about it at younger age.
I'm open to chat more about it if you want, just DM me. Wish you all the very best on your journey!
Hi Anderson, first and foremost, thank you for your words of praise and kindness! Also, I have actually started looking into both residential and industrial syndication. However, I have learned, that one must have equity before being able to participate as an LP, in addition to experience and skills to become a GP. So for the time being, I am going to start small to build that equity and learn as much as I can in the mean time! I sent you A DM to connect fyi!
#2 Starting Out Contributor
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- Mendham, NJ
If you are weighing South Jersey vs. Philly, you should opt for Philly in terms of buy-in price and cash flow, but your overall asset may be a bit less desirable. If you invest in Philly, you HAVE to understand the block dynamics of every area, block by block, to be successful. The taxes in Philly proper are far superior than anything you will find in South Jersey so you can save 6-8x on an investment just on the tax base portion.
#1 Creative Real Estate Financing Contributor
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#1 Creative Real Estate Financing Contributor
- Lender
- Austin, TX
You've definitely come to the right place - real estate investing is the tried and true method to building a true financial freedom nest egg!
Congrats on joining BP and putting yourself out there! I'd love to connect.
Quote from @Jonathan Greene:
If you are weighing South Jersey vs. Philly, you should opt for Philly in terms of buy-in price and cash flow, but your overall asset may be a bit less desirable. If you invest in Philly, you HAVE to understand the block dynamics of every area, block by block, to be successful. The taxes in Philly proper are far superior than anything you will find in South Jersey so you can save 6-8x on an investment just on the tax base portion.
Hi Jonathan! I was actually told the exact same thing. Currently, looking at both South Jersey and Philadelphia. I did go to Philly for university studies for the past 6 years and learned the good and not so good areas. Based on what I have learned so far, what are your thoughts about investing in other states that are more landlord friendly, more fair taxation rates, and overall preferably favored states, vs states like New Jersey and Pennsylvania, as first time investor? Most of my evaluation of each on market and off market deals are all negative cash flowing or just barely breaking even.
Quote from @Robin Simon:
You've definitely come to the right place - real estate investing is the tried and true method to building a true financial freedom nest egg!
Hi Robin, I appreciate the welcome! Very excited, but also very wary. Which I assume is to be expected for new people to enter the real estate profession.
Does your safe Corporate Job, pay you enough every month to be able to save 20% of the cost of an investment home as downpayment, or 3.5% for a live in duplex, tri, quad situation.
Are you saving it?
Is you income enough to qualify for the loan, given student loan debt and etc...
Is your DTI ratio inline with lender requirements.
Have you been on the job at least 2 years.
The Lender will decide if you can or can not do this--it's up to you to meet the lenders qualifications.
Good Luck!
#2 Starting Out Contributor
- Specialist
- Mendham, NJ
Quote from @Ying St.Cerny:
Quote from @Jonathan Greene:
If you are weighing South Jersey vs. Philly, you should opt for Philly in terms of buy-in price and cash flow, but your overall asset may be a bit less desirable. If you invest in Philly, you HAVE to understand the block dynamics of every area, block by block, to be successful. The taxes in Philly proper are far superior than anything you will find in South Jersey so you can save 6-8x on an investment just on the tax base portion.
Hi Jonathan! I was actually told the exact same thing. Currently, looking at both South Jersey and Philadelphia. I did go to Philly for university studies for the past 6 years and learned the good and not so good areas. Based on what I have learned so far, what are your thoughts about investing in other states that are more landlord friendly, more fair taxation rates, and overall preferably favored states, vs states like New Jersey and Pennsylvania, as first time investor? Most of my evaluation of each on market and off market deals are all negative cash flowing or just barely breaking even.
Philly is preferable to NJ in terms of landlord/tenant, but not by a ton. We had some local investors focus on Ohio as an OOS spot because it is landlord friendly, but for a first investment I would try to get it as close as possible so you can be more hands-on. A first investment out of state isn't going to teach you much.
Quote from @Scott Mac:
Does your safe Corporate Job, pay you enough every month to be able to save 20% of the cost of an investment home as downpayment, or 3.5% for a live in duplex, tri, quad situation.
Are you saving it?
Is you income enough to qualify for the loan, given student loan debt and etc...
Is your DTI ratio inline with lender requirements.
Have you been on the job at least 2 years.
The Lender will decide if you can or can not do this--it's up to you to meet the lenders qualifications.
Good Luck!
Hi Scott! I currently saved $15k in an account I can liquidate easily, in addition to $7k in a Roth IRA. I've talked to a mortage lender that have ran my credit for a duplex and so on. So far I'm in the ballpark in terms of savings, DTI, and income, but I would like to keep as much equity as possible with the help of seller assist. I was informed that lenders include rental incomes when it comes to multiplexes. I have ran evaluations on each property, so I know what the estimated Cashflow would be. Is there something I should be mindful of?
Quote from @Ying St.Cerny:
Quote from @Scott Mac:
Does your safe Corporate Job, pay you enough every month to be able to save 20% of the cost of an investment home as downpayment, or 3.5% for a live in duplex, tri, quad situation.
Are you saving it?
Is you income enough to qualify for the loan, given student loan debt and etc...
Is your DTI ratio inline with lender requirements.
Have you been on the job at least 2 years.
The Lender will decide if you can or can not do this--it's up to you to meet the lenders qualifications.
Good Luck!
Hi Scott! I currently saved $15k in an account I can liquidate easily, in addition to $7k in a Roth IRA. I've talked to a mortage lender that have ran my credit for a duplex and so on. So far I'm in the ballpark in terms of savings, DTI, and income, but I would like to keep as much equity as possible with the help of seller assist. I was informed that lenders include rental incomes when it comes to multiplexes. I have ran evaluations on each property, so I know what the estimated Cashflow would be. Is there something I should be mindful of?
Looks like you are ready to find a place!