I'm a new member from North New Jersey here to introduce myself. I am actually a physician, but I have an avid interest in investing in real estate. My first experience in real estate was during training. I owned a Duplex in Buffalo, NY, and lived in one half. It paid my rent, and when I sold it 4 yrs later, I sold it for 40% more than what I paid. I didn't mind being a landlord at all, although it was only one unit and I lived upstairs from it.
I am looking to start by flipping houses, but my eventual goal is to buy and hold at least 10 properties. With my huge med school loans I have nothing right now to invest, so I'd be looking for some hard money lending to get started.
I am also looking for some On The Job experience, so if anyone out there has anything I can do to get involved, I'd be happy to help. And any advice would be much appreciated. I listen to the podcast almost every day to and from work. And I just started The BP Book on Flipping Houses. I've read Rich Dad, Poor Dad, so I can check that box.
I look forward to meeting more people and building this source of cash flow. BP has been awesome so far. Unfortunately I spent a few thousand dollars over the years on a couple of "Gurus," but have already learned so much more with BP.
Look forward to working with you,
Welcome to a fellow NJ'er! My husband and I are buy and holders in NJ and FL. We no longer invest in NJ, too expensive, but we learned a tremendous amount on BP. Very friendly, knowledgeable people....all the gurus you need are here on this site :)
Welcome. Your profession should be the source of all the private money you will need.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
@Farshad Mansouri - Welcome to BiggerPockets!
Hi Farshad, and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!
Thanks for all the replies guys, I am definitely interested in student housing rental. Mainly graduate students cause I think they would take better care of the property. Let me know what you think.
I am anxious to do my first deal, but it is just so hard to come home from work, and then pick up reading and doing things for real estate. After the kids are in bed, I have about an hour before I have to go to bed.
Most of my real estate learning Is on the podcast, which is awesome. I bought the BP book on flipping houses, and I am slowly making my way through it.
Thanks for all the advice.
Welcome to BP community! It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:
Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts
Wishing you the best!
Welcome @Farshad Mansouri !
I am from Bergen county too (grew up there), but I am working overseas at the moment.
Good luck on this new journey!
Welcome to the BP family. I am sure you will all ofobtain all the "free" information, necessary and required for your new journey. New Jersey members meet about once a month in Summit, New Jersey. Make sure you utilize the "key word" system that is offered to keep informed on your areas of interest. Once again, welcome aboard and hope your journey is both profitable and enjoyable.
Hey @Farshad Mansouri Thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts."
See you around the site!
What type of price range are you looking to be at and what areas are you interested in? My clients use hard money loans routinely, but most hard money lenders want the deal to have upside and for you to have some skin in the game so that their loan is safe.
I know I need to have some skin the game, I just have really nothing for down payment. That's why I'll be looking for Hard money. My problem is that I just have so little time to be able to sit and look for properties. I'm looking for a three bedroom two bath or a multifamily near a college, like William Paterson University. I did my training in Buffalo, and you can buy house there for much cheaper. I still have some in laws up there so maybe I'll look up there.
It's going to tough to get 100% financing from a hard money lender. I would recommend checking around on BP and seeing what info you can find for that financing. If it exists then you should be able to find it on this site.
I know. Thanks a lot for your help!
Welcome @Farshad Mansouri
BP is a great place to learn the ends and outs of Real Estate Investing, You have already done the hard part you started with the first deal the duplex you owned and sold for a 40% profit WOW!!! Congrats let me know if I can be of any assistance I also like to Buy and Hold!! Check out some of BP's forum discussions I have been learning a lot from just reading over them..
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