New from NJ hoping to own in FL

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New from NJ hoping to own in FL

Jess Herron
Homestead, FL · Member since 2015 · 2 posts · 1 vote

Hello all my name is Jess Herron. Currently living in NJ but I want to buy rental properties in FL because I have family there that would help with maintenance and repairs. I do have the necessary deposit for my budget (which is about 80 to 100,000) but my issue at the moment is employment. It's only an issue because I've been out of the Marine Corps for about six months and I wanted to get settled into University. My fear is I won't be able to get approved for any loans for that gap in employment.

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  • Robert Skulka
    Real Estate Investor · Stamford, CT · Member since 2015 · 45 posts · 6 votes
    11y

    @Jess Herron

    Might want to wholesale....

    Build up your cash flow

    .....just my point of view, Im Sharing

    0Reply
  • Jess Herron
    OP
    Homestead, FL · Member since 2015 · 2 posts · 1 vote
    11y

    Why exactly?

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    11y

    Hey @Jess Herron welcome to the site! It's great to have you! See you around the site!

    BiggerPockets
    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    11y

    Hey @Jess Herronthanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
    Also - here's a couple articles you might enjoy:

    The 21 Best Real Estate Investing Books Ever

    How to Rent Your House: The Definitive Step by Step Guide

    How to Be a Landlord: Ten Tips for Success

    Oh - and be sure to set up some Keyword Alerts- especially for "Homestead" so you'll be notified when people mention it here in the forums.

    Thanks again for introducing yourself!

    Podcast Guest on Show #92
    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Jess Herron

     Hi and welcome to BP! If you can't get conventional lending, consider becoming the lender.  Private lending can earn you 10-12% easily, just make sure you do your due diligence.

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Welcome to BP community @Jess Herron It is a great place to meet new friends and learn about various aspects of real estate and more. 

    Wishing you the best! 

    0Reply
  • Robert Skulka
    Real Estate Investor · Stamford, CT · Member since 2015 · 45 posts · 6 votes
    11y

    @Jess Herron

    You fear was employment.

    Whole can give you the freedom an not worry about employment.

    My point of view

    Thanks for allowing me to share

    0Reply
  • Heera S.
    Real Estate Investor · Asbury Park, NJ · Member since 2015 · 55 posts · 12 votes
    11y

    @Jess Herron

    Welcome!

    Wholesale allows you to lock up properties without an income and sell for a profit is what @Robert Skulkais getting at. 

    It's not exactly your buy and hold to rent strategy, but it can get you there if you save your profits and reinvest into a property you would like to hold. Plus you don't have to wait on the sidelines until a lender calls you into the game!

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