Obsessed with Real Estate Investing (in New Jersey)
BP has taught be so much the last few months I felt I needed to write a quick post. I live in Red Bank NJ and invest all over NJ - Bergen, Essex, Hudson, Hunterdon, Middlesex, Morris, Somerset, Passaic, Sussex, Union & Warren County. I see no reason to limit myself b/c I can drive to each area in less than one hour.
I've always owned condo's from my youth that I held onto more as a forced savings mechanism than an actual investment. That all changed a few months ago when I started to realize the leverage that can be created with the right RE investments. Its really amazing how quickly the numbers can add up. And it so makes so much more sense than stocks.
In the last month, I'm under contract for an amazing condo I got at auction (for $77k) and a 3 family house ($244k) that my agent found for me where the rents were not adequately represented. These two deals should yield 10% and 11% respectively (cap rate) from the get-go! I can certainly improve on those cap rates as time goes on with relatively simple improvements.
I'm thankful to the Podcasters (Josh and Brandon) on getting me hooked and bringing me back to REI. Well, and my agent whose been amazing at searching through the rubble to find deals that make sense.
Best advice is 3 fold:
1) BP Podcast is a must
2) Read or reread Rich Dad Poor Dad
3) Find an agent who works mostly with investors
I still have so much more to learn but my passion makes it kinda easy (routinely reading about REI 2 hours a day).
Cheers!
Most Popular Reply
Welcome from AZ. You're right about the podcasts, I found out just how quickly one can generate a data usage alert on a 10gb wireless plan.
If you have heard podcast 22 with Tucker Merrihew (or at least I think it was show 22) keep up the momentum.!