Newbie Born and Raised in Jersey City, NJ

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Newbie Born and Raised in Jersey City, NJ

Adiel Arvizu
Jersey City, NJ · Member since 2016 · 33 posts · 9 votes

Here is a laundry list of info about me:

  • Name: Adiel Arvizu 
  • Background in real estate: Parents have been landlords for years I have been trying to pick up on the trade.
  • Where I am from: Jersey City, NJ
  • Occupation: Full-time substitute teacher, avid biker
  • Goals for real estate: Just download this
  • How I came to join BiggerPockets: I read Rich Dad Poor Dad and after some weaving I found BiggerPockets, bought some of their books, bookmarked some of the important stuff when I read, and I'm in the process of editing the necessary papers so I can have everything ready. Now I have taken the next mini step by posting openly for the most part about myself here.
  • Additional things: I believe the reason most people don't pull the trigger including myself is because of the risk and lack of funds to risk. I want to alleviate that fear and I want to get my feet wet. So how can I do all these things? I don't desire to be a wantapreneur but an entrepreneur.

If you guys have any questions about me please let me know otherwise hopefully I can transition from reading about people doing deals to actually doing these deals myself.

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  • Anthony SuscoPro Member
    Lender · Turnersville, NJ · Member since 2016 · 173 posts · 68 votes
    9y

    @Adiel Arvizu welcome! I wasn't able to download your goals, so I'm not sure what you're REI goals are. I agree with your reason for most people not pulling the trigger - fear. A lot of newbies get caught up in analysis paralysis. Education is great, and very necessary, but the best way to learn is by doing.

    0Reply
  • Adiel Arvizu
    OP
    Jersey City, NJ · Member since 2016 · 33 posts · 9 votes
    9y

    @Anthony Susco My apologies I thought it was downloadable, here let me upload it on another link with some minor updates. I only wish I could attach files here but alas gotta make do with what I got. Also, I know the Jersey City market is going to be hard as well.

    http://www.filedropper.com/realestateplans

    0Reply
  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    Hey welcome to BP!

    0Reply
  • Adiel Arvizu
    OP
    Jersey City, NJ · Member since 2016 · 33 posts · 9 votes
    9y

    @Rosston Smith thank you I am curious as to what made you pull the trigger on purchasing your first property.

    0Reply
  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y
    Originally posted by @Adiel Arvizu:

    @Rosston Smith thank you I am curious as to what made you pull the trigger on purchasing your first property.

     I saw there was a lot of value that could be added to it via repairs, and also the location was premium and was 2% rule

    0Reply
  • Adiel Arvizu
    OP
    Jersey City, NJ · Member since 2016 · 33 posts · 9 votes
    9y

    So @Rosston Smith was the property inherited or did you immediately purchase it in your area?

    0Reply
  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y
    Originally posted by @Adiel Arvizu:

    So @Rosston Smith was the property inherited or did you immediately purchase it in your area?

     I purchased it with my own capital locally. Its nearby colleges and a medical center.

    0Reply
  • Adiel Arvizu
    OP
    Jersey City, NJ · Member since 2016 · 33 posts · 9 votes
    9y

     That sounds like a great location for anyone to rent. Are the expenses always more than they come up to? Do you usually set aside a portion of the rent money for repairs and any other things that may affect you? Is it preferable to require a deposit slip on a 3 family house or should that be for bigger units?

    0Reply
  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    Usually expenses are 40-50% of rent. Yes I budget for cap ex and repairs. A deposit slip isn't necessary 

    0Reply
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