New real estate investor from New Jersey

New real estate investor from New Jersey

Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes

Hello everyone,

My name is Lou and I have recently started a new chapter in my life. I graduated from Temple University Fox School of Business with a degree in finance and a degree in real estate. I've always liked working with my hand but enjoyed finance as well when I got to college. Well after sitting behind a desk for 12 years make other people a lot of money and not getting much satisfaction out of what i was doing i decided it was time to do what makes me happy. I started an LLC in Oct. 2016 and purchased my first flip in november. I have never been happier. I am fortunate to have the skills to do most of the work myself and i am learning more every day. I am now my own boss, expect to make similar money right off the bat, and have way more family time to spend with my wife and three kids. Due to the winter months I will not be able to list the property until approximately March because I am having gas lines run to the home and the gas company won't be able to do it till March. This is a very exciting and scary time for me as I am chasing my dreams but also committed to it 100% as I am not doing this as a second job :) My long term goals are to be able to manage about 3 flips a year as well as purchase a rental property every year for the next 15 years. The only thing i feel holding me back at this point is funding but as i move more houses more money will become available and i will be closer to my goals each day!

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  • Investor · Austin, TX · Member since 2014 · 83 posts · 39 votes
    9y

    Your goals are similar to mine and I commend you for jumping out there and grabbing it. I've spent the last ten years getting loans and having a W-2 sure does help. My point is, your young just make sure that you don't decrease your chances for upward mobility. Good luck and congrats on your recent graduation. 

  • Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes
    9y

    Thanks Saberian, I will miss the steady paycheck and know it was a bold move. I figure it will take me about two years to establish enough credit for the LLC to be able to be taking the loans out under it to fund the projects. I've stashed money away to get by in the meantime, now all i need to do is execute:)

  • Developer · Hobart, IN · Member since 2014 · 773 posts · 225 votes
    9y

    @Louis Macri congrats on your new chapter! Real estate is awesome and this site is a great place to gain a ton of information and network with some awesome people. First flip is a big hurdle to get over great work so far keep it up! If I can help at all please let me know. 

  • Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes
    9y

    @John Mathewson Thanks.  I look forward to meeting great people here as well as in the other organizations i've recently joined.  Thanks for offering assistance.  I'm sure I'll have many questions for everyone here in the not to distant future.

  • Real Estate Agent · Philadelphia, PA · Member since 2015 · 180 posts · 69 votes
    9y

    @Louis Macri I also graduated from Temple, and soon after joining the corporate world realized it was not for me, and that is when I discovered RE Investing. Congrats on the LLC! Where are your focus areas?

  • Camden, NJ · Member since 2017 · 3 posts · 0 votes
    9y

    Congrats on your first investment @Louis Macri. I am brand new to real estate and investing in real estate. I just joined BiggerPockets today and came across this post in the new members forum. I am also in NJ. The Pennsauken area, how was your first experience? I would the opportunity to exchange information and just converse about different topics and possibly help with pursuing my first flip. I am looking to surround myself with like minded people. I have a technology background & recently just became a commercial drone pilot, however I want to become my own boss and invest in myself. 

    @Jon Sanborn How has your RE Investing experience been so far.? 

  • Lender · Garland, TX · Member since 2016 · 4 posts · 0 votes
    9y

    @Marcus Williams Check out Drone U on youtube, @thedroneu on Facebook. You might be able to do both. I just became a mortgage broker and was already a UAS pilot. Good luck on either/both ventures. Best Wishes, 

    George Clark

  • Camden, NJ · Member since 2017 · 3 posts · 0 votes
    9y

    Thanks @George Clark I will definitely look into it. I would love to invest in real estate and also make money in the drone industry. I also know that there is a huge market with drones in real estate and also construction. Thanks again for the information.  

  • Investor · Haddonfield, NJ · Member since 2016 · 3 posts · 0 votes
    9y

    Congratulations!  I've recently come across my first property where the gas line had to be replaced from the house to the street.  The gas company was able to come out in December to replace the line.  They installed a new meter but left it disconnected.  You'll most likely need to pull a seperate plumbing permit for the gas line, have your plumber pressure test the gas line in the house, and have the town inspector come out.  Sorry if I'm telling you something you may already know... just wanted to share my experience

  • Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes
    9y

    @jon sanborn my focus area is central/south NJ.  @Marcus Williams still on my first flip, but it's going well. Learning a lot. I am fortunate enough to know how to do most of the remodel. Although I'm new here I've been a member of SJREIA for several months and is how I heard about biggerpockets. I'd be willing to meet up with anyone in the area to share info. 

  • Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes
    9y

    @kyle magrann thanks for the input. I already have my plumbing permit and permit for whatever pae&g needs theirs for. Unfortunately these delays are a known issue with this company. When I originally inquired about getting gas to the house and a meter put in they told me up to 2 months. After I submitted my application they estimated march and said hope for a mild winter. Maybe b/c they are boring the line instead of digging up the yard?? 

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Louis Macri

    Welcome to Bigger Pockets. You are at the right place to learn about real estate investing.

  • Rental Property Investor · South Jersey, Cherry Hill and nearby areas · Member since 2015 · 932 posts · 67 votes
    9y

    Welcome to our meetup!

  • Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes
    9y

    Hello @Jaago Viitkin.  thanks,  i will keep you in mind should i run accross opportunities that i would like to have a partner in.  please feel free to reach out to me if you are also looking to go in on a project.

  • Real Estate Investor · Cherry Hill, NJ · Member since 2017 · 11 posts · 2 votes
    9y
  • Mark LangdonPro Member
    Investor · Whippany, NJ · Member since 2010 · 356 posts · 104 votes
    9y

    Super Congrat's ! Keep it up. Best of Luck to you.

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    9y

    Welcome @Louis Macri! I'm close to the same situation as you in that I'm seriously considering leaving my W2 job by end of March to go full-time. Just went to my first SJREIA event tonight. Maybe we'll run into each other Monday?  

  • Lender · Collingswood, NJ · Member since 2016 · 36 posts · 13 votes
    9y

    Welcome @Louis Macri and congratulations on taking the plunge!  If the only thing holding you back from doing more flips is capital, you should look into hard money lending.  Private message me if you would like to discuss or meet up.  I also work in the Cherry Hill area.

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