Rookie from NJ ready to get his feet wet!

Rookie from NJ ready to get his feet wet!

Clifton, NJ · Member since 2017 · 5 posts · 2 votes

Greetings to everyone in the BP community! Let me start off by saying thank you for taking the time to read and learn a little bit about me!

I'm originally from Brooklyn, NY. I moved to North Jersey about three years ago after finishing college to start my career. I am currently employed as a senior sales engineer, and my job is to program and sell capital equipment within the industrial automation and manufacturing sector (I figure out ways to reduce labor costs in factories by replacing people with machines. I know that makes me sound like a terrible person, but I'm really not a bad guy!)

I serendipitously had my first brush with real estate when I was a freshman in college. I was fortunate to be accepted into an internship program that taught students how to run and manage their own small business using house painting as the model.

To generate leads, I did door to door marketing for 6 months offering free estimates for exterior painting (I then set up the estimates, bid out the job, closed the sale, and hired painters off of Craigslist to do the painting). I ended up generating $107,000 in revenue and about 18k in profit (I learned I was better at closing sales then I was at running a paint crew!)

One of my clients was actually a house flipper. The man was a wealth of information and spoke about real estate and fixing and flipping houses so passionately and enthusiastically that it was hard not to get excited about it just listening to him. His passion was infectious and shortly after working for him I started reading and learning about real estate investing. The more I learned, the more discouraged I got every time I would start to dwell on how I was going to finance my operations. I grew up very poor, and never really learned about wealth creation until I hit my early 20's. At 18 years old I hadn't yet developed the financial or creative intelligence to circumvent my road blocks. I put my dreams on hold and began to really get into self development and entrepreneurship.

Fast forward 6 years. I am now 24 year old. The fire in my belly has been growing, and so has my nest egg. I am ready to get my feet wet.

I love my job, and I am very passionate about it, so at the moment I don't see myself doing real estate full time (but judging from what I read here at BP, that may change!)

My end game is to generate ~10k a month in passive income to give me the same quality of life I have now, but to free up my time so I can pursue my life purpose. I am extremely passionate about motivating and teaching high school and college kids how to make savvy life decisions and how to avoid the pitfalls that I luckily, narrowly missed. (Stay tuned for my website release!)

Out of the many different avenues real estate can take, I think buy and hold is the road I will walk as it most closely aligns to my goals and my vision. I am excited at the prospect of networking with some of the brilliant minds here at BP.

I am extremely hardworking, I am coachable, I have a great stable income, an upper 700's credit score, and some money I've been saving up to get started!

Please feel free to reach out to me with any questions or advice, I would really welcome it and appreciate it!!

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
9y

Welcome to Biggerpockets @Eugeen Bernan . All the best in your investing 

BiggerPockets
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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    9y

    Welcome to Biggerpockets @Eugeen Bernan . All the best in your investing 

    BiggerPockets
  • Clifton, NJ · Member since 2017 · 5 posts · 2 votes
    9y

    @Michael S. thank you bud! 

  • Hoboken, NJ · Member since 2013 · 30 posts · 10 votes
    9y

    Eugeen,

    Sounds like to are heading down the right path to accomplish your goals.

    Have you started to research the areas where you want to invest?

  • Clifton, NJ · Member since 2017 · 5 posts · 2 votes
    9y

    @Sant S. I appreciate that, thank you!

    I have been looking into jersey city, Weehawken, Suffolk county LI, Union, middlesex. 

    If you have any recommendations I am all ears!

  • Hoboken, NJ · Member since 2013 · 30 posts · 10 votes
    9y

    I don't know the Long Island Area.  I have a colleague who is look to start flipping in Nassau County/ Suffolk but no luck finding any wholesalers as of yet.

    I invest in Jersey City.

    I purchased in Weehawken and renovated a two family.  It was very challenging. Also, Weehawken prices have gone through the roof. It's hard to find cash flow at these prices.  I haven't explored buying distressed in Weehawken.

    I find Jersey City a great town to invest. There are many pockets. JC Heights is getting pricey but there are deals out there. Getting affiliated with wholesalers in the area is the approach I recommend if you want to BRRR.

    Greenville is probably the best bang for buck. The area is improving and the prices are reflecting that. There is cash flowing properties on the MLS. Best approach is get in touch with a good realtor who knows Greenville, check out properties, run the numbers, and make offers. Mortgage rates aren't staying at these levels much longer. Getting in before the end of year is your window to make best cash flow and COC returns.

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

    @Eugeen Bernan

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

  • Clifton, NJ · Member since 2017 · 5 posts · 2 votes
    9y

    @Sant S.

    That is wonderful advice and seems to echo the sentiment I've been seeing, hearing, and reading about. Thank you for taking the time out to drop those little gold nuggets of advice!! I will definitely look into it and do some more research!

    @Mark Nolan Thanks for reading and welcoming me!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    9y

    @Eugeen Bernan

    Welcome to the BP family! Here are some 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
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    Wishing you the best!

  • Clifton, NJ · Member since 2017 · 5 posts · 2 votes
    9y

    @Dmitriy Fomichenko

    I really appreciate it my friend. Thank you for posting all those links. I have read the beginners guide and have been listening to the podcasts. I didn't know about the alerts, that should come in really handy!!

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