New investor from New Jersey

New investor from New Jersey

Barnegat, NJ · Member since 2017 · 18 posts · 6 votes

Hello all! My name is Mike Burke and I am a 27 year old new/soon to be investor in the South/Central part of New Jersey in the Ocean and Monmouth County. I made some pretty difficult choices(nothing illegal!) to establish capital to start investing and now I just need to get it going(No more analysis paralysis). Luckily I have an Aunt and Uncle who coach and mentor me who have been in the industry for many many years. They have experience in: Commercial building, leasing, buy, and sell as well as residential building, renting, fix and flip. I connected with a local agent to get the auto emails on the MLS and now everywhere I go I look for vacant/distressed/foreclosed homes to potentially invest in. Right now I am trying to learn more on analyzing a deal which I feel I am just about ready!

My Real Estate Investing goals are to initially invest in fix/flips to build relationships, capital, and experience then in the future purchase multi-unit rentals for the passive income. As far as my business goals, I would love to learn to automate most of what is needed and be less involved by having a team who trusts each other doing what they do best.

Hopefully I can connect and network with other investors, mentors, lenders, etc in the area as you never know who will come along and help build a successful working relationship/partnership with. 

The BP podcasts, books, webinars, blog posts, and forums have been a huge help so far and I truly hope in the future I can pay it back to other new investors seeking help. 

Thank you for reading!

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Rental Property Investor · Fuquay-Varina, NC · Member since 2013 · 381 posts · 308 votes
9y

Hey @Mike Burke it sounds like you are on the right track and have the resources to move forward. Make a plan and take action! To connect with other investors, I recommend you check out SJREIA they run a meetup in Ocean County as well as other areas of the state. 

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  • Real Estate Investor · Middle Island, NY · Member since 2016 · 147 posts · 68 votes
    9y

    Welcome to BP! Sounds like you are off to a great start, especially with family already in the business.

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Mike Burke, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

    BiggerPockets
  • Lender · Berkeley, CA · Member since 2017 · 1k+ posts · 549 votes
    9y
    Down Barnegat Bay, aye? Our office is down in Sea Girt. Definitely attend local REIA meet ups. Good luck!
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    @Mike Burke great to have you on board!  Always good to see another member from the Garden State!

  • Barnegat, NJ · Member since 2017 · 18 posts · 6 votes
    9y

    @James Caruso Thank you. I consider myself very fortunate to be able to have them or anyone there from the very start. 

    @Dave Visaya Thank you. I have and will be taking full advantage!

    @David Weintraub Yeah! From Hazlet to Barnegat. I definitely will, thank you. 

    @Darren Sager Thanks!

  • Rental Property Investor · Fuquay-Varina, NC · Member since 2013 · 381 posts · 308 votes
    9y

    Hey @Mike Burke it sounds like you are on the right track and have the resources to move forward. Make a plan and take action! To connect with other investors, I recommend you check out SJREIA they run a meetup in Ocean County as well as other areas of the state. 

  • Rental Property Investor · Sonora, CA · Member since 2017 · 78 posts · 25 votes
    9y

    Welcome to BP @Mike Burke! Best of luck on your investing journey!

  • Barnegat, NJ · Member since 2017 · 18 posts · 6 votes
    9y

    @Justin Fraser Thanks. I am looking for my first deal now and actually found a house down the street that is vacant and has been for some time. Trying to figure out how to write a letter to the owner to see if they are willing to sell. I have been slacking with the local meetings even though I do want to go. I really need to keep a closer eye on them. 

    @Andrew Lawhorn Thank you Andrew. 

  • Union, NJ · Member since 2017 · 16 posts · 1 vote
    9y

    Welcome Mike! My wife and I have very similar plans and we're in NJ as well (northern). Good luck with everything!

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

    @Mike Burke welcome to BP!  Sounds like you have a good plan in place, so now it's time to take action.  As far as a letter to the owner of the vacant property, there are a lot of good templates out there.  You could consider writing him a yellow letter (common wholesaling strategy) as those usually get good response rates.

    @Jamal Momon welcome to you, too!

  • Investor / Vendor · San Diego, CA · Member since 2016 · 1k+ posts · 949 votes
    9y

    @Mike Burke

    Excellent first steps! You know the value of relationships. A couple of things to consider on your real estate journey

    1) Have you checked out your local REIA yet? Great place to network to find members for your team.

    2) Understand you are using MLS while targeting distressed properties. Ever consider driving for dollars, door-knocking, or direct mail? Those are some good avenues to find off-market deals. Hard to find good deals on MLS these days.

    3) Have you practiced what to say to the different types of property owners? Your script will be different, especially for people in emotional distress like pre-foreclosure. Role-playing convo and learning from people that have talked to distressed sellers is key.

    4) Different areas have different legal contracts needed for properties. If you're buying deals MLS you don't need them, but when you find distressed sellers to sell to you at a discount, you need to be prepared to have the right documents.

    5) Estimating rehab costs and understanding comps are crucial in finding deals. Hope the podcasts and reading are helping you with those.

    Good luck!

  • Barnegat, NJ · Member since 2017 · 18 posts · 6 votes
    9y

    @Jamal Momon  Thank you. Good luck to you and your wife as well!

    @Anthony Susco Thank you, I am trying hah! I will look up templates as I do not want to send something and sound wrong or inexperienced. I will definitely take note and look into it.

    @Ray Lai  Thank you. 

    1) I have not made it to a meeting. There aren't many local meetings, unfortunately. I have to look more often though. 

    2) I do drive for dollars and this week will be learning/finding templates for direct mailing. I have not done any door knocking. 

    3) I have thought about what I will say and how I say it but I have never practiced it. Good point there and I will start doing that.

    4) Good point again, I have not contacted a lawyer or accountant as I have read on here most people say to do the first deal then contact them but I think I should contact them first and create an LLC as some funding requires it.

    5) This is the most difficult! Comps I go by nearby sold and nearby for sale to get an estimate. Luckily the realtor I am working with will send me comps when I am interested in purchasing a property. As far as the repairs I have been trying to talk with local contractors (referred to me by friends/coworkers) to get estimates. I will buy the materials, at least in the beginning, and just have them do labor. This way I can manage a budget. When I am doing one at a time I don't see it being too much trouble to do the shopping and this will also help me understand and learn the costs of jobs to not be ripped off by contractors in the future. 

    Thanks again!!

  • Fair Haven, NJ · Member since 2017 · 2 posts · 0 votes
    9y

    Hi Mike - similarly in central NJ (Monmouth county - born and raised) - and also looking for my first real estate venture.

    Not certain, at this point, I would like to go out on the risk curve with a fix & flip - given my work schedule - but interested in making connections, learning, and discussing potential opportunities.

    Lost out on my first two offers (both small multi-families in good towns here in Monmouth county) - which hit MLS and were under contract within the week (actually both within 2-3 days). We are in a tough area bc of the relatively high home values and property taxes - so when "deals" come around - they are jumped on. I guess as someone relatively new I take some solace in the fact that the two deals I independently identified were so quickly put under contract (i.e. my analysis identified a pretty good deal)

    I was looking for local REI meet-ups but seems like the (one?) Central Jersey meetup is bit sporadic; not having met since June and without a future one on the calendar.

  • Lender · Berkeley, CA · Member since 2017 · 1k+ posts · 549 votes
    9y

    Search for Kyle Jasey on Meetup.com as he hosts a lot of events in the area, and check out the SJREIA events.  @Joseph Scorese is very involved.

  • Investor · Jackson, NJ · Member since 2010 · 167 posts · 55 votes
    9y

    We also host a meetup in Jackson/Millstone one.  We focus on buying defaulted mortgages.   We find Controlling distressed homed prior to foreclosure is the best way and lowest cost to get into a property. 

  • Ocean, NJ · Member since 2017 · 5 posts · 1 vote
    9y
    Hello Mike Burke , I'm also new and from the same area. I'm located in Monmouth county. I haven't made an investment yet, still learning and looking to make connections.
  • Fair Haven, NJ · Member since 2017 · 2 posts · 0 votes
    9y

    Thanks @David Weintraub for the meetup rec, as well as SJREI; they seem more "active" than Central NJ. 

    Interesting stuff @david putz - if you have the time would like to catch up 

  • Developer · Little Ferry, NJ · Member since 2016 · 426 posts · 226 votes
    9y

    @Mike Burke@James Murray@ Nice to meet you guys. NJ is a great place to start flipping, the problem is that in some areas the market is dead and in some areas the market is booming that you can't buy anything as beginner. I remember when I bought my first flip 10 months ago, and now I'm looking at my 9th one, so you can see how quickly you grow in this business if you hustle. I do most of my flips in Union county and the central jersey location. I would love to connect with you guys and maybe partner on some deals too. What kind of investing are you guys looking to do? Passive? Do you guys want to get involved? Let's connect and talk, I would love to answer any questions that you guys might have about anything. 

  • Austin, TX · Member since 2014 · 2 posts · 0 votes
    9y

    Well hello there!

  • Investor · Jackson, NJ · Member since 2010 · 167 posts · 55 votes
    9y

    @James Murray your welcome.  Ya I use to do all the flipping stuff and foreclosure buying however when i found out buying notes and making 20%+ by selling to those who buy at the FC Auctions I switched over.  I then found out that I can hold the paper and make passive money without the headaches of collecting rents all while returning the profit to my Retirement account, well I jumped all in.  That was 2011.

  • Investor · Los Angeles, CA · Member since 2016 · 577 posts · 240 votes
    9y
    Welcome to BP Mike
  • Investor · South New Jersey · Member since 2017 · 46 posts · 13 votes
    9y

    @Mike Burke welcome to BP! Thanks for sharing your ambitions. I am a local RE agent in South Jersey, however, I will be starting my own investment journey as well. It's nice to see there is a community of like minded individuals to network with, learn from and share wisdom with. Best wishes on all your endeavors!

  • Barnegat, NJ · Member since 2017 · 18 posts · 6 votes
    9y

    @James Murray Very nice! I too lost out on a deal which I was going to look at and 5 hours prior they called my realtor and said they have tons of offers already to make one with in the hour as they will accept the highest and best offer. I did not feel comfortable as I did not get to see the house in person.

    @David Weintraub Will do thank you. 

    @David Putz I will look on meet up for them, thanks. 

    @Cassandra P. Welcome. I am doing the same while looking for my first deal, good luck!

    @Mateusz Prawdzik Very nice!! I am looking for primarily fix and flips for now with plans to do multi unit rentals in the future. I will definitely reach out to you and would be interested in partnering as well. Talk soon!

    @Antoine Martel Hi! Thank you, good luck with your journey as well. 

  • Joseph ScoreseBusiness Member
    Banker · Philadelphia · Member since 2009 · 2k+ posts · 633 votes
    9y

    Hi @,

    Welcome to BP!

    Create a good networking base, educate yourself and the opportunities will find themselves.

    Let me know if you have any questions.

    Regards,

    Joe Scorese

  • Investor · Edison, NJ · Member since 2017 · 15 posts · 5 votes
    9y

    Good evening all,

    New to bigger pockets myself.  Been "Flipping" for the past 3 years now.  Definitely interested in other revenue generating areas (the Notes sounds interesting)...

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