New member in Jersey City, NJ

New member in Jersey City, NJ

Jersey City, NJ · Member since 2017 · 12 posts · 4 votes

Hello everyone! My name is Brook and I live in Jersey City, NJ. I've also lived in Richmond, VA and Los Angles. I'm a freelance fashion designer and I own an etsy shop with my wife where we sell vintage clothing. We set up our LLC for the store in May of this year so that's been a learning experience.

We are definitely not rolling in the dough, but I have some retirement money saved and I also own a one bedroom condo which I live in (my wife lives in the condo with me part time, and the rest of the time she lives in Brooklyn). I pay the mortgage for the condo and she pays rent in her Brooklyn apartment. An unusual living situation perhaps but it's working well for what we need right now.

Anyways, we are planning on moving in together full time in March, and renting an apartment in Brooklyn. We will rent out my Jersey City condo and save the cash flow from that (probably will be somewhere between $300-$500 per month).  Ideally we want to buy and hold additional properties to rent out. Probably in Jersey City or Union City because they are areas I'm knowledgeable about. In January I am planning on getting my real estate license (probably in NJ, possibly NY as well). I want to do that so I can have the best access to seeing new properties. Also I just want to learn more about real estate in general and believe getting the license would be a great way to do that.

My wife and I are a long ways from buying property to rent out, but the gears are in motion. My goal is for us to gain financial freedom and be our own bosses within the next ten years at most. 

Hope to learn lots here!  

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  • Rental Property Investor · Honolulu, HI · Member since 2015 · 143 posts · 61 votes
    9y

    @Brook L. Hey Brook! Thanks for introducing yourself and congratulations on your success thus far! It's exciting hear! I'm very excited to hear that you're taking the steps to take control of your financial future whether it be in real estate or any other avenues of investments. Stay motivated and maybe if you come across a few deals we can see if we can tackle them in the Richmond area.  

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

    @Brook L. welcome to BP!  I think you will find this community to be a very valuable source as you continue to explore and learn more about real estate investing.

  • Rental Property Investor · Oakland, CA · Member since 2016 · 602 posts · 250 votes
    9y

    Welcome to the game @Brook L.!

  • Attorney · Rutherford, NJ · Member since 2015 · 132 posts · 168 votes
    9y

    Welcome @Brook L.! There's a great community here of investors in the northern New Jersey area. I live close to you, so feel free to message me if you'd like to grab coffee or a meal sometime!

  • Jersey City, NJ · Member since 2017 · 12 posts · 4 votes
    9y

    Thanks for the warm welcome!

  • Real Estate Agent · Elmwood Park, NJ · Member since 2015 · 151 posts · 36 votes
    9y

    @Brook welcome and awesome goals. You are definitely in the right place, the podcast are a great place to start. As far real estate license that is a great idea as well and if you want to discuss that process, just let me know we can do a call & or meet for coffee ☕ There are pros and cons to the license which I can share. 

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

    @Brook L.

    Welcome to the BP family! Great that you joined the site! 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/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

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