Newbie from Elizabeth, New Jersey

Newbie from Elizabeth, New Jersey

- · Member since 2017 · 164 posts · 43 votes

Hello all! My name is Avegail. I'm from Elizabeth, New Jersey. I am just getting started in real estate investing and am interested in partnering up with anyone who is buying and managing small rental properties. As a User Experience Designer, my job is to make websites, apps, and products simple, visually appealing, and user-friendly.

My goal is to buy my first rental property (duplex, triplex, or 4-plex) by August 2018. I would also like to house hack if living in the property chops off 20 minutes of my commute to work. Ultimately I would like to achieve financial independence by 35.

Before the summer, I attended a free real estate guru event and hesitantly signed up for the $2000 weekend seminar. Skeptical about this seminar, my boyfriend did some Google research and found a post on the BiggerPockets forum stating that you can get the education on here for free. I cancelled my reservation and have been listening to the podcasts ever since.

In the past month, I've decided to get serious about taking action. I've been listening to the BiggerPockets podcast on my commute to and from work. I'm on the last chapter of the Ultimate Beginners Guide. I joined my local real estate club about 2 weeks ago and volunteered to redesign their website. I'm working to get the first version of my business plan done within the next week.

I'm currently studying what areas around me are good to buy property in. I'm looking at neighborhoodscout.com but please let me know what strategies you have in analyzing and choosing the areas to invest in.

I look forward to networking with you.

- Avegail

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Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
8y

Welcome to Bigger Pockets. 

Good luck with investing! 

See this reply in the discussion

27 Replies

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  • Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    8y

    Welcome to Bigger Pockets. 

    Good luck with investing! 

  • Roselle, NJ · Member since 2017 · 139 posts · 71 votes
    8y

    Hey welcome to the site,

    I have a question...what is the name of the local REIA group you joined? I live in the same area as you

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    8y

    glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

    Welcome to BP! I love the name! It's fantastic you have such a well thought out roadmap planned...it's more than most investors ever make it to. You seem to be well on your way to achieving your goals already...congratulations! 

    If you want to take a look at what other things this site may have to offer you check out www.biggerpockets.com/starthere. Do you have an idea of what financing you're seeking. If you're looking to house hack you might be a great candidate for an FHA 3% down loan.

    It also sounds like Set For Life by @Scott Trench would be a good book recommendation for you. You can listen to what it's about in Podcast #223. Best of luck to you!

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @Antoine Martel and @Dave Visaya! Thank you for the welcome. It's great to be here.

    Hi @Marcus Lawson! The REIA group is Metro Real Estate Investors Association (MREIA).  

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @Odie Ayaga! Thanks for the motivation and recommendations. I started listening to the audiobook for Set for Life a few months ago. I think I'll make it a goal to finish it by end of November. I'll definitely look into the FHA for house hacks. If I'm not doing a house hack, are there any other loans similar to the FHA 3% down loan for a duplex/triplex/4-plex?

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

    Hmmm I think if you're not going to live there you'd generally be looking at conventional and calling around to banks to see who can offer the best LTV. Typically I hear 80% being the best you can hope to find with 70-75% being more likely.

  • Pleasanton, CA · Member since 2016 · 30 posts · 12 votes
    8y

     I’m inspired by your action steps so far. I’m new as well and just trying to educate myself. Thanks for posting I can follow your checklist of items like going the real estate group. Good luck.

  • Lonoke, AR · Member since 2017 · 43 posts · 16 votes
    8y

    Welcome! Buying your first investment house is very nerve racking for a lot of people (a lot of emotion invlove), but if you think like 20 to 30 years ahead like Jeff Bezos you will be able to control your emotion a lot better. 

    Thinking ahead definitely has help me a lot, because buying my first investment home was super nerve racking for me lol 

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

    Also, you're probably not that far from @Darren Sager's monthly BP meetup in NY. Keep an eye out. It's a great event

  • Burlington Township, NJ · Member since 2016 · 52 posts · 14 votes
    8y

    welcome! I'm also new to real estate investing and wouldnt mind making more friends/potential future partners! I recently purchased a single family home for myself to live in for a year and than rent out (using the Va loan) unfortunetaly I had a limited amount of time to find a home and couldn't find a decent multi family deal (was also nervous of finding renters/convincing my wife is hard haha).  

    Anyways, thats a little about me! I hope you continue on and do well, I love the podcast and their book suggestions from the Famous 4. 

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    @Odie Ayaga, do you have any bank recommendations? Thanks for the meet up recommendation!

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @Erik Harrison! Thanks for the warm welcome! Speaking of checklists, if you haven't seen it yet, here is a great article by @Brandon Turner on buying rental property.

    Buying Rental Property: A Step by Step Guide

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @Jack Ni! Thanks for sharing your story. I am a little nervous. I'd like to jump right in and do @Brandon Turner's 90 Day Challenge but the only thing that's holding me back is the amount of savings I have. Half my income goes into a savings account dedicated to real estate (Thanks for the tip, @Scott Trench!) so I'm waiting for that to build up for a few more months. In the meantime, I'm working on my real estate education.

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @John Jimenez! Thanks for sharing your story. How is the market in Burlington? Did you purchase the single family in there? My boyfriend lives around there and he's looking to get into real estate too. He's a project manager in the construction industry.

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    8y

    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/

    Wishing you the best!

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @Dmitriy Fomichenko! Thank you for the links!

  • Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    8y

    Welcome, sounds amazing!! You are definitely on the right track and thankfully you were able to save $2,000 and get the free service of BP. I have bittersweet thoughts about partnering up with someone, but your goals are great!

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

     I've heard good things about 1st Colonial which is closer to down here. You might also reach out to @Joseph Scorese, the hardest working banker in the Tri-State Area. He can probably get you pointed in the right direction.

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    @Odie Ayaga Great! I just connected with him. Thank you!

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    Hi @Matt Motil! Thank you for the great welcome! How did the partnership go?

  • Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    8y

    I actually partner with my wife, and that works, but if you end a partnership it does get messy!

  • Rental Property Investor · Elizabeth, NJ · Member since 2017 · 2 posts · 1 vote
    8y
    Hey Avegail! Nice meeting you at the MREIA meeting tonight.
  • Stamford, CT · Member since 2018 · 91 posts · 34 votes
    8y

    welcome to bp and love your enthusiasm :) and you indeed got a super kewl name.

    I wish I had such enthusiasm when I was younger, instead I chose to breakdance instead :)

    Then I woke up in Jan 1 2018 and realized I want to be real estate enthusiast.

    In case if you are interested.

    I am actually heading out to check out 5 unit property today in Elizabeth NJ. 

    If you like you can come along and practice analyzing deals with boots on the ground.

    I have appointment there at 1pm in Elizabeth NJ.

    Feel free to reach out on this amazing Sunday and we can meet up directly in front of the house that I am going to analyze.

    Note I am not an expert or anything like that in real estate, but figured I’d offer my self as the Gennie pig to practice analyzing deals with directly at your own back yard. :)

    Note Dmitry @Dmitriy Fomichenko is a good guy too I noticed he is very active on Bigger Pockets and knows in and out everything about the self directed Ira... cool guy I like him.

  • - · Member since 2017 · 164 posts · 43 votes
    8y

    @Rome Wells Hi! I just saw your message! I'm sad I just missed it. How did it go yesterday?

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