New Investor in Northern NJ

8 Replies

Hello Everyone! 

My name is Alyssa.  I currently living in New York City but am originally from NJ and I still work in NJ. I have an architecture degree and have been working in the real estate development world for a while now and I am looking to get started in real estate investing. I am working with a partner who has a similar background and who also works for a real estate developer. We are hoping that our background in architecture and construction will help us be successful. 

We are looking to start with single family flips in areas that we are familiar with including Essex, Bergen or Hudson county.

We would like to start forming a strong team to help make this possible - any suggestions or advice would be much appreciated. Thank you in advance. 

-Alyssa

Hi @Alyssa Strumolo welcome! There's a great community of northern New Jersey-based investors on BiggerPockets. I would definitely check out the Real Estate Events and Happenings section as there are usually several different events for local investors every month, and they're generally great for meeting people involved in different facets of the industry to build out your team.

It's certainly challenging to find good deals nowadays in the area--there's a lot competition, and almost everything you'll see on the MLS will be relatively overpriced (and/or gone within days/hours of being posted). There are a lot of wholesalers in the area (many of whom are also on BP) who range in quality, but that might be a good place to start looking for deals. Having quick access to cash will also be very helpful particularly on more competitive/desirable properties. If you're OK investing/flipping in areas seen as less desirable, there are opportunities in areas like Newark, Elizabeth, East Orange, etc., although some of these areas may be a bit much for your first investment.

Having said that: I certainly wouldn't be intimidated by competition and would encourage you to "take the plunge" and buy something, even if it seems like it's not the best deal in the world. A lot of times, investors who are just starting out seem to get stuck in a sort of analysis paralysis mode, where they become obsessed with finding the best deal of all time, instead of just finding something that works (I'm very guilty of this too...).

Best of luck!

@JOHN ERRICO Thank you for your reply, I would have no problem investing in areas like Newark. I have actually lived and worked there for many years and I am very invested in Newark's success. I wish I was able to invest there sooner. I look forward to getting started so thank you for your encouragement! 

@Alyssa Strumolo congrats and welcome to BP. I started late last year and have 2 flips under my belt and about to buy a 3rd. If you want to talk some time, feel free to reach out and I'd be glad to share some tips and tricks

@Alyssa Strumolo

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!

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