New member from NJ looking to break into multifamily

[Thomas D.]

Hello BiggerPockets! My name is Tom DiMeo and I'm a 23 year old aspiring investor from New Jersey. I'm fresh out of school and working in finance/risk management. I have a solid understanding of investing in a broad sense, especially in traditional paper assets, but as for real estate investing experience, I'm as new as they come. One great benefit I do have is that I spent many a weekend in my childhood traveling with my grandpa to his plethora of real estate investments (rentals, flips, and properties he had lent on) throughout Brooklyn, NY. Only recently did I remember that I had such a great mentor within my own family!

I've always been a super-saver and and investor, and between college scholarships and some very good job opportunities I've found myself with a solid cash position. I've grown a bit weary of traditional stock market investing (story for another day) and have found myself attracted to all of the long-term benefits of real estate, not to mention the hands-on nature. I love the idea of combining capital, sweat equity, and a lot of patience in exchange for the chance to build a real, scalable investing business!

I've been in full-fledged research mode for several months now, taking out stacks of books from the library and slowly cruising through all ~300 BP Podcast episodes. Because I have a good W2 job, a solid cash position, and a desire to build long term while still working full time, I'm attracted to multifamily rentals - the goal is to build a portfolio over the next decade or two to produce passive income comparable to my full time job. I work in Newark and went to school in Hoboken so I'm naturally drawn to these greater-NYC cities, but I know the market is tough and price points may be quite high. I'm currently living at home and hoping to move out quite soon, with the intention to rent with friends (but open to the potential house-hacking opportunity). 

I hope to spend the next ~12 months slowly transitioning from general RE research to market-specific research and finally to deal analysis, with the goal to buy some time in 2019. From what I've seen so far, this BP community is amazing, and I hope to continue to connect, learn, and eventually provide value wherever I can! Let me know if anyone has advice for this not-for-long-newbie!

-Tom

[Moises Mari]

Hi @Monica Kennedy, @Thomas D., @Stephanie P., we own and also manage property for other clients in Newark and The Oranges, and I could tell you this much, what may feel safe to me or someone else that is exposed to Newark and these other areas may not feel safe to other people. 
When working with people that want to acquire rental property in these areas I always tell them to research crime in the area online and drive around the areas they are interested on in order to get a feel to what areas they like best.  The crime maps should be able to help a bit deciphering areas you would like to work in, then drive around the areas you choose and go from there.  There is definitely still a lot of opportunity in Newark/Oranges, let me know if you have any questions.
Best of luck!