I've been doing all the learning I can and I know that I have to be very very creative now. I want to focus mainly on multifamilies but won't rule out SFR. I'm thinking of starting my new investment life in the Newark/East Orange.
Nice to meet everyone.
@Ezra N. How did the seller take advantage of you? Where is the property?
@Ray Reed He took advantage of my ignorance at the time. I didn't know of all the due diligence I should've done, all the questions I should've asked.
They partnered me with a co-borrower cause they said I wasn't able to get mortgage approved solo, and this person has been uncooperative which keeps me from making executive decisions on the property.
My financial problems began after closing when one of the members of the investment team led me to believe that lending him $7500 to close on other properties was a great idea. He returned the money much later in pieces.
Now I believe in taking responsibility for what happens in my life so I could've made different decisions and I plan on having a great career
@Ezra N. Here are some links to previous post about investing in Newark, NJ you might find helpful .
@Lashawn McCauley thanks for the links. (Un)Fortunately I've gained much experience in the eviction process in less than a year. My property is also in Weequahic and I've noticed some great looking MFR in the area. I've also lived in East Orange for a few years and want to scan that city as an investor as well.
@Ezra N. Don't let your early experiences get you down on investing in real estate. If anything, you've learned more in your first year than most investors do in their first 10. Now, it's up to you to educate yourself so you never get taken for a ride like that again. This is definitely a great forum for that education. I'd also suggest going to meetups w/ other RE investors in Northern NJ. There are tons of them and many are free. And now, a quote that seems written for you: “A smooth sea never made a skilled sailor.” --FDR
Welcome to BiggerPockets Ezra and best of luck investing!
Erza were you able to flip the house or you keep it as a rental?
I'm currently in the short sale process
@Ezra N. how much is left on the mortgage and what is the house worth?
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