NJ Real Estate Newbie !

19 Replies

Hello all!

I have recently been pretty active with BP including books, podcasts, and frequent visits to the website. I love the community formed here and to see how awesome people are doing with their journey to financial freedom!

I live in Toms River, NJ and I have come to a conclusion that I want to be a buy and hold investor. I would love to be a full-time landlord and constantly looking for the next duplex-triplex-etc!

Right now I am reading "How To Invest In Real estate" and I have gotten some GREAT information.

Things holding me back would be capital and education level.

If anyone would like to meet up in the Toms River, NJ area and talk investing, please, lets set it up !

I would love to connect with locals and eventually be a mentor to someone else in the future.

Looking forward to my journey, and I appreciate every single person on here !

All the best!

-Kevin 

@Kevin Clifton Welcome aboard, sir! Real estate is definitely a passion, and all of us here have it! Buy and hold is a great way to go, and there's a lot of great information here on how to best achieve that goal. It probably won't be long before you're the one giving out advice on here and welcoming newbies!

Good luck :)

Originally posted by @Bryan Blankenship :

@Kevin Clifton Welcome aboard, sir! Real estate is definitely a passion, and all of us here have it! Buy and hold is a great way to go, and there's a lot of great information here on how to best achieve that goal. It probably won't be long before you're the one giving out advice on here and welcoming newbies!

Good luck :)

Thank you, Bryan!!!! :D

 

Welcome!  Buy and hold is a pretty sound strategy. 

 One of the very first things I did was create goals for myself.  I figured out I needed 4k a month in cash flow to be able to do this full time.  

Then I made just a simple spreadsheet in excel with cash flow amounts.  250, 300, 400 etc.  For each of those I made 2 scenarios.  One with a house paid in full generating full cash flow and the rest of the houses just generating 250-400 cash flow.  Then the 2nd one with no houses paid in full and all generating 250-400 cash flow per month.  What this allowed me to see was the bigger picture and help give me a driving force to reach my goals.  If I only get 250 per month in cash flow I know that I would need 16 houses generating 250 per month to reach my goals.  However if I get 400 per month in cash flow I only need 10.  If one of the houses is paid off I can get there faster and only need 10 houses.

Originally posted by @Brent Paul :

Welcome!  Buy and hold is a pretty sound strategy. 

 One of the very first things I did was create goals for myself.  I figured out I needed 4k a month in cash flow to be able to do this full time.  

Then I made just a simple spreadsheet in excel with cash flow amounts.  250, 300, 400 etc.  For each of those I made 2 scenarios.  One with a house paid in full generating full cash flow and the rest of the houses just generating 250-400 cash flow.  Then the 2nd one with no houses paid in full and all generating 250-400 cash flow per month.  What this allowed me to see was the bigger picture and help give me a driving force to reach my goals.  If I only get 250 per month in cash flow I know that I would need 16 houses generating 250 per month to reach my goals.  However if I get 400 per month in cash flow I only need 10.  If one of the houses is paid off I can get there faster and only need 10 houses.

Brent, Thank you for the reply!

This is a great approach, and I like it a lot!

I am very goal oriented, because without it, I would be lost and unorganized !

I love the idea of having a realistic approach as well.

When you got into real estate, did you only look for multifamily homes, or where you okay with single family as well using the 1 or 2 % rule of thumb.

I am very interested in multifamily homes!

I do have a home myself that I bought last year with my wife. 

Right now I am focusing on learning about how to get the money to start where to even begin !!!

Thanks again for reply.

 

@Kevin Clifton

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

Originally posted by @Justin Windham :

@Kevin Clifton

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

 Thank you, Justin !

I appreciate the links and I will for sure check them out !

All the best !

@Kevin Clifton

Multifamily isn't feasible in my area.  Very little if any cash flow on the duplex, triplex, etc so I focus on single family homes.  And the multifamily with more doors are in the millions unless I buy in the hood.  That's not to say in the future I can't sell some and do a 1031 exchange for some multifamily.  Or I could possibly partner with someone in the future for a multifamily.

If you can find multifamily just make sure you run those numbers and do post in the deals section if you are unsure.  It will make it easier to reach your goals with multifamily, however there is nothing wrong with single family if that is what you choose.

In my target area I can find homes that give me the 300+ cash flow per month with some rehab. I could easily do some rehab, refinance and cash out since they are about 40-60k under the ARV. And put money down on another property. It boils down to time at this point. There hasn't been much of it with so many other things going on in my life. I still look for deals a few times a month though.

Hey @kevinclifton! Welcome to BP. 

The BP community provides a wonderful forum to connect and get feedback on your investing ideas. 

I live in manasquan and my girlfriends family is down in Jackson/Beachwood. I’d love to find some time to chat and share with you what I’ve learned in the past 7 months about real estate investing. 


If you already own a home you are already better position than myself. I’m looking to buy my first home (probably multi family) next spring/summer. I have a real estate license so I can help you with your research and looking at investment property as well. 

Hit me up on here or on Facebook and let’s make some moves! 

Originally posted by @Richard Phillip Lewis :

Hey @kevinclifton! Welcome to BP. 

The BP community provides a wonderful forum to connect and get feedback on your investing ideas. 

I live in manasquan and my girlfriends family is down in Jackson/Beachwood. I’d love to find some time to chat and share with you what I’ve learned in the past 7 months about real estate investing. 

If you already own a home you are already better position than myself. I’m looking to buy my first home (probably multi family) next spring/summer. I have a real estate license so I can help you with your research and looking at investment property as well. 

Hit me up on here or on Facebook and let’s make some moves! 

 Hey Richard!

I would love to be able to meet up, that would be awesome!

I tried to find you on FaceBook, but I could not find you !

Lets connect!

Hey Kevin,

Welcome to the circus. I live in Toms River and about to finish a flip. My next will be a buy and hold. I've been investing in real estate for many years, flipping houses before flipping was "cool" from back in the late 90's, as well as buy and hold.

I'm looking to team up with other investors to form a partnership for the next flip, or hold, which ever makes sense. I want to eliminate the hard money needs because that definitely takes a chunk out of the profit.

Send me a message. I can show you the house I'm finishing up, talk about what your goals are, see if they are in line with mine. I've got a lead on a duplex that would make a good candidate but it's out of my reach. I'm going to need a 1031 exchange in the next 90 days so I'm itching to meet someone with a similar goal to invest in it all cash.

PS: Jersey is really hard on landlords. Just letting you know. But it's not like it used to be when I had my rentals 20 years ago. Vetting tenants is so much easier now. Thank you INTERNET!!!

Hi @Kevin Clifton , welcome aboard!  I’m a local (Brielle) buy-and-hold investor with a couple of properties in Ocean County.  I’d be happy to lend any insight into the area based on my experience investing and also as an agent. The Jersey Shore isn’t the easiest area to find deals but they do pop up so the key is to be prepared to jump when the opportunity arises. It sounds as though that’s exactly what you’re doing!

I just completed a cash out refi on those properties so I’m actively looking to reinvest those funds. Feel free to shoot me a message if you’d like to catch up. Best of luck!

Originally posted by @Martha Molinini :

Hey Kevin,

Welcome to the circus. I live in Toms River and about to finish a flip. My next will be a buy and hold. I've been investing in real estate for many years, flipping houses before flipping was "cool" from back in the late 90's, as well as buy and hold.

I'm looking to team up with other investors to form a partnership for the next flip, or hold, which ever makes sense. I want to eliminate the hard money needs because that definitely takes a chunk out of the profit.

Send me a message. I can show you the house I'm finishing up, talk about what your goals are, see if they are in line with mine. I've got a lead on a duplex that would make a good candidate but it's out of my reach. I'm going to need a 1031 exchange in the next 90 days so I'm itching to meet someone with a similar goal to invest in it all cash.

PS: Jersey is really hard on landlords. Just letting you know. But it's not like it used to be when I had my rentals 20 years ago. Vetting tenants is so much easier now. Thank you INTERNET!!!

 Hello Martha !

Thank you for your input! I would love to meet up with you and talk about some goals!

Feel free to message me or find me on Facebook!

Originally posted by @Sue Z. :

Hi @Kevin Clifton, welcome aboard!  I’m a local (Brielle) buy-and-hold investor with a couple of properties in Ocean County.  I’d be happy to lend any insight into the area based on my experience investing and also as an agent. The Jersey Shore isn’t the easiest area to find deals but they do pop up so the key is to be prepared to jump when the opportunity arises. It sounds as though that’s exactly what you’re doing!

I just completed a cash out refi on those properties so I’m actively looking to reinvest those funds. Feel free to shoot me a message if you’d like to catch up. Best of luck!

Hello Sue!

I would love to be able to meet up and talk investing,as I feel as though our goals match pretty well.

Thank you for reaching out, I will send a message to you now !

 

Originally posted by @Chris Martino :

Hi @Kevin Clifton,

There are some great REI meet up groups in Belmar and Asbury Park that you can check out. Lot of investors to network with at those meetings and they usually have a good attendance.

 Chris !

Thank you !!

Are they on the meet-up app? 

@Matthew Kelley

It's easy to do an eviction yourself without an attorney. Thank God NJ shares the information on the process with easy to follow steps. You can even download the forms from online now. The PROCESS is easy.

It's the TIME involved with the process that is tough. If your tenant fights the eviction (as mine did) the judge will absolutely side with them and give them an opportunity to correct the default. So then you have to wait it out AGAIN, only to go through it all over again. It was like being on the hamster wheel.

I wasn't alone. When I was at the courthouse, it appeared as if MANY of the defaulting tenants knew how the whole process would pan out, and used that knowledge to consistently delay eviction. So in what you think should be a 60 day process TOPS, could turn into a 6 month nightmare. In the meantime, as the property owner, I still have expenses and holding costs to cover.

At one point, I actually asked the judge who is protecting MY right as a property owner?

So again, the process is easy, it's getting the timely justice that can be tough.

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