NJ Real Estate Newbie !
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
Most Popular Reply
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.