New REI Investor - New Jersey Market

New REI Investor - New Jersey Market

Investor · OH · Member since 2019 · 70 posts · 22 votes

What's up everybody. I'm on here to learn and connect with everyone that I can. I work in IT during the day as a system admin. I'm starting my REI investing with wholesaling first. Build up my capital to put towards rental properties. Right now I'm reading Traction by Gino wickham and starting 90 day intention journal. I feel like it's getting my focused detailed and organized. Looking forward to connecting with anybody in the area. I'm actually walking a deal tomorrow in camden NJ.

Any advice on FHA 203k loans ?

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  • Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! I have heard some people using the 203 for multi family units.  It would be worth your time to research. Hope the best for you going forward

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    @David Greene and @Brandon Turner has some good ones.

  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    6y

    @Gardy Saturne, welcome to BiggerPockets. Good luck with the walk thru today.  And good luck with the 203K loan program.  We haven't had good luck with it finding reliable contractors that don't overcharge since they have to lay out capital before they can get paid.   I'd look into other methods of financing that don't require the use of the approved contractors so you can possibly save on the repair costs.  I've heard of other programs out there right now.  

  • Investor · OH · Member since 2019 · 70 posts · 22 votes
    6y

    Thanks darren. Good info to know. What would you recommend for other financing for first time investors for multi-family unit ? 

  • Investor · OH · Member since 2019 · 70 posts · 22 votes
    6y

    Property walk through went well today. Landlord is highly motivated to sell. House has been vacant for 2 years. Landlord is also 2 hours away. 

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