New from Central NJ - Dilemma
Hi BP,
I am new to REI looking to own my first rental property. I've been reading up and teaching myself for weeks now, and have been checking properties online and driving through some neighborhoods in central nj looking for a property that will provide me with some positive cash flow. I am caught between owning a duplex or a townhouse/condo, and renting it out. I would be going the traditional loan route, but know raising and having capital is the first line of business. I only have about 15K saved up for this. Would I be able to go through with this? Should I partner or get family/friend to help (Don't want to tap into savings/cc/retirement funds if I don't have to). Also, is the duplex or condo better than the other when it comes to owning? Should I live nearby or extend the distance to Southern Jersey? I live in Central NJ and haven't been able to decipher what a "good deal" looks like around here. Any one recommend a good real estate agent to work with? Again, simply looking to gain some passive positive cash flow this year, with the goal that I gain enough confidence to acquire more properties in the future. I am currently working full time in NY and was even thinking of becoming a real estate agent as a part-time side gig to help with increasing funds while learning about the business (kill 2 birds one stone?)
Does this sound like a viable and recommended plan? Apologies for all the ?s Any feedback, tips, suggestions on how to best utilize my momentum is really appreciated.