House Hack Success, Quit Job & Ready for Next Deal

[Jazmine Jones]

I am happy to share that I have purchased my first real estate investment!

I had been researching and investing in REI programs for quite some time. I knew I had enough information to get started, but my fears were holding me back, so I just kept reading. I made a major move from Maryland to New Jersey and at that point I decided to make the first move and set a goal to purchase my first multi-family property in 1 year. It took me 1 year and 3 months! And now I have quit my job to pursue Real Estate Investing full time and I'm on the hunt for my next deal!

I purchased a 3-unit property in Newark, NJ. I found the property on the MLS. I got a FHA loan for 3.75% and purchased for $260k. This was a turn-key property that was fully occupied. However, the seller had given one of the tenants notice to vacate. This tenant happen to be the one that had not paid rent in several months and was ruining the unit. My husband and I fully renovated that unit and moved in - House Hacking! The other tenants remained! They were paying slightly below market value rents, but we decided not to increase because they had such great history. We do plan to slightly increase next year. With the current rents we are living ALMOST mortgage free.

This allowed me to leave my job to be a full-time real estate investor. I am looking to purchase 10 more units in the next few months. I'd love to connect with others to create win-win situations!

[Jazmine Jones]

Thank you all!

Unfortunately, my previous work environment was very toxic and got increasingly worse once they learned I was expecting my first child. My husband and I began saving and set a plan for me to leave the job once we got the house. My husband still works and fortunately makes enough to support us. We are using his income when documented income is necessary. Also, we got a $30k unsecured line of credit for our LLC, which we plan to utilize to purchase our next deal in conjunction with private lenders.