House hacking my way into my first home
Hey everyone, Im Jon
Im very new to the real estate and I am looking to learn as much as I can. I reside in Elizabeth, NJ area. I am highly interested in house hacking my way into my first home.
Im a full-time construction worker and NYC Real Estate agent as of last week. I got pro with the intention to analyze one deal per day from here on. I have 191 days 11 hours and 24 mins as im writing this post before i burn the boats and take the island (quit my job and go full time self employed). I understand I NEED to eliminate my biggest living expense which is renting. I’m currently renting a 2 bed flat for 1315 a month in Elizabethport and i want to house hack in Jersey City or in that first island of Jersey to be closer to work in NYC. I also understand the safest bet is find a property where i can handle the mortgage by myself if need be.
As i look and see the average payment at double where I'm currently at. I think I wouldn’t find anything near where I’m at, so I’m asking for guidance.
I’m building my credit,
And don’t have the money, I know that these are not deal killers for getting into Real Estate so I'm not worried.
I guess im looking for someone who took a similar path to compare notes with.
Thanks in advance
Welcome to BP, Jon!
If I were you, I would try to get into buying a property soon before you become a self employed. Are you thinking of house hacking a multi family property or single family house. Talk to a lender and see what your financing options are.
Best of luck!
Quote from @Zierry Eme Carl T. Tagbas:
Welcome to BP, Jon!
If I were you, I would try to get into buying a property soon before you become a self employed. Are you thinking of house hacking a multi family property or single family house. Talk to a lender and see what your financing options are.
Best of luck!
Yes! You are so Right I didn’t stop to think a change in career would reset my proof of income. Good catch! Thanks
Hi @Jonathan Vargas, it sounds like your head is in the right place and you are on the right path.
I am an investor and investor-agent based in North Jersey (Bergen, Hudson, Passaic, and Essex counties). I'd be happy to connect and learn more about your goals.
Hey @Jonathan Vargas so I think most people here where in your shoes at one point in there life. I love the conviction and excitement you have towards going full time. I was in the exact same spot as you a few years ago when I started but I got some solid advice from my first mentor. HE said " Real estate is all about the long game If you quite your job before you have any experience or savings I will not answer your calls. Suck it up and do both" this is just how he talks all the time LOL but none the less still great advice. It then took me three and half years to be at the point where leaving my job made more strategic sense then staying at it. Instead of having a time based goal I would have a financial based goal that you need to hit inn order to leave. If I was you I would make it something like this. Have one year of expenses saved up or six months of expenses saved up wile making enough income from real estate already to pay your basic bills. Other goal before leaving would be to find a multi family to move into. If its in NJ and your licensed in NYC then find an agent and ask them to give you a referral fee and use the referral fee to help with your down payment. These are just my thoughts. When you make the move to go full time I want to see you light that island on fire. being in a strong financial position will allow you to keep your head in the game and push threw the ups and downs!