I am a true beginner - I have spent the past week reading and reading and reading book after website after forum!
Here is some background on me: my husband and I have decided to enter this wonderful world of real estate investing because we have a passion for real estate, rehabbing, and of course, money. Anyways, we are both young professionals approaching our thirties with a plethora of things to bring to the table - he is an attorney and I am a project manager. We reside in southern NJ where the market is actually quite bleak right now. Our plan is to form an LLC next year. We have impeccable credit and currently own our own home which we bought last year. I already bought and sold a condo in 2001 (I wish I had held onto that one!!). We have a few connections here and there and are assembling our contacts into a master team.
I am looking to network with people in New Jersey and I am certainly willing to investigate potential partnerships. Additionally, I wouldn’t mind working with a birddog in the area.
In sum, we’re young, determined, eager, smart, and skilled and need guidance! So hello!
You are on the right track of gaining as much knowledge as possible. These forums are a great source of information and the best part is that you do not have to look far for the answers to your questions.
Just ask and i am sure that one of the members will have the answer, which will save you tons of research.
Thank you so much! Actually here are a few basic questions I have been pondering:
If you are in a cool/soft market, what is the best type of property to purchase/invest in? What do you think is the best first investment (besides the house we’re living in) - especially in this type of market?
My husband and I have a number of debts we will be done paying off by the end of the year. Should we wait to move forward? We have no, and I mean NO money right now except to pay bills and make do [student loans are such a pain!]. We certainly don’t have any down payment. What are our options with purchasing an investment property with nothing?
Over time, we are planning on doing both. I suppose it depends on what we find and where the market is going. Unless we can get a really good deal, I don’t see flipping as an immediate option for us, based on real estate sales around our area - seems dry and people are practically giving their houses away. I guess that means its a good time to invest and hold.
I’m new to REI as well. Not brand new, but I’m not a seasoned investor by any means so yes I’m still “new”. I’ve been research for over a year and purchased my first investment here in Rockaway last Feb. I’m still feeding my thirst for knowledge everyday and try to keep as active as possible in between my day job and fixing my current house (and many other things!). I’m a member of GSREIA (if you’d like to attend as my guest at the next meeting please let me know).
Good luck with your reading & research and I look forward to possibly networking with you and your husband ;]
I know how you feel about trying to fix up your own house and have a day job! That’s just about my whole life right now.
I am definitely going to be attending meetings from GSREIA as well as the South Jersey chapter. I will let you know about attending any upcoming meetings. We are going to go to an Oct. meeting for beginners here in South Jersey, hoping to learn some stuff as well as network with other beginners and seasoned investors.
I hope all is well. I took note of your post. We are located in the South Jersey area and know a bit about both Southern New Jersey and the Philadelphia area. We could probably give you some insight into some of the markets.
Even though things look down in Southern New Jersey, all statistics and activity still seem to suggest that the entry markets are still strong and may still be seller’s markets. The middle and upper markets are flat.
We’ll be glad to give our insight. Private posting are the better. avenue.
I am attending the South Jersey Investor’s Club Newbies meeting on Monday Oct. 2nd (this Monday!) so hopefully I will network and it will be a great start. Thanks for all the support/replies!
I am also new to the investing business and have been looking for a great way to start. Like pretty much everyone starting off, I have NO money so I am looking to learn as much as possible before I make my first step. I know you both are working in the southern Jersey area but I was wondering if there were any real estate investing clubs or associations I can join in the North Jersey area. Any feedback would be helpful. Thanks
Wow this is amazing. I am also located in NJ - Mercer County to be exact.
I have been doing contract assignments for quite a while in this area and have had alot of success. I just joined reiclub.com becacuse I am looking to network with other investors out there.
I used to be a part of South Jersey Investors but I haven’t been able to go for a while because I am a full time student and I have been trying to build my business.
South Jersey Investors does a great job with the monthly meetings. It will be a great place for you to start.
Thanks Brandon…I am looking forward to joining the South Jersey Investors or the New Jersey Real Estate Investment Club. How has your investing success been out here in Jersey?
Lafi
South Jersey Investors is a great great organization. A very small fee for a yearly membership and so many meetings. They have a huge member base too. At some of the monthly meetings they have a couple of people attending.
They also have a very informative e-mail list.
I have been wholesaling in this area for quite a while. The Trenton area has been amazing for me. So many properties and alot of rehabbers around here.
Let me remind you everyone’s idea of success varies from person to person. I am in the process of creating a report / product about what I have done and all my strategies.
Where do you invest in the NJ area? Have you completed any deals yet?
I plan on investing in the North Jersey area, Hudson and Bergen County mainly. No I have not completed any deals yet, I am still a beginner. However, I will be investing soon, hopefully within the next month or two. Well Brandon I am very willing to learn from anyone, especially in New Jersey. The report you are working on sounds like a great idea and I would love to get a chance to look at it. I appreciate any information you can give me about our area.
NJ here too. Have you guys come across any decent cash-flow positive deals. It seems like NOTHING works as a rental unless you goto a bad neighborhood and get section 8 rents.
Glad to see other nj folks on here. Im relatively new to this biz too (bout a year). Ive completed 5 deals over the past year. Most were pretty good 1 was somewhat f a disaster. Im finding lately that there arent too mnay foreclosure deals out there.The banks have been taking back most of the properties due to lack of equity.
So anone out there have any ideas as to the future of this business in this current market please post so we can all share our ideas.
Plus if there is anyone out there has any solid deals and would like to partner it, please let me know as i have access to a high amount of cash through an investor that i deal with.
