NeWbIe NeEds AdVicE!!!!

Hello All!

I am 24 years old living in NJ and I am looking to start my investment real estate portfolio.

I have 60K liquid cash I am willing to use to start my investments. I am looking the nj/pa area. As I mentioned I am a newbie and I am doing all I can to educate my self on this.

My goal is to eventually make a business out of this and quit my day job to operate this business full-time.

I wanted your input on where to begin with this venture? What is the best way to utilize the capital I have saved to effectively turn this into a business, do I buy multifamily, fix & flips, or residential/condo units?

I appreciate your advice in advance on how to get started.

Most banks are going to want around 30% down for an investment property. So let’s say you want to buy a property and put 45k down. That would get you into 150k worth of properties. I’m saying you could use 45k down because that would leave you 15k for rehab, carrying costs, etc. What can you buy there for 150k?
A lot of this depends on what you want to do. Do you want to be a LL or does the thought of having to deal with tenants make your skin crawl? If you look at condos, read up on their advantages and disadvantages. There will likely be restrictions and fees involved there. If you rehab & resell or hold for long term, you’ll need to find people who can fix things at a reasonable cost unless you can do it yourself.