New Jersey Questions

[Kyle Pelech]

I have introduced myself on here a few times before quickly. My name is Kyle, I am from Monmouth County New Jersey. I am 20 years old and have been interested in Real estate since I was 14 or 15 years old. At that age my Dad explained to me how owning condos and villa complexes in myrtle beach can be so profitable. A light switch toggled in my head and would find homes and try and do the math to see how much I could make a month by renting it. It was like a game for me. Now at 20 years old and graduating college in May I have been saving my money as much as possible and would like to say I am just about ready to buy my first property. 

I would love a property in Monmouth County NJ but it seems far from reality with how large my down payment would have to be. I have been looking into Saginaw, Michigan but that seems like a very risky venture to me since I do not know much about that area except that my cash flow equation works out in almost every property I have checked out.

If anyone can give me some insight on finding properties in Monmouth county or can put me in contact with a realtor you believe could help me that would be so greatly appreciated. 

Also feedback on my venture outside of New Jersey for a first time investor would be awesome. 

[Kevin Zimmer]

Good afternoon Kyle.I live in Burlington County NJ, right near where Monmouth and Ocean come together.I became a broker because when I got involved in investing over 10 years ago the gurus said you needed a good realtor on your team.I decided if that was such an important component, why not just become one.So while I am happy whenever I do a retail real estate transaction, my bigger objective is to work for myself and with other investors building a portfolio.Residential real estate is great for some agents, and it is important to stay involved with it to know what a home buyer wants, but for me there are too many emotions involved.Investment property is a business.It can be approached rationally, and the numbers either work or they don’t.There are many posts on Bigger Pockets stating the pros and cons of local vs long distance investing.I personally invest in areas that I know and can visit.If I were you I would not be discouraged about investing in Monmouth.You may need to use more of the creative financing techniques. That is not a bad thing, for it will move you into your investing career quicker.Not having money will reduce your opportunities, but could increase your returns.You just need to look at more deals and make more offers.There are 4 ingrediants for real estate investing.Knowledge, Time, Money and credit.Not all of them are necessary in each deal…For example, if you have enough money you don’t need credit. I’m not sure how much knowledge you have obtained in the last 5 years, but it sounds like at least enough to analyze an opportunity.My point is that as long as you take action you can succeed.If you want to talk further or need help looking at a potential investment property send me a note or call me.In any case good luck.