Where to begin?

[Account Closed]

I'm new to Bigger Pockets and find myself reading endlessly about property investment,  but when I feel like I'm ready my feet freeze..  How do I just take the plunge? How can I tell what's a great investment. Should I be scared in buying in an area such as Newark and Patterson, NJ where crime rates are high.. Together my fiance and I have almost 100K in savings, but 50k is investments (which isn't going as planned)  Can someone please help shed some light.

thanks!

[Doug Minton]

Veronica,

I live in West Orange, and know investor who invest in Newark. I have invested in Rochester, NY, and when comparing the two areas, I feel they are pretty much the same. As an agent, I get calls from people who need section 8 housing, and if you invest right, and screen properly, you can have good tenants and reap the rewards of an investor. So here are some suggestions on where to start.

1. Get involved with the REIA's in the area. I can assist you with those.

2. Develop your criteria for buying your investment property. ( One of my clients is an all cash buyer who only wants to invest, all in, 150k on a single family, or multi-family in Bloomfield, Nutley, or Montclair. She wants to get at least $2200 for rent. This is her crtiteria. What's yours?)

3. Research your area to find what fits your criteria, then start evaluating the properties. Eventually, you will know when you found a good deal, and that will spark a fire in you to invest.

4. Find a mentor, or a mastermind group to be a part of, so that you can have someone hold you accountable for your actions. (I actually have a small mastermind group that meets in West Orange. We are actively marketing in our target areas.)

So, the last thing I will say is get educated and eliminate your fears. There are a lot of myths out there, so get to the truth. Fear as an acronym stands for False Evidence Appearing Real F.E.A.R.. So, follow the above steps and get moving! I will also send you a college request. We should connect.