Newbie from New Jersey =D

[Jonas Delarosa]

Hi BP world,  my name is Jonas, I am 27 years old from NJ. I finally decided to get educated in Real Estate and  BiggerPockets is a great source for that, but there is a lot of info and it gets overwhelming at times. I'd like to start investing in Real Estate, I have enough capital for a  20% down payment on a 120k duplex, which i think it is rare in NJ.

or i can do an FHA 203k for 3.5% on something bigger. To start i would like to house hack my first house, preferably a duplex with a finish basement so i can live in the basement and rent the others, after that i will be saving the cash flow and the money from my job to start investing in turnkey properties down in the Midwest.

I already have my  end goal in my head, I know this is not a get rich quick game, but i am willing to play it, and see light at the end of the tunnel. My end goal would be enough rentals properties producing me 4,500$ cash flow a month, to be extra conservative, i will take 1000$ from the 4500$ each month and save it for a total of 12,000$ a year for reserves and emergencies, I know we take (10%) or more for repairs, but i don't want any surprises.

after all the repairs at the end of the year, I will pocket the remaining capital and repeat the process every year. I would be more than  happy to get 3,500 a month and forget about the 9-5. What do you guys think? does it sound like a good plan? or I'm I getting ahead of myself? Thanks

[Stephen Wiater]

Good luck with your journey man! I am currently in NJ and new to REI with the same type of plan as you, so if you ever want to compare notes or ideas together lets grab a coffee sometime or just message me!

-SW