Buying my first home / investment property !

[Maggie G.]

Hey guys !

So I’m trying to buy my first investment property/house.  

I’m a univ graduate this year and have been working in real estate in the city for 3 years now. I have made some income with smaller deals/rentals but switched into commercial and working on really huge deals. It’s great but the catch is it takes a long time for these type a of deals to close- months to the years even.  

Also I just turned 23 and have been building my credit recently.

I’ll have about 40k or a bit more in cash by the late spring/summer from some income from real estate my grandfather had left me.

I would really like to purchase a property ASAP. Just unsure on how to proceed.  Does anyone have any advice on how I could get a mortgage given my current situation?  Could I have one of my parents or a friend as the guarantor on the mortgage ? 

Does working in real estate for 3 years now count as the “two years of work history “ needed to qualify for a loan?  

I’m ideally looking for an investment property that I can rent out fully so I’m open to opportunity zones and up and coming areas. 

I live in nyc and would like to find something in jersey city/union city /potentially Newark (but still deciding on that). So basically an area in jersey that’s close enough to the city to rent out to professionals or students that need to go into nyc. Any tips on investing in those areas ?

Giving the amount I’ll have for a downpayment I’m looking for something between 100-200k for this first property. 

I’d really appreciate any feedback!!

Thanks in advance!!