New Investor in NY/NJ

[Jay Roh]

Hi I am a new investor in the NY/NJ area, I am looking for any new tips. Any kind of help would be greatly appreciated!

[Pete Winslow]

Hi Jay,

Welcome to BP!  I would recommend getting clear on a few things: where you want to invest, what type of property you want to invest in, and, perhaps most importantly, exactly what your goals are.

If your goal is to retire in 5 years from passive income then your path will look very different from having a few rentals to supplement your income.  Once you get clear on your vision then you will be able to take steps in the right direction.  Consistent, daily action will help you.

I recommend starting with a house hack if you want to learn how to become a landlord.  I started out living in one bedroom in a five bedroom house and renting out the other rooms to cover the mortgage.  You can also do this with a duplex, triplex, or quad if you don't want to share space.  Deciding on the type of property will help.

Finally, I recommend becoming very clear on a specific part of one area that you want to invest in.  Talk to some rockstar real estate agents who also invest in the area to get started.  Once you know where you want to be then you can analyze deals to make yourself feel more comfortable.  You'll build confidence and be ready to jump into the right deal once you find it!