​REI in New Jersey?

[Steven Booty]

Hey all,

Newbie here.

I've been renting since college, but now that I have some cash saved I think it's time to start building equity (and stop throwing away $7k a year). My goal is to purchase my first property within the next year or so. I am pre-qualified for an FHA loan.

Goals:

• Supplemental income
• Eventually growing to a retirement plan

Positives:

• Excellent credit: ~800
• Zero debt – no student loans or long-term credit card
• Able to save ~$1000 per month
• Nearby universities, cities, and beach towns make properties more rentable (?)
• Room to grow in company/career

Issues:

• Little investment capital (~$20k)
• New Jersey’s relatively expensive real estate market, especially Monmouth county
• Yet to purchase primary residence
• Salary not the highest - only 2 years into career

My Plan:

I’m looking for at least a 3 bed, 1.5+ bath single family (or multi- but they seem scarce around here) home in the high $100s (low $200s would be pushing it) range in the Monmouth County areaof New Jersey. I can afford ~$1,400 monthly payment (including everything) on my own. I plan to rent out the two (or more) rooms to help pay the mortgage/expenses. My plan is to build equity in that house until I can afford to buy another investment property and continue to rent out the first property. Time will tell from there.

Any advice for me as to narrow my search area (i.e., what to look for in a neighborhood)? My criteria are pretty vague.

Any recommendations for local mentors/realtors?

Thanks a lot!