New potential investor, have been to Scottsdale, Sedona

[Joe Manfredi]

Hi all,

Not sure if this is a reality for me at this point but that's why I'm here.  My fiance and I are getting married next May (2018) and currently own a $240k condo since 2012 on a golf course in central New Jersey. We believe it is worth much more at this stage because a neighbor of ours just sold his for $280k after buying it for only $247k and he had NO upgrades.  We have full crown molding, fully upgraded kitchen and others!  Since she bought the condo would I still qualify for down payment assistance in Arizona?  We have been to AZ for family in 2014 and 2016 and absolutely love the weather, plus the property taxes are so much lower.  NJ is at least $5,000 a year in taxes while AZ is under $1,000.  I would like to own maybe a small unit just a start and rent it out to people so they can pay it off for me.  That's kind of all I know at this stage.  I'm a novice so please feel free to school me and ask me questions I am mature and expect to get criticized or even shut-down for my ideas.  I know it won't be easy and all that but I know it's possible with the right people helping and counselling me.  

[Lucero Sanchez]

Here are a couple things you can do if you want to get into real estate investing (now this is if you move to AZ, I don't know other markets):

1) you can become a house hacker, you put a down payment on a duplex, triplex or fourplex you live in one and you rent the others that way you can be mortgage free or at least pay very little on the mortgage because the tenants will pay most of it (just depending on what you get and how much you put down) than with the extra money you save you can use it for your next investment.

If you want to build wealth in this field you need to be open minded and see the potential so you want to get outdated properties so you can remodel to increase that value/equity of the property. If you are good with the hammer and know some construction you can get the ugliest house and turn it into a very nice priced gem. 

2) If you get a nice amount back from your sell in NJ you can put a minimum down payment on your primary residence (again be open minded so you can get a good deal), and then you can put a 20% down payment on a rental property that way your rental pays itself off and helps you pay part of your primary residence mortgage. Again this will work if you buy below market value but if you buy properties at its price than this won't work. 

I was born and raised in AZ , you have Cali next door, you have Rocky point just 4 hours south (Mexico)  you have Las Vegas and you get no Snow and no matter how hot it gets I wouldn't want to live anywhere else.

Get into the real estate business if you know how to move your pieces you will become rich.

Good luck and congrats.