Newbie from Manalapan NJ

[Pushpendu Chakraborty]

This is Pushpendu from Manalapan NJ. I am an IT proffessional and trying to build passive cashflow from buy and hold strategy. I just bought a new condo inLinden NJ and rented it out. This may not be the best way to start this kind of business but still valuable experience. This is not even close to 2% rule that I came to know from BP forums. Is NJ good place for cashflow purpose or do I have to look somewhere else?

[Paul Timmins]

@Pushpendu Chakraborty

Welcome. NJ can produce some smokin deals. You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 40 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who will provide deals and rehabbers.

Good Luck

Paul