Excited to Learn & Take Action - New Investor from New Jersey

[Richard Herro Jr.]

Hey everyone,

My name is Richard Herro, and I’m a new investor based in New Jersey. I’ve been listening to the BiggerPockets podcast daily on my commute and finally decided to jump into the forums to learn, connect, and start taking action.

A little about me:

I work as a Substation Design Engineer and currently live near the Jersey Shore.

I’m focused on learning about house hacking, buy-and-hold rentals, and creative financing strategies.

Right now, my biggest challenges are:

Understanding the best financing options for a first-time investor.

Finding a solid market near me that aligns with my budget and goals.

Learning how to analyze deals with confidence.

If anyone has tips, resources, or experiences they’d be willing to share, I’d love to hear them! Looking forward to connecting and contributing where I can.

[JooYung Choi]

Love that you are spending your commute at a mobile university. So much content out there!

House hacking is a solid way to get started in real estate investing. Here are some ways to get started analyzing deals.

For a Single Family House Hack:

-Reach out to a couple lenders to give you a good idea of what you are approved for. Locally or on Bigger Pockets. Your best option is a Conventional or an FHA loan.

-Identify some neighborhoods you'd like to live in. If you like the neighborhood, chances are other people will want to live there as well.

-Find some properties to work up. Take note of the number of bedrooms, bathrooms and proximity to public transportation. Bonus points if you can convert an office space or finish a basement.

-What's the PITI?

-Since you will be house hacking, see what 1 bedroom rentals are going for in the area. You want to be priced under that number since the kitchen, bathrooms and common areas will be shared. Pricing can vary based on bedroom size and other amenities like a private bathroom.

-PITI minus (rents x number of bedrooms) = your debt obligation

If what you owe at the end of the day is less than what you would spend on housing per month, that's a win! 

With Multi Family Homes, you have more options of course. You could rent out a unit at market rent AND rent out bedrooms in your own unit. Potentially get paid to live at your own home.

The confidence grows with the reps.

Best of Luck!