Hi all! Newbie from Paramus, NJ

[Joseph Chui]

Hi BP Community! My name is Joe Chui, I'm a newbie in REI, meaning ZERO experience. I'm originally from San Francisco, currently living in Paramus NJ, moving into Manhattan this October.

I work as a sales consultant for a internet domain name company. Being a consultant there are flexible hrs, i get to work from home, but there are no benefits or 401k. Reading Rich Dad Poor Dad I knew one day I would grow my retirement thru REI.

I love to bike, swim, play basketball, play my guitar, and do things outdoors. Unless it's board game night, then i'm staying inside (catan, cashflow, spartacus, agricola, risk).

I stumbled across BP from a thread I saw linked on Yahoo Finance. So far I've read a lot of great threads, subscribed and listened to half a dozen podcasts by BP and growing my respect for this community and the RE industry each day.

My RE goal is to hit an income goal of $250k/yr within my first 5yrs and my end goal is to create a $20k/mo cash flow each month for retirement. I know this is a bit ambitious but I know with the right mentor, a strong work ethic, and a bit of luck it will happen.

I'm looking to meet mentors or partners within the NJ area and also the NYC area who are active in the field. I have a little saved for my first property, no debt, decent income, and good credit; just need some guidance and glad that BP is here to connect me with the right people. I understand that to get to my goals it must be a full time effort. I would like to steadily transition from consultant work into full-time REI when cash flow and/or experience allows. I would also like to take my REI international within 1-2yrs as I have a lot of family and resources in HK/China.

I believe for my goals flipping is the right strategy while adding rental properties along the way as I get experience. (open to feedback)

I look forward to my journey into REI. I truly believe it is the best investment vehicle one can make, if vetted of course :)

[Paul Timmins]

@Joseph Chui 

Welcome. Consider international sources of all the private money you will need. Time to build the foundation below.

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 over 70 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://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 provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

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.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul