New Member - Central NJ

[Michael Rubino]

Hello all,

This is actually my second introduction.  I made my first one a few weeks ago after first discovering BP.  The reason I am making a second introduction is because after listening to over 25 hours of the PodCasts, I am understanding a little more about why I'm here in the first place and think it's best to find people to connect with based upon my new outlook.

I'd like to start off by saying I'm a contractor by trade licensed in both New York including Suffoulk County, and New Jersey.  Why am I getting into Real Estate Investing? Because I am 26 years old with a newborn baby coming in August and I believe if I can get the hang of this early on in my life, it could pay off big time later in life for me and my family.  

Let me tell you a bit about what I have and my plan to get started. Currently, I have an offer out on a 3/2.5 townhome which I plan to live in. I'm getting it about 55k cheaper than it's ARV and the cost of repair is about 10k. It's already turnkey and the repairs are just to upgrade kitchens, bathrooms, and 2nd floor flooring. I'm planning to live here while I get this journey going and then eventually flip or rent out depending on the market at the time I'm ready.

Next I'd like to talk more about what I plan to do next.  In Northern NJ, there is a lot of distressed properties.  I really want to purchase them, get them fixed up and section 8 approved, and get them rented out.  This way I don't have to chase anyone for money every month as the checks will come directly from the government annd I can focus on keeping them section 8 approved.  The neighborhoods aren't the best and that's why I think this would be the most profitable long term option.  Along the way, I would also like to  link up with other wholesalers in the area to find some other properties to flip to increase capital to increase the amount of properties I can buy.

In partnering with other investors, if I am bringing the rehab aspect to the table (both keeping rehab costs down and financing the rehab) is that enough to bring to the table to start to find partnerships? Also, does anyone know of the best REIA groups in Central/North NJ or NYC?

Last but not least is there anything else I should be doing to learn besides listen to the podcasts, reading real estate books, and taking guru courses?  (I'm doing all 3 because I really feel that investing in education is the best investment in any industry).  Thanks in aadvance for your time in reading and responding to this post.