Matt from central NJ ready to learn and earn

[Matthew Flores]

Hi BP fam!

I'm Matt and I've been a member of the BP community for over a year, but never been involved in posting. I'm from Central New Jersey (732) and will finally be getting my feet wet into real estate. 

My goal is to own 2 duplex or multi- family properties by December 2017. My credit is poor and my debt is under 7k. I'm waiting for a big check soon (20-50k) from a settlement sometime next year, and would like to start generating cash flow with that money, even sooner if the opportunity arises. 

I would like to connect with anyone who wants to help motivate me to succeed.

And if anyone who can recommend good threads to read please post them for me and I will get to them.

Right now for income I am  self employed by reselling sneakers. It's a pretty good gig, but its only getting me by. I need to start building for my future now, so that I can be generating enough income to be financially free. 

And how will I start this endeavor? 

Seller financing. I choose this method because my credit score is bad, and I like win-win situations.

How much money can I save to invest in real estate?

About 10k within the next 6 months.

Why do I think real estate is for me?

I have time, so I can LEARN, look for deals, go check properties, and build my network.

I have skills, I'm handy, which I believe will help when it comes to turning over tenants, understanding estimates and estimating costs for certain repairs, I'm a effective communicator and a great salesman, so I know how to get a yes.

I'm BILINGUAL! I believe that can be a great edge into the market. By being fluent in both Spanish and English, I think it will allow me to effectively get my point across to a lot of distressed Latino property owners. 

I'm not afraid of risk. I am not nervous when it comes to money and dealing with it. I know it takes money to make money. I learned a lot about money from a gambling binge I had in 2013. I left pretty much even, but from those swings in emotions from the table games, I've become emotionally numb to the whole spending and investing large amounts of money. 

I want to be there for my family. I want to be able to support my family and have a flexible lifestyle. 

Thanks for reading and supporting this forum. I truly believe BP will help me succeed and this community will support me throughout my future experiences. 

-Matt

[Michael Lee]

Hello and welcome for your long awaiting introduction!  I have also been a member of BPfor a little over a year.  Rental properties are probably your best long term investment.  One of the things you should do while you are still learning about investment is to have a loan letter that approximates your time to close the loan and the maximum amount you qualified for.  You could give seller's a copy of that letter to the seller of your prospective properties.  

Shop around to find the best deal and find out what they want with your application. Give them an organized and clear paperwork. That way you get a quicker decision and a better one, hopefully. Another thing you might want to do before investing is to form some sort of a corporation or a LLC. You might ought to get advice from an attorney and/or a CPA ( or a tax accountant) after you select whart you want to do.

You can start your new career looking for a new office location that has few distractions.  You could have an office at your place depending your ability to close it off and you have the ability to not be distracted by things to do that are personal.  Just buy properties. Liked I learned from reading Robert Kiyosaki there's good debt and bad debt.  The good type puts money in your pocket from your investing and real estate be the same way.

Adding value to multi-family is more value appreciative than in single family homes because of the different ways of determining value.  To have enough units to afford a property value can be I think you need 18 units as a minimum.  They both have pros and cons and I do not have enough experiece to give that info for real.

Track everything and set goals that are attainable. The advancement of learning will make you more confident.  Keep things simple on your list at what you choose to do.  Do not cut any coners to make things look better. Doing what you do now should help you on investing.  Right now there is a low inventory that has raiied prices and the available rent money is generally raised.  Know the prices in your market.

Good luck to you!