New NJ investor looking for ideas

[Matthew H.]

Hello BP community! I would like to take the time to introduce myself and my intentions here on the forum. I am a single, 26 year old potential future investor and living with my parents in Toms River NJ. I just finished paying off my student loans and now I am saving up for somewhere to live.

I work full-time in Princeton NJ and have been listening to the BP Podcasts on my commute. I see my current situation as a great opportunity to start investing in real estate.

I want to buy a single or multi-family house with a garage that is close (≤ 45 mins preferably) to work. I am interested in "House Hacking" to reduce if not eliminate my mortgage payments.

I would like to have the ability to move out of this property in a few years and rent it for passive income. Possibly through the "BRRRR" strategy.

Ultimately, I want to supplement my income and have multiple streams of revenue. As of right now, I do not plan on becoming a full-time REI.

Any thoughts or opinions on strategies to get started would be great. Also, if anyone can suggest local areas that I should look into (or how to find them myself) that would be awesome!

[Larry Letizia]

As you know we come from a very diverse community of value ranges, from bungalows to McMansions. If you start east at the beach, then travel west to Rt. 70 there is a lot in the middle. Continue on to Princeton and there's a whole bunch more. Pick the location, location, location, then draw a circle on Zillow and see the market. (Save it and set up email updates) If you draw a big circle you may get confused and open up the possibilities of mistakes. Follow that as you develop the understanding of value for that area, both current and historic. 

Speak to a mortgage rep., learn and know your price range and options for financing. 20% down payments can help you avoid PMI, (Private Mortgage Insurance). It also acts as an appraisal tool. Learn the values within your market circle and make sure they match your price range. When you see what you like, act. A Realtor can set up a similar circle and provide this as well. Eventually you'll need a realtor unless your confidence is high and you buy privately. Build your team.... Realtor, Mortgage Rep., Attorney, and a good Agent who can show you or give you lots of help. Loyalty is hard to find these days, but when you find someone that works for you, stick with them. Then by all means keep reading Bigger Pockets !!!

The condos near Rt 70 and Whitesville Rd. are sometimes a decent value but "buying right" and maybe cleaning up someone else's mess gives you some sweat equity.  Combine that with a roommate or two and you're on your way.

Good Luck....