NJ newbie eager to learn!

[Cassandra P.]

Hello everyone! My name is Cassandra and I feel like I'm writing my profile message all over again lol so I will be more detailed about myself. I'm located in Monmouth county NJ. Right now my profession is being a financial analyst. I just can't imagine myself doing this for a very long time, now I see why people hate 9-5s. So I have been looking at ways to get out of the rat race ( if you have read the Rich Dad Poor Dad book then you will know exactly what I mean. I have been listening to the Bigger Pockets podcast and I feel so motivated. I figure I would join the community and socialize with investors who are doing what I want to do. I'm completely new to REI, I have not invested in anything yet. I'm looking to change that ASAP. Initially I saved up to buy a home for myself, but I'm not interested in that right now, I would rather invest it. I also have a emergency fund and good credit so I'm ready to get out there and start my journey in REI . Right now I'm interested in buy and hold rentals. I do have a couple questions if anyone wants to educate the newbie. I know a lot of people say you should invest in properties that are close to you but the houses and property taxes in Monmouth county NJ are high. Has anyone's first investment been out of state and has had success ? Also when you first start out investing , would it be better to put the property in your name or a LLC? I would appreciate any feed back, tips, and advise. I'm eager to learn!

[Shannan Bowen]

@Cassandra P. Hi! My suggestion would be to take some time to really define what you want. It's great that you are eager to get started but build yourself a firm foundation first. Choose the area(s) you most interested in and learn the market and then narrow it down from there if possible, research what type of properties in them areas are better for rentals. FYI some towns are better for rentals then they are for flips and vice versa. You also want to determine if the profit you are seeking will fit the area your interested in. Also, it's always better to do an form an LLC this way you as a person won't be personally held responsible should something go wrong. I hope this helps!