New Member from Northern NJ-- AF pilot to RE investor!

[Brian Monga]

My name is Brian Monga, I discovered Bigger Pockets about 2 years ago as a resource and just made the plunge into Pro membership! I looking forward to connecting with other investors brand new and experienced alike. 

I transitioned from the military as an Air Force pilot back to my home turf in Northern NJ a few years ago and was able to land a job (no pun intended) flying for a major airline. It was always a goal of mine to buy a multi-family to live in but I never quite had the opportunity due to my career requiring constant traveling. Two things were always career goals for me-- fly cool planes around the world and invest in real estate! So, I focused most of my 20's on my career as a pilot (which is still my full time trade) and now that I have a little more flexibility and money I am trying to hit it hard with real estate investing.

My First Deal:

Two years ago I set out to buy a multi-family and bought a 2 family home in northern NJ. My initial search was in Montclair NJ. I looked at multiple houses, made several offers (some without even looking at), and was beat out by higher cash offers every time (sometimes 100k over asking price!!!). Montclair is a trendier area to live in NJ and there were a lot of NYC expats relocating willing to spend way over what an investor would see as reasonable-- the numbers didn't make sense. I decided it was time to cast a wider net and started to look in the Morristown area and surrounding towns. I ended up settling on a 2 family in the town of Rockaway for $430,000. The plan was to use a VA mortgage with no money down. It came in about 15k under price on the appraisal so I put the difference down. (on a side note this area has few multi-families so the comps were 1 year + old) It was a 2 family, with a large 1 bed 1 bath & 4 bed 2 bath in a central area of town with access to public transportation to NYC. I currently live in the 1 bed 1 bath unit and rent the 4 bed 2 bath for $2500. I plan on moving in the near future and rent the 1 bed 1 bath for $1600 for a total. If you're thinking of buying a multi-family to live in as a first deal (aka househacking) do it, it is a great learning experience!

Since then I have also bought and renovated a house in Seaside Heights NJ which I use as a short term rental. This short term rental deal is a post in and of itself of lessons learned! 

For my next deal I am looking for small multi family houses (1-4 units) in northern NJ within 30 minutes commuting range from NYC. I am especially interested in investing in Jersey City. There are a lot of challenges as a real estate investor in Northern NJ. I believe this challenging environment creates opportunities for those with some grit and local knowledge. 

[Charlie Cameron]

Congrats @Brian Monga! Love to hear about other military and vets crushing it. I'm an engineer/acquisitions buying multifamilies and hopefully a STR soon. @Matt "Roar" Gardner is an Air Force pilot and investor as well!

Keep up the good work!