So confused and nervous

[David Brooks]

Hi all, been doing a lot of research into REI and want to get my first investment as fast as possible. I am too nervous to reach out to a realtor to help or make an offer. I am confused as to where/how to find a deal. I live in Northern NJ, specifically, Hoboken and the area around me is very expensive.

I am a young guy, upper 20s, accredited investor and have a good amount of capital from stocks. I would ideally like to start with around $100k max budget whether that be the full purchase price or down payment. But once again, because of the area in which I live, I haven't found anything yet. I have looked out of state, but am struggling with the idea of just wiring some random person a good amount of money. This is also part of the nervousness.

I have an LLC that everything would flow under and am mostly looking for cash flow and depreciation benefits to continue building my REI empire. I would like to double my properties every year. That would be my real estate goal.

[Account Closed]

@David Brooks Hi David, I completely understand your hesitation just starting out. There are a lot of moving pieces to consider especially when you're working on your first deal. Don't get overwhelmed, you're on the right track! Getting your LLC set up and your finances in order is great first step. Hoboken & New York City definitely have smaller profit margins compared to other cities, such a Philadelphia, so I understand why you're having some deal flow issues. Don't be afraid to reach out to agents. They can be a great resource when starting out especially when trying to identify a target market. If nothing else it's nice to get their perspective on things. I'm a licensed agent in the Philly area and I specialize in investment properties. Feel free to reach out with any questions!