Newbie here looking to start my investment journey

[Giancarlo Rodrigues]

Hey all,

Heres my story...

So i think im doing the back***wards but lucked into a 3 unit househack then found this website last week.  So I i'm 37 and was tired of renting so i decided to start looking for a condo about 45 minutes from work to be closer to family.  I looked for a year and found jacksquat.  After talking with my brother in law he told me i was being a moron and if iw as going to buy with the hours i work i should be as close as possible to work.  So i started looking in Bergen County NJ.  I was not looking for an investment infact it never crossed my mind, I just wanted a place for me and my future wife (if i ever find one).  I realized that my monthly payments for a condo and a single family was the same and shifted my focus.  Then i realized that some mulit families were comparable to the single families i was looking at.  My budget was 500k so i had some choices.  I had the towns i dreamed of but were out of my budget for the most part.

Then my agent sent me a listing for 500k in a town i thought i could never afford.  I went to look at it and every unit needed a full upgrade/facelift.  Being an Engineer and having done house renovations with my dad i knew what i was looking at in renovations (about 40k with the labor being done by me and my dad).  The house was an estate sale on the market for over 270 days and was built in 1928.

In mid Febuary Ioffered 435 and insisted in an inspection they were fine with the price but did not want an inspection.  So the deal was lost.  At the end of April during the height of the pandemic in North Jersey the house came back on the market and i immediatly jumped on it and offered 420 with an inspection.  They came back at 425 and are ok with the inspection.  Jump forward im about to close on Tuesday.

The house was assessed for the mortgage at 500k and was told by my agent and my own research that the house could be assessed after renovations at around 600k.  I feel like i lucked into a great deal.  

I plan on house hacking.  The one bedroom will go for 1500 and the 2 bedroom 2500 with mortgage taxes and insurance at 2500 a month.  The house has plenty of Hospitals/Universities in the area and a 20 minute train and bus ride to NYC with stops right in the middle of town.

Like i said i just found this site last week and i feel like i went around this backwards. Id appreciate any help. After finding this and reading the basics i feel like i could use this house to BRRR. I just started reading it and plan to use it to buy more multifamilies and holding them and renting them.

A few questions i have are:

1. What other books would you reccomend to gain more info and knowledge

2. What other expenses should i be looking at

3. Where can i look to start networking around here (Bergen County, NJ/North NJ)

4. I plan on self managing for now and found Cozy but is that the best app/site to use?  What forms do i need?

5. Also any info i can get to find a way to find a mentor or a group to help guide me would be awesome.  I like having multiple ways to gather info and help to properly make a plan.

I really wish i found this site sooner and was able to collect the info and make a plan before i bought it, I feel like im playing catchup and dont like that feeling.

Thank you for reading and any info you provide.

Giancarlo