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Updated almost 17 years ago,
Starting out in Northern NJ / NYC
Hello Everyone!
I've already made an introductory post in the 'Starting out' section, but I'll just rehash everything here.
I am a 22 year old, living in Hoboken, NJ. I will be graduating in 2 weeks from Stevens Institute of Technology with a BS in computer science. I have a great, high paying job (75k) lined up for after graduation and I will be starting there sometime this summer. I have no CC debt, about $17k in student loans, and very little money saved up at the moment (all the money that I've earned in the last couple years has gone to tuition). I plan on using the money I save from my day job to get started in REI and switch to doing that full time in several years.
As a RE Investor, I would have to say that I am at the end of the 'build up base knowledge' phase and am ready to move on to the 'first purchase' phase. I have scoped out a local CASHFLOW/REI club and I should be going to a meeting this week. I am hoping to meet some people there that will help me get a lead on my first purchase. My goal for this year is to have at least $1 of positive passive income from real estate.
Short term goals:
- Meet and network with other REIs from northern NJ (hudson/bergen counties) or NYC
- Find a mentor
- Build a team
- Find someone who wholesales properties in my area (if you know anyone, or even how to look for wholesalers, please let me know!)
- Buy a cashflow positive property by the end of this year
As a side note, here are the books that I've read so far. I highly recommend them to anyone just starting out. They both the how and the why. These are the books that brought me here and have changed how I look at money and the world. Here is the order that I read them in and it worked for me. They are all books from the Rich Dad series.
1) Retire Young Retire Rich
2) Rich Dad Poor Dad
3) CASHFLOW Quadrant
4) The ABC's of Real Estate Investing
5) Real Estate Advantages
I also have two books in the mail by Donald Trump. I'll let you guys know how they work out once I read them.