First Time Investor in Newark

[Hubert Sarfo]

Hello all!

I'm a recent college grad who's been learning about real estate for the past 5-6 months and I'm ready to take the next step and actually dive in and get hands on knowledge versus sitting on the sidelines only reading about it.

I'm looking to invest in Multi Families (3 unit) within Essex County, NJ specifically Newark. I've been in Newark for 4 years and have a familiar background with many of the areas. I plan on my first property being an owner occupied rental to utilize FHA loans and learn more about being a landlord/real estate in general.

I have my financing in place and I'm looking for anyone with tips or advice they wouldn't mind sharing. I'm also seeking agents to assist me in the process from scheduling tours to signing the documents to my first purchase.

Thank you!

Hubert

[Vincent Priore]

@Hubert Sarfo Congrats on taking the first step, its the hardest!  House hacking is a great way to get started, I did the same thing in my early 20's.  As @Jonathan Greene mentioned, if you're looking for a 3 family in Newark, you will more than likely need to do some rehab. His second point about tenants having ready access to you is a good one. I would advise that you screen really well. That said, its a great way to learn and you can build off that as you grow your REI business. Happy to offer any other info/guidance. All the best!