Starting from Scratch in South Jersey, New to Bigger Pockets

[William KJ Kulik]

Hello BP community,

My name is KJ Kulik and I am a recent 2017 graduate from the University of Rhode Island. I currently work in Voorhees, NJ and commute from home in Moorestown, NJ. Although this situation is favorable for now, I hope to move out in the near future and explore opportunities purchasing my first property (hopefully a house-hack situation). Was hoping for some insight into the area around me (South Jersey/Greater Philadelphia) as I am torn between saving up to buy my first property in the city, or buy local and more reasonably. Wondering if there is good cash flow in any of the areas nearest to me (Medford, Mt. Laurel, Cherry Hill, Haddonfield).

A second topic I would appreciate some advice on, is how to best combat student loan debt when attempting to enter the real estate industry. Obviously no debt would have been the preferred route, but as it so happens (as I'm sure it has happened to some of you) I am stuck with a fairly significant amount of "good" fixed/low interest debt. Wondering if the important thing for someone in my situation is to focus on paying this all off and getting back to zero, or if it could be beneficial for me to save towards that first purchase, while taking longer to attack my loans. 

Really just looking to connect with a bunch of you in the NJ/PA area and form relationships as I go. Please reach out with any pointers you might have for a newbie living at home in South Jersey. Thank you all and I look forward to being a part of the team!

[Tom Doherty]

@William KJ Kulik Welcome to BP! Congrats on graduating from Rhode Island. I graduated 7 years ago and rented for a couple years in Manayunk with friends (I did and still have student loan debt) I now own a home in Philadelphia in a good solid area. Here is my advice...

- Housing situation - I recommend the house hack approach if you are able to get some of your friends to rent from you to cover the mortgage. First, get in contact with a mortgage broker, I'm sure they will tell you that you need at least 2 yrs under your belt first. It looks like you are living at home, I would stay at home as long as possible to save as much money as possible. I look back at when I rented in Manayunk and I spent about $20k in rent for 2 years. I wish I stayed home to save money. 

- Location - I cover Philly, Delco, Chesco and parts of Montco. Obviously it comes down to the numbers/location and condition of the property. Philly is in the the #1 spot but that will likely come at a higher price but there are deals out there. 

- Student Loan Debt - It depends on how much. Some people may disagree but I recommend not paying it off and saving for that first property. It will be helpful to get in contact with a mortgage broker to see what you would be approved for with the student loan debt. As long as you buy right, you'll be in a better situation if you are able to save for a home and buy a good quality property and live for free.

Congrats on figuring this out sooner than later. I wish I was in your situation when I graduated 7 years ago. Message me with any questions. Good Luck.