I am a New Investor giving my story on how I purchased my first 2

[Gerald Boone]

Hello Bigger Pockets members

I am located in New Jersey and currently purchased my first  2 properties. I am new to investing but not new to Real Estate. My parents owned a few multi-family properties in Brooklyn New York where I was born and raised. They bought there first property in the 1980's where interest rates were normally over 9%. They also owned an 8 family unit Downtown Brooklyn near the Barclays center and a few others. I helped with such things as renovating units, collecting rent, preparing leases and the eviction process.

I starting working for a housing agency in New York approximately 14 years ago, stayed for 3 years and moved to NJ. I then started working at a housing agency in NJ where I have worked for the last 11 years. So, I have been around Real Estate sitting on the side lines waiting with all kinds of excuses.

So, I recently purchased my first property at the Sheriff sale held in Mercer County. I went this route because my credit score was low and the only way I knew to get a property for the amount of money that I had without credit was to get it at the Sheriff auction all cash.

While inspecting the property that I bought at Sheriff Sale the neighbor of the property recommended a house that was 2 doors down. She told me that the owner had passed away a few months ago and the house is in great condition. I looked online and found the property on one of the realtor sites and noted that the price was too high and it had been on the market for almost a year. I inspected the property made a low offer and they accepted , and that's how I scored 2 properties in 1 month.

This depleted my cash which I was going to use for the sheriff sale property as it will need at least $10,000 worth of work but I will renovate it slowly and rent out the other asap.