New investor looking for help

[Gilad Besterman]

Hi,

This is my first BP post. My wife and I made the decision about a year ago that we would like to start real estate investing. Over the past year we have read multiple books listened to almost every BP podcast, and spent quality time reading the BP forums. We have our real estate investing plan, we have funds, but we can't seem to find any properties to invest in. we are looking for Multi-families in NJ specifically union county. Every deal that comes our way is negative cash flowing. I've exhausted Zillow and the few real estate agents i am working with can't find any deals either.  After almost 4 months of looking for properties we haven't even found one cash flowing property. I am looking for some advice, on how to find a property. 

Thanks,

Gilad

[Allen Walton]

Negative Cash flowing? I can't imagine how poorly priced these deals must be... If you're not living in the property, you would have to put down ~25% or more which would mean you don't need to pay any PMI, & your mortgage **should** be covered, assuming you're getting market rents for your units, and the purchase price is reasonable with these rents in mind.

On the other hand, if you're living in one unit and looking to cover your mortgage and still cash flow, that would be significantly more difficult to pull off. Especially if you're putting down a lower down payment amount such as the 3.5% that FHA allows. Would you please clarify what exactly you're looking to do? Maybe I can help you out once I have a bit more info. Thanks,

Allen Walton