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Updated over 4 years ago,
trying to learn a thing or 2
how is everyone doing today? i have a few questions and im hoping some one can enlighten me a bit or at least point me in the right direction.
my name is Gerardo im fairly new to RE and BiggerPockets for that matter. i reside in newark nj and im in law enforcement. i have recently decided to create as a goal 10k in passive income within the next 11 years to supplement my pension. at that time both of my children will be headed into college and id like to be able to rely on just the police and fire pension sysytem. i want to that by using the buy and hold method.
my first question is though i currently dont have a huge amount of cash (im saving a lot though) do i utalize an FHA loan even though pmi will be attached making cashflow that much less or do i sacrafice passing up on deals untill have enough for a 20% down of some kind?
second question is how in the heck as a newby (lol) do i figure out rehab cost of a home if ive never done this ever :)?
third question is even though i dont have the capital should i analyze properties using the rental calculator on consistant basis leading up to my first deal?
its kinda hard using the calculator without knowing alot of some of the costs for rehad and such things like that. i live in newark nj and the market im in lends to a lot of low income housing and areas that are prime for renovation but taxes here are around 5k and up (essex county). however there are some gems to be bought using the BRRRR strategy would definetely be ideal.
if any one would like to help me understand how to properly use the calculator or at least show me what they put into the calculator for a property near me i would be greatly indebted.
also my days off are saturday and sunday if anyone would like help with anything in my power id greatly help to earn the knowledge that would be bestowed upon me.
i hope everyone is enjoying this weather btw i know corona is still around but i hope everyone is in good health and spirits.