Originally posted by @Andre Fierro:
Hey Adrien that is awesome I'am in a similar boat myself and actually I think I might be more of a newbie to all this than you are. I am just trying absorb as much information when time allows it. Juggling between full time job/school and a family complicates things but i am hoping perusing a career in real estate will give me some freedom. I too have come across some listing in the Newark area that are pretty much ready to go no rehab needed. The 2 concerns I have are; Is Newark a good area to rent like how would one figure out if the rentals are in high demand? and are you required to live in your rental unit in order take advantage of an FHA or 203k?. Anyhow still trying get more educated on this process before I jump on it. I am just so anxious to start,time can be your friend or enemy. Good luck!
Hey Andre! (cool name, that's my little brother's first name haha!) I think it is a matter of your ability to be comfortable in these areas. One of the biggest advice I've received is to constantly visit the neighborhood that you projected yourself to be living in. Visit the area at night, in the morning, in the weekdays, and during the weekend. Make sure that you love the neighborhood no matter what time of the day it is because you would want your tenant to feel the same way. For future outlook, once you move out... You'll want the new tenant to be satisfied with the area that they'll be going to live in. At the same time, you may have trouble filling in your units compared to apartments in.. Jersey City(for example). So you will need to be patient and make sure that you are going to rent out your units towards the desired tenant and desired price. A few months of vacancy will triumph over picking a bad tenant and lose money in the long run. Typically, rental units are in high demand no matter where you are around New York City. I like to look at properties an hour away from World Trade Center, but I have found that I want to own my first property in Jersey City, no matter how competitive it is. My mother will be cosigning with me and she will be putting down most, if not all, money at the start. Y
For an FHA or FHA 203K loan, you are required to stay at the property for at least a year before moving out. The only way you can move out early is if you have a valid excuse of finding a new job out of state.
Definitely, do not be anxious to start. Feel free to connect with me and chat! I am always here to help. You already know my circumstance and being patient pays off (learned this having experience trading and investing in the Stock Market). Just take your time and learn what you need to learn... Just make sure you find a dependable real estate agent who will help you along the way. (make sure they invest themselves too because they will understand your goals more).
Commenting on the juggling part, I have learned that sometimes you need to sacrifice time to learn better things for yourself. I have dramatically reduced the amount of time I spend with my friends and family and focused on learning more about real estate and the stock market. If you think about it in the long run, a few years (5-10 years) of time sacrifice will pay off much much more in dividends.
(also sorry for the late reply, I've been extremely busy)
