All Forum Posts by: Eric Costa

New "Investor" from Northern, New Jersey.  I used quotes because I haven't actually invested yet.

1.) Since Finding bigger pockets in July, I've been stepping up my education game. Listening to the podcast, reading the books, etc.  

2.) I have since started classes for my real estate license. I have 7 more to go, and will be finished on December, 17th.

3.) Every Thursday I look over craigslist rental postings for the towns I have decided to look into (adjacent to where I live). I input all the        information into a spread sheet, and categorize by number of bedrooms.  Then use those numbers to find trends in the rentals. Averages, and types(Luxury, builder grade, # of rooms).  This was a tip I picked up from the podcast. 

4.) I have been in contact with my agent and started getting regular weekly updates of the Multi-family buildings on the markets.  I've also been trying to categorize their prices for my own "comp" database. Which I believe will help me see market trends in the future. I'm also slowly beginning to get a lay of the land.  Which parts of the towns are nicer, rental friendly, etc.

5.) I have spoken to a Lender and have a Pre-approval for 600k. FHA loan.

Does anyone have any other steps or tips i could be taking to help out?

Thanks for the input!

Seems I've just missed this!  Let us know when the next one is scheduled,  I'm interested in attending.  Montclair works great for me. Are there any dates for consideration yet?  

@Anastasia Frank-Bruggemann

@Anastasia Frank-Bruggemann, thanks for putting this together.  

@Casey Gocel, Hello Casey.  Im with you, it seems impossible to find something with working numbers!  I've started to downgrade my search area.  High property taxes means we need lower purchase costs (near impossible in our area).  Instead of looking at A and B neighborhoods; I've been looking for C areas.  Places like Newark and Passaic hold strong working class families that need affordable housing.  There are plenty of D properties in C neighborhoods.  Maybe an area like that will help make the numbers work for you.  Tread carefully and find the right street/neighborhood.  It can be a warzone in these areas as I'm sure you're aware. 

Goodluck, I hope you find something worth buying soon

@Fasil Khan I completely agree with you.  Knowing how much to spend for a project can really help narrow down the location.  It seems logical to use conventional loans in the beginning, the low interest rate gives a softer cushion for errors (which i will try to avoid).  

@Wendi Glover,  Morning Wendi.  It does seem like a daunting task to take the first step.  Im right there with you, about to pull the trigger on my first purchase.  Personally, I feel like having a pre-approval for a conventional mortgage makes the process much easier.  I know the limits and price range of what I should be looking for. Also, the financing for a conventional loan have some of the best terms and interest rates.  I would recommend talking to a few lenders and settling on someone you feel comfortable with.  Showing sellers a pre-approval can make getting a deal much easier.  

Good luck with everything!

Great Question,  I'm looking to start a partnership with the same goals and have been wondering about this for some time.  Any info would be very helpful!

@Johnathan Boyle, Thanks.  Yes, it will definitely be the first option I use. My company actually did a 203k renovation for a client.  IT was a good experience, it seems silly not to utilize it.  I'm Gracing myself 6 months to learn and build up my savings/credit before pulling the trigger.  How are the multi-family rental markets in Belleville? It seems a little strong then here in Nutley.  Im really looking for a distressed 2-3 Family in our area.  There have been some on Zillow/Trulia that have sparked my interest.  

Thank you for all the warm welcomes.  

@Anthony Susco, I'm still trying to figure out the best plan of action.  I like the idea of passive income in buy and holds, focusing on multi families.   Working my job doesn't give me too much time to be on site(long crazy hours), so i feel like flips are out of the question for now.   I'm beginning to search for the higher rent concentrated areas around me, ie. Clifton, Passaic, Belleville.  Have you had an experiences in these areas?

@David Weintraub, Nutley is a weird town like that.  All of the people i know are either senior or students at MSU.   Luckily, there are a lot of properties in the surrounding areas.  If only Newark could turn around!  Are you focused down in the jersey shore area? I see you're from Sea Girt.  I lived 3-4 years in Point Pleasant, and absolutely loved it.  I was considering looking into Asbury Park/Long branch, they both seem to be in an upswing.  

@Robin First, thank you for the invite!  What kind of properties do you see in that area?  I believe I want to focus in on the buy and hold Multi-Families.

Hello all,

My name is Eric, residing in North Jersey on the outskirts of NYC. I'm a full time Truck driver for Movies and Television in NYC, and looking to break into the world of REI. My job offers a lot of down time, and being the restless person I am, started looking for avenues to spend that time efficiently. Enter BiggerPockets. My cousin had recommended I check it out, and it has been an amazing push in the right direction.

While I'm still trying to devise a proper business plan,  my gut is telling me that buy and holds are the way to go.  I have a couple years experience in the construction industry.  I don't have much experience on the real estate side of the industry, however. Prior to my time as a driver,  I owned a small construction company, and was a Project Manager for a few years in Hoboken, NJ. 

 Last year, I renovated my childhood home and put it up for sale.  Our agent had recommended listing the house for $140,000.  After running the numbers, I decided to rehab the house. A small $12,000 investment, hours of work,  it ended up selling for $215,000.  I've been hooked ever since.  

Im looking forward to connecting with the BP community and making some great strides together.