All Forum Posts by: Jake Ferman
Jake Ferman has started 1 posts and replied 2 times.
Post: Seeking Advice on expanding my Real Estate Portfolio
- Posts 2
- Votes 2
Quote from @Adam Pervez:
Hi BP Community,
I am writing this post because I feel like I have been stuck in expanding my current portfolio. I am 27 years old and earn around 150-160k in gross income from my W2 which is remote. I have a duplex in Lehigh Valley Pennsylvania which currently cash flows 800-900 a month. I work a side job for a friend and make 3-4k gross income. I am based in NJ but I feel nothing will cash flow or be too sustainable unless I put in a higher downpayment.
I am looking to do only long term rentals and keep it with Multi-family units in the beginning and then advance to appreciation type properties in developing areas.
I was thinking if I should save up more money for a larger down payment or possibly look at a different area to invest since I am NJ and the high property taxes make this hard unless more capital is put down. I am fine for long term growth and don't mind working for the next 20-30 years to build a sustainable portfolio with no mortages on them as the end game plan.
What would you do? Happy to clarify any more information on this since I know this is very open ended...
@Adam Pervez Just shot you a connection request on LinkedIn, haha.
Super new to BP and REI in general and looking to connect with folks who are a few steps ahead/in the tri-state area.
sales guy to sales guy, if you see anyone in my network I can connect you with (or if there's any way at all that I can be of value), please let me know!
Post: 25yr old in NYC -- finding a market to start my search
- Posts 2
- Votes 2
I am 25, living in NYC with ~150k in savings. I have a high-paying, but unsatisfying job.
I'm planning on quitting soon, moving back home for a little and taking a few months in between my next job to pursue my first investment.
My rough idea for an investing strategy is: long-term, not necessarily looking for high cashflow (just want to start building equity), quality deals > amt. of doors, Class A/B neighborhoods mainly for low vacancy.
I'm already stuck in phase one of deciding what market to focus on and get overwhelmed when even deciding where to start my search.
I guess my questions to you all are:
1. Should I focus on a market in-state or look elsewhere? -- Right now I'm interested in class A/B suburban markets outside of NYC.
2. Going off that, if I were to choose a suburban market, doing CMAs and underwriting deals seems like it'd be a challenge as there's less transaction volume. So would it make sense to focus on bigger markets to start?
3. Would you suggest working with an agent to start, or focus on other marketing channels (driving for dollars, mailers, pre-forclosures, etc.)? -- focusing on too many channels would get overwhelming quickly, but I feel like I'd succeed if I focused on one.
As this post probably lets on, I'm a bit of an over-thinker which tends to lead to paralysis-by-analysis. I'd also love the chance to connect with any of you 1-on-1 either in person or virtually.
I've been a spectator in this community on and off for a while now. I'm excited to finally introduce myself and will have lots more questions to come.
Thanks in advance for any advice!!