All Forum Posts by: Jonathan Maio

Hey Ameer - I would start off by joining a great brokerage, then work on getting your database built! Reach out to everyone you know and let them know you have your license, then start building your presence in your community and bringing value to everyone you meet. The Millionaire Real Estate Agent is a great book also. Hope that helps!

Hey @MacKenzie Dunn Congrats on the decision, I think its a great idea! Learning more about the industry and being more involved in it is always a helpful thing - plus being an agent is a great way to make some money along the way that you can use to further your investing goals (plus collecting a commission on your own deals). In terms of training - the programs for getting your license are pretty general knowledge and not heavily focused on investing, so I wouldnt worry too much about that portion. Once you are looking for a brokerage I would focus on one that has a great training program and they will likely have these for both the agent side and investor side. Other than that I would just read books, get experience and get to know your markets!

FYI about the MLS - you'll need to join a board of realtors to get access and that will be a regional access, so you should look into that to make sure the areas you want to focus on are included. You could join multiple MLS's, but the costs can add up.

Hey Yolanda - i'm in Florida as well, but very familiar with jersey city. If you need help finding an agent down there or deciding on an area feel free to DM me and i'd be happy to help! 

Couldn't agree more with the previous post! With a small down payment and only half the rent, finding a duplex thats going to cash flow significantly is extremely difficult. Your biggest advantages here are not paying rent yourself, building up equity, and cashflowing when you no longer live in the property (which are all awesome). 

Tough decision but at the end of the day you're selling an asset to buy another asset. As long as you have your numbers correct on the property you should have an idea of the return you'll get. Compare that to the avg returns you're expecting on your security investments and go with whichever fits your goals better! I'd also argue that there is potentially less risk in the real estate asset vs your stocks (depending what they are) and I don't know what the rest of your portfolio is but it sounds like you actually might be diversifying your portfolio more here!

Hey Cindy!

I would do a few things:

1. Figure out how much money you can afford to pay and your financing. You might want to read (or listen) to some of the BP books or podcast to get some ideas about different financing options and strategies. Since you're living in the home you can do a regular FHA loan or a 203k if you're thinking about doing renovations as well

2. Get a real estate agent to start sending you some options. You want to be super familiar with the market and average prices so when you see a good deal you know its actually a good deal and can make a move quickly on it. You can search on BP for agents in your area.

3. Start analyzing properties! BP calc is actually pretty good or you can make your own - don't forget about things like repairs, taxes, etc in your numbers. Rentomer.com is great for looking at rent prices if you need.

4. Once you have some options and an idea of your strategy (airbnb, a duplex/triplex, etc) then do some research on those in JC and speak with a lawyer, I think you'll find that part is probably easier than you expect :)

5. Keep making offers, its likely going to take multiple offers and looking at a lot of properties before you are successful with one!

Good luck and feel free to message me if you ever have any questions! I'm pretty familiar with JC :)

Completely agreed with both of the other responses here - step 1 is look at the comps around and figure out what that house should be worth after those repairs are made, then discount backwards using the repair estimates you have. Your real estate agent should be able to help pull comps and work through those numbers with you! I'm not familiar with your specific area, but if population stats look positive, job growth is good, and schools are good as you mentioned, there's a pretty strong chance you'll see appreciation over time.

If you're truly looking for an investment though - I would consider looking for an investment property at some point down the line (maybe after you save some cash after this purchase) - something you can rent out to others, collect cash to pay your mortgage and potentially bring home some extra each month while you pay down that loan. Hope that helps!

Hey all! Any investors in the Venice/Sarasota FL area? I'd love to connect and hear about any meetups in the area, or get one going if none in the area. Feel free to reach out!

-Jon

Hey Jake! DEFINITELY make sure you do your own due diligence here and do not just trust the sellers word about the level of renovation required. In terms of your overall question - my first BRRRR was a full gut rehab SFH (more expensive than this one) and I don't think it is too much for a first timer if thats what you need here. I would just make sure you get together a great team to help you and plan every detail! Don't be afraid to pay for a quality contractor to help you along the way - I made the mistake of going with my cheapest option (a handyman) and taking on a ton of that work myself and definitely regretted that. Either way you'll learn a ton so good luck and have fun!

Hahahaha appreciate it both! Been trying to convince my GF of that same thing ;)