All Forum Posts by: Vanessa Ivonne Hernandez

What I like to do is find other real estate investors on the meetup app. You can search by interests and location. It could be a good option for you to locate like-minded individuals and professionals no matter where you decide to invest in the country. I'm in Northern NJ and I found 3 groups on there. It's helped keep me immersed and focused on my real estate journey. Give the app a shot, it may help you make solid connections. Good luck!

What I like to do is find other real estate professionals on the meetup app. You can search by interests and location. It could be a good option for you to locate like-minded individuals. I'm in Northern NJ and I found 3 groups on there. It's helped keep me immersed and focused on my real estate journey. Give the app a shot, it may help you make solid connections. Good luck!

It sounds like you may be open to househacking which is a great entry point to real estate investing. I'd recommend starting to talk to lenders to understand your purchasing power in terms of what you can afford. That said, more focus should be put on what the mortgage payment will be vs the interest rate. Your deal analysis will ultimately determine whether it makes sense to move forward on a property. If it's helpful to connect we can chat more about the Jersey market. Good luck!

Sure you sent you a message with a few details

Location will play a factor. There are two markets I have in mind (in states I'm not licensed in, I have nothing to sell you) that can meet your price range and still factor in the standard higher down payment that comes with investment properties. I was personally looking for a landlord friendly state with affordable properties, simply because I could afford a higher down payment in less expensive markets.

Going that route, you may not need a home equity loan at all. Between your debt ratio, LLC and financing concerns - I would recommend talking with a lender. They can give you an idea of what that numbers could be and provide 2-3 financing options without committing to working with them. Also depending on your investment goals for the next 5-10 years, it'll be important to finance this next purchase in a way that makes sense for your overall growth.

Message me and I'll send you the markets and contacts I found both on and off biggerpockets. Good luck!

I connected with someone recently from biggerpockets who focuses in that area. Message me for their info. 

Deals can be found, just need to make sure you're doing your deal analysis to consider the amount you'll need to finance, the cost of renovation or repairs, and the other common calculations we often hear about.

First, get pre-approved to understand your purchasing power and help narrow down the markets you can afford. Then start connecting with realtors in those areas. You'll want to work with people who have investment properties themselves to help you navigate the process.

It sounds like your mindset is in the right place. If you focus on starting to interview lenders and realtors, then you'll find their insight can help you make your investment work in the way YOU define success.

Hope this helps!

I've seen single families needing cosmetic work in that price range in NJ. I'm looking in PA too and have seen decent properties that may meet your criteria. It'll depend on the specific markets within each state that you want to buy in.

From a financing side, it sounds like you have a good foundation. Being able to deploy 25% down can give you 2 or 3 different financing plays that may make sense for both of you. The interest rates are what they are so I'd put more emphasis on the mortgage payments and your overall deal analysis (down payment, closing costs, rental income, vacancy rate, cap ex, etc).

I didn't start out with a investment advisor so I cannot speak to the pros/cons of that, yet I can say building a team of real estate professionals who have investment properties themselves definitely helps. I would start interviewing realtors and lenders in the markets you're interested while you're in the early stages of planning. If you can have a team of experienced investors at your side throughout the transaction then this may be a more cost effective option than paying for an advisor. 

Hope this helps! Message me to chat more about investing in NJ.

I've had a similar experience. It ultimately comes down to the common questions of what's the cost to purchase, the cost to repair, ARV, etc.

Other considerations can be made like needing to follow condo association guidelines for renting and renovations. For example, they can be contracted with specific vendors you may not want to work with. There is the possibility of annual HOA increases too. Also major projects in common areas may lead to unexpected additional expenses that is split amongst all condo owners.

I prefer to run a similar play but on multifamily properties. I hope this helps!

I'll message you