Anyone can do this with just a little “want.” I am a full-time real estate investor. In all honesty, against what everyone told me NOT to do I did anyway. And this is where i am now.
I took the plunge before my first deal was under contract. I am 24 years old, but at the time I was about to turn 23. I was driving 18-wheelers across country. I got burned out by the long hours, higher fuel costs, and all the other problems of not being home every night, like my father (who is also a trucker).
So I sold my 18-wheeler and started without anything/anyone backing me looking for my first project. I found the first beauty–a property built in 1900 (according to tax records), two-story property, 3,000 square-foot house (condemned) with rats, a dead dog, and a dream.
I found a referral for a hard money lender and gave him a call. They financed me no money out of pocket at 14% and six points. Purchase price and repair costs total $235,000, no questions asked.
It took me one year to finish this first project. It’s $340,000 After Repair Value (ARV) with a new appraisal as of three days ago: $450,000 for both townhomes. Yeah, i split the house into townhomes. They are currently on market.
But the great thing that happened to me this past year and few months. I own three other buildings, as well. One is a duplex approximately 2,000 square feet. I am working on the upstairs unit. I paid $64,000 for it, and ARV is $145,000. I only have total $99,000 in it.
The other is approximately 5,000 square feet with four condo units. I am selling each unit pre-finished for $169,000 (2) and $139,000 (2). If they want their units completed, I’ll sell them for $250,000 (2) and $225,000 (2).
I have a partnership agreement with a couple of my mentors: Six acres of commercial land we are developing into four lots. We will have a total of $500,000 in this with a total sales price of $900,000 for all four lots as per the comparable sales.
I think when i am finished with all of this I am going on a vacation. Hope everyone has a successful life and thanks for everyone’s insight and motivation from the site. I’m forever grateful.