Rental Property Investor · Philadelphia, PA · Member since 2016 · 55 posts · 31 votes
Ahhhhhhhhhhh.... So after 8 months of researching real estate and 2 1/2 months of physically going to look at properties I finally closed on my first duplex last week. Thank you Biggerpockets and all of you who've answered my many questions during the duration of 8 months. Im also putting things into action now to start wholesaling some deals to buy another property before the end of the year! With that being said any newbies on here. Don't get discouraged. Take the information you learn from your many resources and put them into play and you'll be just fine.
Rental Property Investor · Green Bay, WI · Member since 2016 · 45 posts · 20 votes
9y
@Andres Perez Congratulations on the first investment property! I too am 20 years old and I am almost done with my first flip and I just put an offer in on my second! Keep up the hard work and you'll get to that second property in no time!
Awesome Job @Andres Perez! Were there any other requirements from your mortgage broker in terms of showing 2 years of steady employment history? tax returns/Pay stubs/w2s, credit score? Or was it mainly just showing a bank statement of 8k in reserves and that was it? Keep up the good work!
Rental Property Investor · Philadelphia, PA · Member since 2016 · 55 posts · 31 votes
9y
Richard Chau yes, I had to have at least a 600 credit score. Also when you get a loan they will ask for tax returns, bank statements, paystubs, and maybe some other forms.
Lender · Olympia, WA · Member since 2015 · 24 posts · 1 vote
9y
I'd love to pick your mind about entering the wholesale side. I have been thinking about it for a few months but am interest on breaking in exactly, and where I should start my research before I begin mail campaigns, etc.
Investor · Chicago, IL · Member since 2014 · 81 posts · 35 votes
9y
Congrats @Andres Perez! Such motivation to see investors my age, doing what I plan to do. I'm currently wholesaling and plan to house hack and start to use the BRRRR strategy within the next 2-3 years. Keep up the great work.
Chicago, IL · Member since 2017 · 39 posts · 33 votes
9y
Congrats, I remember when I turned 21 and had purchased my first duplex. I had to do a lot of the work my self and remember a lot of times skipping going with my buddies to work on my rental property. I am 37 now and have enough rental income that I can relax and pretty much do whatever I want. Stay the course and stay focused. You started young enough where you have plenty of room to grow your real estate investing business. It might not seem like it now but that hard work you do for the next 5-10 years will pay off big.
Drexel Hill, PA · Member since 2016 · 35 posts · 11 votes
9y
@Andres Perez Congratulations! I'm trying to have an investment property by the end of this year hopefully in Delaware County also. Can I ask who you agent was and if you would recommend him/her?
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
9y
Thank you for sharing your story!!! I too am a newbie and have been researching, driving around New Castle County and staying in contact with my realtor and mortgage broker. Not sure if I want to invest in a duplex or a flip for my 1st venture, but I can't get investing off my brain :) Best of blessings to you in the years to come!!!!