Newbie - Living in Minot, ND originally from Plainfield, NJ

Newbie - Living in Minot, ND originally from Plainfield, NJ

Rental Property Investor · Alexandria, VA · Member since 2015 · 26 posts · 2 votes

Hello Everyone,

My name is Oscar Buendia and 26 years old. I have no real background in real estate other than the fact that I helped my family buy their first home when I was about 17, which is what initially sparked my interest. I was born in Colombia (South America), raised in Plainfield, NJ, and currently living in Minot, ND. After High School I enlisted in the USAF because I wanted to see the world and help take care of my family. I ended up doing AFROTC a couple of years later and became an Officer in the USAF. I have been assigned to Minot AFB ever since. Recently married and my wife is on board with the real estate ideas that I constantly write down and tell her about in the middle of the night lol.

My goals in real estate are to own my first investment property within a year of now, and to own 3-5 within 3 years (with good cashflow of at least 400 each). I've been reading a lot and the forms of real estate that interest me the most are wholesaling and buy and hold. I'm open to single family, multi units, etc... I like to crunch numbers and love the bigger pockets calculators. 

So how did I find biggerpockets? Honestly I just googled "real estate forums" because I wanted to talk to people and ask questions and there it was biggerpockets.com. So far the site looks great.

A little background of where I stand investing wise:

I want to get started ASAP but I may be PCSing (moving to another base) this coming summer and won't find out until January where I'm going or if I am even leaving. Thats is why I am trying to decide on the best action to take. Whether to wait and use my VA loan wherever I go next? or to start here (ND) by using investment loans at higher % APR? FHA? I wouldn't be able to move in because I have lease at my current apartment. In the meantime I am trying to educate myself with books, and I even decided to do the rich dad coaching (I'm open minded to learning and if the program doesn't teach much then I learn my lesson).

I look forward to posting and getting to know many of you!

0Reply
23 views

8 Replies

Jump to latestLatest
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    Welcome to BiggerPockets, @Oscar Buendia. 

    Look into the requirements for VA loans - you can have two if you qualify for them both.

    Have you listened to the Podcasts yet? Serge Shukhat has two great podcasts on multi family investing, Show #60 and Show #131. 

    It takes a while to locate a property, so having a lease now shouldn't necessarily stop you from looking for a deal. But pay attention to the local market. With oil and gas prices dropping, what does the ND market really look like? Maybe the base keeps Minot going, and it would be a profitable endeavor. 

  • Jonathan PlantPro Member
    Investor · North Pole, AK · Member since 2014 · 89 posts · 16 votes
    10y

    Welcome to the RE world of investing Oscar. It’s good to hear that you want to start at a young age. You have started off right with your goal and so next I would suggest be your why. Do you want to have $1,000 of cashflow per month by the age of 32? I suggest sitting with your wife and list your specifics.

    The Air Force offers many benefits to you with an interest in RE. Example? PCSing. You will broaden your market experience every few years just by PCSing every few years and have the benefit of building your teams along the way. You WILL need someone on the ground you can trust to go and view the properties of interest, help meet contractors, appraisers, maintenance issues and much more. Start now where you are by going to a local “MEETUP” group, talk to people in your church about your interest, if you go, in your workplace, didn’t say foxhole because you are not ARMY:). There is nothing wrong with voicing your desire in the workplace. If it is ok to talk about the NFL, it’s ok to talk RE. You will be amazed on how many people will discuss their experiences and come to you with their issues. Just keep educating yourself.

    VA Loan: you can purchase a home up to a 4 unit with this option. You must live in it though. When you PCS, you can restore your entitlement and use it again. Talk to your VA loan rep on the current process. I've used it various times.

    Good luck and I’m glad you’ve come to a good free source for information to assist you along your journey.

  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    10y

    Welcome to the BP community @Oscar Buendia!

    Wish you success on your real estate venture!

  • Rental Property Investor · Alexandria, VA · Member since 2015 · 26 posts · 2 votes
    10y

    Thank you all for the warm welcome. All great advice and even learned something new already... "Mortgage Notes". Gonna look that up and gather some questions to ask you folks. Thank you

  • Investor · Highland Park , NJ · Member since 2014 · 80 posts · 13 votes
    10y

    @oscar 

    @Oscar Buendia when did you graduate from Phs? I graduated in 2005. I am teacher at Plainfield and I am trying to get my first property before the end of the year!

  • Rental Property Investor · Alexandria, VA · Member since 2015 · 26 posts · 2 votes
    10y

    Hi @Tristian Cox I graduated in 2007.... We probably bumped into each other a couple of times haha. Are you a teacher at PHS? I still know a couple of teachers from the school. So are you looking into Plainfield for investing? What do you think of the market there? Looks like we're in the same boat, as I am trying to purchase my first property as well. 

  • Investor · Highland Park , NJ · Member since 2014 · 80 posts · 13 votes
    10y

    thins market is tough (Plainfield) union county. Multi families are selling fast ! I am hoping to close on something before the end of the school year. Yes I do teach her - I teach 9th grade history, this is year 6 for me. Good luck wi getting things off the ground. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.