Here comes the new guy…
Greetings. I’m preparing for my retirement by becoming an a real estate investor. I’ve purchased land that I plan to build duplexes on. I sure could use some guidance along the way.
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Why wouldn't you do that knowledge seeking prior? Just going in blind and crossing your fingers. Then telling folks you're a rookie?
- Real Estate Consultant
- Lehigh Valley PA & New York City
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Do you have a construction team? A financial person to help you handle your books?
Do you have a construction loan in place? If not, have you started inquiring about it from banks? I recommend using local banks.
I have two clients in TX that are builders. Not sure how far away they are from Houston.
- Simon W.
- Real Estate Broker
- Houston | Dallas | Austin, TX
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Building duplexes on land can generate rental income and secure retirement. Follow steps like planning, financing, hiring contractors, managing property, marketing, refinancing, and working with advisors. Connect with local groups for mentorship.
Good luck!
- Wale Lawal
- [email protected]
- (832) 776-9582
- Podcast Guest on Show #469
Hi Simon. Thank you for responding. Right now Im at the engineering phase and subdividing phase. I have one builder. He is the same builder that the architect has use to build several other homes. Funny thing about builders, they don’t want to invest that much time into you until you are ready to go the the permit phase.
the same bank that gave me the land loan is also prepared to give me the construction loan. I think I’m on the right track but I’m not sure. I can’t get my budget in order because this one builder won’t give me an estimate until I’m ready to apply for permits.
Thank you Wale for responding. You are absolutely right, making local connections is a key factor as well as managing the finances. Of which I’m struggling with both but I’m getting there.
I would like to have more builders to choose from. So if you could reach out to them that would be much appreciated.
Hi Salim! There's a great local monthly meetup with Space City REI - here's their website but I'll tag you in their event Forum here on BP too! https://www.spacecityrei.com/
Why wouldn't you do that knowledge seeking prior? Just going in blind and crossing your fingers. Then telling folks you're a rookie?
Thank you Morgan. I appreciate that.
Reading, videos, and courses so that I wouldn’t go in blind with my fingers crossed wishing for the best…
But then you say,
"I’m not going to really know anything until I do it."
I agree with your latter statement. I hope the process goes well, but let's not announce you're an amateur on a board full of sharks. You'll be bait, do you get that?
I get that. Bait goes both ways. I welcome those with good intentions. I’m used to dealing with sharks in my career field. I may be a bit arrogant when it come to my ability in ready people and my “trust no one 100%” survival philosophy. I appreciate your time and comments.
Salim, don't let him get to you. He harrasses most newcomers to BP... we're more than happy to have new REI folks join in on the fun and success! Keep up the interest and research!
Haha. I see. He must have too much time on his hands. I appreciate it. Thank you.
Welcome to Bigger Pockets ! You have come to the right place to begin your investing journey.
Have you looked into attending local meetings and joining Facebook groups?
Awesome board with many smart people having own suggestions and ideas to grow wealth!!
I wish you all the best in your investing journey!
Hey Salim! That sounds like an exciting venture! Duplexes can be a fantastic way to generate cash flow-just watch zoning laws, hire reliable contractors, and stay updated on rental trends. Wishing you Good Luck!