6 Figure Year and 1st Flip at 20 years old!

6 Figure Year and 1st Flip at 20 years old!

Real Estate Agent · Winter Garden, FL · Member since 2014 · 19 posts · 27 votes

I need to first give HUGE thanks to @Jonathon Federwisch . He reached out to me 2 years ago through BP after I posted my introduction and has been an amazing business partner and lifelong mentor. I need to also thank my father @Patrick Jackson for always keeping me focused and giving me brilliant advice the entire way. 

The purpose of this post is to inspire and give ideas to any other investors getting started. I'm sure that if I can make this business work, then ANYBODY can with enough hustle. 

The way I got started is by networking with successful investors specializing in wholesaling. For me, that was the ideal place to start with no money. I offered to do whatever is needed (getting pictures, running comps, driving every inch of Central Florida, and negotiating/getting contracts signed) to understand how to evaluate deals and what it takes to be successful. I advise anyone who is looking for somewhere to get started, to get a Real Estate License. By having one I was able to bring value to the investors I wanted to learn from.

I worked with and learned from these investors long enough to start earning a paycheck by selling their wholesales, being referred leads that were looking for a retail price, and even earning a couple large paychecks by co-wholesaling great deals.

I saved as much as I could, only spending money on gas and food, and have finally built up enough experience and capital where I'm ready to purchase and flip properties myself. I had specific criteria of what I felt comfortable starting with and the moment I received a qualifying deal from one of the wholesalers I work with, I jumped on it. I went through a couple of different Hard Money Lenders only finding rates around 15% and 4 points. Luckily, I kept hunting and am now approved for an unbelievable 90% LTV, 100% Rehab, 8% int, and 2.5 points. This was only capable from the amazing referrals I receive by networking and proving I know my numbers. I am set to close next week and will be glad to post more details of the deal if people are interested. I'll also post before and after pictures once finished.

Going forward I am always looking for the next deal and would be very interested in connecting with all of you. I go to our local REIA called CFRI frequently. I also have plenty of deals to offer in all of Central Florida from St Petersburg, Tampa, Orlando, Cocoa, Daytona, and everything in between. My next goal is to purchase a multi-family of 4-units or less with an FHA loan. By purchasing off of the MLS I can keep the 3% buyer's agent commission by representing myself, and use that towards the 3.5% FHA down payment, allowing for a very low down purchase.

If anyone is looking for more advise or has any other questions I'll be glad to help however I can! Let's all make 2018 our best year yet!

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Investor · Orlando, FL · Member since 2015 · 301 posts · 99 votes
8y

I cannot express how proud I am of you @Julian Jackson !  You have and still walk the walk, run the race, and do everything needed to be successfull!  I was there being amazed while watching you in the wee hours of the morning running comps, setting up buys and learning the business. All when you were 18 years old!!   I will honestly say that I am being inspired by my son!!  He watched me as I grew and followed suit!!  I too thank @jonathon Federwisch for teaming with my son and myself. Big things in 2018 guys!  Stay focused Julian!  Big things are here!!

Dad. 

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  • Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y

    Awesome job brother keep grinding and keep growing in 2018!

  • Lender · Northbrook, IL · Member since 2014 · 198 posts · 50 votes
    8y

    Nicely done! Congrats hope 2018 brings you further success!!!

  • Investor · Orlando, FL · Member since 2015 · 301 posts · 99 votes
    8y

    I cannot express how proud I am of you @Julian Jackson !  You have and still walk the walk, run the race, and do everything needed to be successfull!  I was there being amazed while watching you in the wee hours of the morning running comps, setting up buys and learning the business. All when you were 18 years old!!   I will honestly say that I am being inspired by my son!!  He watched me as I grew and followed suit!!  I too thank @jonathon Federwisch for teaming with my son and myself. Big things in 2018 guys!  Stay focused Julian!  Big things are here!!

    Dad. 

  • Orlando, FL · Member since 2013 · 22 posts · 3 votes
    8y
    Those words mean a lot to me! It’s amazing to see how far you have come in 2 Years!! 2018 is gonna be even better!!! Keep grinding and stay focused!!
  • Corona, CA · Member since 2017 · 99 posts · 42 votes
    8y
    Congrats Julian. We love hearing stories like this from people like you who work for it.
  • Rental Property Investor · Littleton, CO · Member since 2017 · 6 posts · 4 votes
    8y

    Awesome, Julian! Very inspiring. Keep at it!

  • Detroit , MI · Member since 2017 · 26 posts · 7 votes
    8y
    Great story!
  • Investor · Orlando, FL · Member since 2016 · 355 posts · 380 votes
    8y

    @Julian Jackson, congratulations on your success! I'm in the midst of my own first flip right now. 

  • Investor · Milwaukee, WI · Member since 2016 · 42 posts · 6 votes
    8y

    Incredible work Julian!  Hoping to see similar profits myself in a few months here!  Would be cool to post numbers and photos of before / after!?

  • Professional · West Warwick, RI · Member since 2017 · 5 posts · 3 votes
    8y
    Great job! And that’s a very interesting thought about having a real estate license so you can use the commission as most of the down payment :)
  • Rental Property Investor · Delray Beach, FL · Member since 2017 · 102 posts · 44 votes
    8y

    Well done!  That's an inspiration to everyone getting started out there, including me.  I am gonna PM you...  

  • Rental Property Investor · Salt Lake City, UT · Member since 2017 · 37 posts · 26 votes
    8y

    Congrats @Julian Jackson! Hope 2018 brings you more great things!!!

  • Flipper/Rehabber · Tampa, FL · Member since 2016 · 111 posts · 38 votes
    8y

    Congratulations on the success! This is right where I want to be in the upcoming months and so I'm looking at this story as a source of inspiration! I'm from Chicago but plan to be moving to Tampa by August of this year (2018). I'm really interested in flipping houses because I've been involved with construction since I was 12 (thanks to my dad). 

    I'd like to know more about your numbers for this project if you'd be willing to share. What did you buy the property for? How much was the rehab, and how much did you sell it for? Also could you share with me the criteria that you followed? I'm trying to familiarize myself with the market as much as I can before moving down there. I already planned out a 'scouting trip' for February so I can get even more familiar with the area. 

    Thanks and once again, congratulations on the success!

  • Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
    8y

    @Julian Jackson , congratulations! I can see lots of action that you took and of course, you got the results! I can't wait to read your January 2019 post already. 

    Care to share your 2019 goals?

  • Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    8y

    @Julian Jackson Good on you Julian. You sure have a massive head start on many of us lol. 

    Goodluck on these few years coming. I'm sure your Dad will continue to keep sharp and focused!

    Thanks! - Ola

  • Charleston, SC · Member since 2017 · 84 posts · 46 votes
    8y
    What a fantastic story! Well done. Wow. I’m impressed. There’s hope for the youth of tomorrow if they’re all like you!
  • Rental Property Investor · San Antonio, TX · Member since 2015 · 272 posts · 50 votes
    8y

    Awesome job @Julian Jackson! Thanks for sharing!

  • Orlando, FL · Member since 2018 · 8 posts · 3 votes
    8y
    Congratulations and thank you for sharing. I’m 19 years old and in the Orlando area so it’s inspiring to hear from someone in a similar situation/area. Currently going for my RE license and educating myself through podcasts, forums, and books. Keep up the good work and keep us posted on your current projects, I’d love to see how it all goes.
  • Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes
    8y

    Keep crushin it! My only question is how did you find such a mentor? 

  • Real Estate Agent · Winter Garden, FL · Member since 2014 · 19 posts · 27 votes
    8y

    Thank you to everyone!!

    I'll post some before pictures shortly and I'll post updates as the renovation and is ongoing and completed. 

    @Ryan Johnston  

    Purchase price is $75,000 not including closing costs or the HML fees. My contractor gave a bid of $35,000 for everything and believes he'll be able to save a couple grand off of that. ARV is $135k-140k and I'll list it myself to only pay 3% to the buyer's agent if there is one.

    I was open to many deals because I figured I could always partner with someone more experienced, but my specific criteria were block houses, $60-70k purchase price, $130-140k ARV, $20-30k rehab, and areas that are selling under 30 days so I could pull my money out asap. I went with that price point because I could be in for $10-20k with the 90% LTV/100% rehab financing.

    Feel free to reach out anytime especially when you come to Tampa!

    @Lumi Ispas

    Thank you! This year I'm looking to have 8-10 flips completed and purchase a couple buy and holds while continuing to wholesale. For 2019, I'd like to have a system established where I can up that number to 20-30 at least. I also want to focus heavily on larger multi-families eventually leading to apartment buildings to become financially free as soon as possible!

  • Real Estate Agent · Winter Garden, FL · Member since 2014 · 19 posts · 27 votes
    8y

    @Terry Skinner Great to hear! If you haven't already picked a class to get your license, I'd check out Climer Real Estate. I took their class and they made everything very simple to understand. What they teach in the course is very identical to what's on the test so I did a lot of memorization and passed the first time. Also, go to CFRI and talk to as many people as you can because they love giving advice to eager young people like yourself. Reach out if you need anything or have any questions. I can also point you in the right direction when you have to choose your brokerage. 

    @Cody Evans I found him right on this site! I posted an introduction on this website and even asked for advice on where to find mentors in the post. He reached out to me because he was looking to expand to Florida and I was ready to work!

  • Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
    8y

    Great post @Julian Jackson and congrats on your success!

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