All Forum Posts by: Account Closed

I used real estate express and found that it was the cheapest and I passed both on the first try.

Awesome Austin! It can definitely be the easiest/most favorable way to get into acquiring rentals if the situation fits!

Very viable... I did it first while I was a sophomore. Bought a 4 BR house and had 3 room roommates and only put 10% down. A year later I bought another primary residence putting only 5% down and kept the first as a rental while finding 3 more roommates. That was in June 2015. Since then I started a partnership with my parents and we've bought 14 since the first one we bought together in December 2015. Lubbock can be an insanely profitable rental market if done correctly. Have a $113,000 house rented for $2000/mo, another $125,000 house rented for $2080/mo just to give you an idea. I'm currently a graduate student getting my masters in accounting at Tech but am also a realtor with Keller Williams here in Lubbock. I'd love to set up a phone call with you and discuss more. Coming into the spring would be a great time for you to get started. Feel free to shoot me a PM and we can set up a phone call if you like.

James,

I'm a 22 year old grad student getting me Master's in Accounting here in Lubbock and am also a Realtor with Keller Williams. I currently have 15 rentals (closing on another next week) and I'll tell you that Lubbock is a great place to invest in real estate. I'm averaging a 14-15% cap rate on mine right now (not cheap way east of university houses either) which generate a little over $100k in cash flow after all expenses. Let me know if you'd like to connect. I'd love to grab lunch or something. I can help talk you through all aspects of the process and answer any questions you may have from financing to contractors, etc. Feel free to shoot me a PM if you'd like to get together! 

Alfonso Aceves and Devonne Miller, I would love to network with both of you. I'm 22 years old and a graduate student getting my master's in accounting here at Tech. I also have 16 rentals (mostly student rentals) here, of which I've acquired all but 2 in the last year. In addition, I'm a Realtor with Keller Williams Realty here. I feel that the apartment rental market will become saturated, but that actual houses will still generate great returns to students. I feel that there are many students (mainly guys) that just simply prefer to have a house. We should all grab lunch or something one day.

@Axel Ragnarsson Great to see some other young investors out there getting after it! I'm a 22 year old grad student getting my Master's in Accounting and I got started by buying a primary residence in April 2014 putting 10% down and renting out to 3 roommates and cash flowed $400/mo and lived rent free (helped me pay for my half that I had to pay for college). After that worked so well, I decided to buy another with 5% down and keep the first as a rental and rent the next one out to roommates as well (June 2015)(I did have co-signers for the loans, but converting primary residences into rentals is in my opinion the best way to get started in real estate investing! Can't beat the low down payments and amazing rates from primary residence mortgages!) In December 2015 I partnered with my parents on a house and then another in January 2016. I decided I needed to get my real estate license which was such a great decision as it gave me an edge on finding deals and we then used a HELOC on their primary residence as well as cash out refinancing a rental they owned outright to finance down payments for additional houses and are now up to 15 houses (my 2 plus the 13 we partnered on). $1.95MM in property, $324k annual rent, 15% avg cap rate, $104k CF after about $20k in down payment financing costs. $330k cash to put in service (300k of which is really just other loans) 92% LTV right now...gotta love leverage. We plan on buying about 7-10 or so more in the next 6-9 months before we'll probably be tapped out of cash.

I'm a Realtor and would love to talk with any investors who have a legitimate interest. I have a great property management company that I work with who I am going to hand some of my own properties over to to manage (I've been doing it all myself thus far). I would also consider potential equity partners after lots of conversation, as much like Alex, I don't have a whole lot of income history to obtain all the financing on my own.

Alex I think your goal of 100 units by 27 is definitely reaching for the starts, but I myself have a similar goal but was thinking more like 35... This is my first time posting on BiggerPockets, but after reading your story Alex, I decided to share my own. It's been an incredible journey to say the least. Thanks!