All Forum Posts by: Eddie D Estrada

@Nicholas Overbeek

Congrats on making the decision to take action! I have also decided to make a conscious effort to make steps toward my real estate goals. I am not a investor yet, but I believe I could offer some insight on your specific situation as it sounds similar to mine. I know there will be plenty of awesome people that will be willing to offer you great advice on here. (Maybe check out my last post, as I just made a similar one to yours, and had many people weigh in on my situation). I went to school at the UofM Twin Cities and moved this year to North Carolina. I currently have a 9-5 job, not as much working capital as I would like to participate in a deal, and have also been learning on the go with the BP podcast, books and talking/meeting with local investors. 

My take on your current situation and from the advice I have received, having a potential partner is a great way to start.. If you have a good idea of the knowledge in the specific strategy you would like to participate in, as well as having your plan and finances in a row. Partnering with someone that has the on-hand cash, knowledge of past deals can be an avenue for you to have a low "cost" entry into your real estate career. Obviously, there will be some type of value you will need to bring to a potential partner with the finances, as many see that as an opportunity for you to partake in the "sweat equity" part of the deal. 

My final advice on all this is that I was made aware of the potential risk of using partners (use caution and don't feel bad for wanting to get to know them well enough to participate in any deals) and making sure that I have financial reserves in order to safe guard my future. Knowledge is power, so don't rush into anything without knowing you have a firm grasp on the opportunities you want to partake in! Good luck my friend and reach out if you ever need anything.

Best,

Eddie

@Jake DiSabatino

That is great. I would love to connect with you in the near future to possibly hear in more detail about your strategy and story, as it sounds like your route will be the route I will be taking! Thank you for the advice and have taken it into heavy consideration into my thoughts about moving forward!

@Corey Hawkinson

Playing a sport in college has to be an experience not many people can say they have though! Thank you for reaching out. I am starting to realize that a property manager is a must for out of state investors. My fear was the timing, and would it make sense to have a time frame like I do, but now your advice and from others has made me aware that it is actually a long enough period of time to do many things with a investment property. You are in the game that is all that matters! No regrets!  Thank you for the advice.

@Jake DiSabatino

That is awesome. So from my understanding is that you started with a single family residence and turned the downstairs into a rental living unit? How did you go about talking to lenders? Right now, I don't believe I have enough for a down payment on a duplex unless it is a killer/cheap deal, because the lender I did talk to said it required a %15 down payment. But what they did inform me of is that I could do what you did and get a home with a basement and convert it, is that what you did? If I may ask, since your home went up $150 did you refinance it and sell it or are you still holding onto the property as a cash flow investment? 

Thank you for the great looking out advice, I will/have definitely done my due diligence on a potential partner and they have been very good about being transparent about what they are looking for as have I and what I am looking for. 

As goes for your final thought, do you mean to plan having savings and enough for a down payment correct? Given my situation I agree with you that I haven't been able to gain enough working capital as I figured partnering would be my best place to start saving/earn extra income. Sorry for the insane amount of questions. Thanks again for the great advice!

Eddie

@Account Closed

Thank you! Fortunately I believe networking will be my strong suit as I am not really afraid of going out and meeting new people, as I am new to the area so I kind of have to anyways! Thank you for the advice about taking care of the legal side, as I believe that is something I will focus on when the time approaches and hopefully that process is something I can learn from as well. I would welcome connecting anytime. Let me know if there is anything I can do to help you in your research here! Eddie

@Account Closed

Gotcha well having your first one under your belt is still a huge win in anyone's book! I am motivated to get a little more working capital to ensure I can get a deal but not putting myself into a hole just because of the situation I am in. I appreciate the insight about not having to wait, as your model of REI is something I am looking into given you are doing out of stuff deals. I think for the time being since I am in Asheville I will be focusing on this market, but like you said not shying away from getting a jump start on Minneapolis's market either. Let me know if there is ever anything I can do for you given I am in the area! Thank you, Chad!

@Account Closed

Appreciate the feedback, sir! I appreciate the kind words. What are you looking to get into in this area? The reason I am in this area for that time frame, to be more specific, is because my girlfriend moved here for pharmacy school and she is in her second year. So we have some time that we will be here, but we are both from Minnesota where our family is located so that is why we want to move back. It is good to hear feedback from an experienced investor that it is fine to lay ground work in an area for a certain time frame because I did not want to wait years to start my real estate journey, but I also did not want to put myself in an unfavorable position. I believe my only problem purchasing a house hack is my current situation, I just graduated so I have only had a job income for a year and most of the lenders I have contacted have been put off by wanting that two year job period under my belt. So I have developed a relationship with a potential partner where they finance the deal and I house hack a duplex arrangement. For me, I am just trying to get the best possible situation for me to start out without selling myself short of any opportunity.  Thank you again! 

I am looking to get some input on this topic as I have not seen much on it. So first off, I am a newbie but have been learning, reading and listening to podcasts for about a year now. I am currently in the process of escaping the 9-5 rat race and am looking for that sweet taste of  "financial freedom" so many of you wonderful people get to experience. Coming from a modest Latino family, my family has never experienced anything but the 9-5 work life, but for me, I want to take charge of my life. I played D-I baseball and fortunately my school was paid for, I don't really have any debt, I have a solid job and have some reserves to invest in a smaller deal. I obviously want to house hack in my current market, but also may move back to my old home state in 4-6 years, as that is probably my long term home. I am currently residing in Asheville, NC and my home town is Minneapolis, Minnesota. I am torn between making some decisions on my goals, as I want to make my first investment before the end of this year but do you all believe I can start out in a market for a few years, get some working capital from this market and then eventually, with some knowledge and skill move into the next? Open to suggestions, tips and some realistic feedback! (First post, nervous to hit the send button!) 

Eddie

@Andrew Fisher

Thats awesome man. He is a monster, still crazy how far up he got drafted! Yes I believe so, for the time being at least!

@Andrew Fisher

No way, man. Small world! University of Illinois? What position did you play? This is a great place to connect so I've seen. I hope for the best for you! We'll have to stay in touch.