All Forum Posts by: Edwin Duran

I've went from 4 units (3 properties) to 28 units (14 properties) over the past 3 years using seller financing. I typically buy on land contract with very little money down and 5 year balloons. I have a great working relationship with a small local bank that loans for their own note portfolio. I refinanced my first land contract last year, which was a 3 unit. My banker is presenting the refi of 5 duplexes this coming week. The new loan will be a commercial blanket loan, 20 year amortization, 5/1 arm starting at 4.750% and the LTV will be at 80-85% LTV.

I'll still have a couple of single family houses, 2 duplexes, and 5 unit complex on contract needing refi in the next 4 years. I see no issues getting it done. I make $14/hr at my job....

Hello again BiggerPockets community!

Next month I am going to make my way down from New York to Arizona to have a fresh start, and ultimately to start my real estate business. I am 19 years old and I am dropping out of college after figuring out that I do not really need a degree in order to be successful, especially in real estate. Instead of spending my money on college I would rather invest it.

My plan at the moment is to get my real estate licence, and after getting down there and paying fees I would have 3.5-4 months worth of expenses. If I pass the test, it would be about a month before I could pass the state exam and sign to a brokerage after my classes. Do you think this is an efficient way to start my real estate career? If I would like to make a living investing (flips/rentals/wholesale) should I start out with being a real estate agent for a while to learn the business/market?

My plan is to make at least 30k my first year and within a year to a year and a half, purchase an owner occupied 203k FHA fix-up rental to start. Are there some flaws in the beginning of my plan? Can something be done more efficiently?

Thanks,

Kyle

meh. Looks like healthy advice for the "average" first time home buyer. 

@Edwin Duran - I just wanted to know what's your status now. I am still writing up my business plan for my Property Management firm, but like everyone else said you need experience. 

My suggestion is to write up a business plan so this gives you a layout on what you are going to be doing and then slowly build a list of potential clients.