All Forum Posts by: Hugo Aguillon

Hey John! I wish there were this many people talking to me about real estate when I was 20-21. I would be a little further than I am now. Keep up the drive my friend!

If I had 6k and a $16 an hour job (which isn't bad at all) I would....

1) Try and look for a single family home or duplex in a decent area and house hack. With that credit score you should be able to qualify for a USDA loan which there won't be a down payment. When purchasing a home you can always have the seller pay closing (or part of, negotiating is key). Call lenders and see what kind of loan best fits you. Not sure what house prices are in your area, but that would work here in my area. Worse thing that can happen is the deal not happening but you gain experience!

2) If your drive is as big as it seems, look into a small business or things you can buy and sell in your campus. Patrick Bet David always says if you have a small amount of money, why not buy and sell t-shirts, candy, or toys to increase your income. I gathered up 10k and bought commercial jumpers, tables and chairs, and rented them out on weekends. Made back the 10k the first summer. I still do rent them out which helps with RE.

3) $16 an hour job is not bad for a college student. Can always keep saving money and try and have 8-10k by the end of the year.

Ps. I also have a red camaro. Heard a podcast here from bigger pockets. guy they were interviewing said "I love having nice things, I wanted a sports car so I went out and bought a house that rented for more than the car payment to pay itself". Made sense to me so one of my rentals paid off the note in 2 1/2years! Everyone thinks differently. Gather the best you can from each mentor and grow! 

It all depends on the area you are in. In the city I'm in, I usually do some (but not all) nice upgrades to sell a house faster. Just know you might not sell at the high price you want due to the area you are in even though you have the nice finishes. If you like the amount of money you will get by adding those finishes, then go for it. Otherwise, stay basic and hope for the best!

I've done several flips. I was hesitant like you but the only way to flip a house is to get your feet wet. It's all about gaining experience. Of course you want to make money. I started off by getting in contact with several contractors and got estimates. I ended up with the right guy who didn't charge too much but wasn't cheap either. He currently is my go to guy; however, there are times he is too busy. On my current project, I started from scratch with contractors and got several bids. I found 2 guys that do good work and i hired them. I learned the pricing in my area for certain things and when i ask for bids i know if they charge me too much or if the price is good. Once you start, you will figure out how much a contractor should be charging you. At the end it all depends on what you want done and how fast you want it done. There has been projects I could have saved money but I needed it done quicker. Good luck with your project(s)!

Michael, I think it's a great thing you being so interested in entrepreneurship. I was eager to learn at your age but had nowhere to start. Good thing now you have the internet to learn basic ways on making money to invest in the future. My advice to you would be to save save and save some more! Just like some of the comments say to do side jobs to be able to gain capital. I know a kid who started at age 12 mowing lawns and saved for 3 yrs. This summer he was able to use part of his money for a down-payment on a house which his parents helped him get since he is not legal age.  Everything he's doing is coming from his hard work. He has then started to flip his home. Not quite sure if he will re-sale or buy and hold.

I would encourage you to do some side hustle to gain income. Listen to Gary V or Grant Cardone for more motivation. Patrick Bet David is also a good entrepreneur. If I were your age I'd see what I could buy and sell at the school (lots of customers) if possible like candy! Good luck kid! 

I'm looking into a space where i can put mobile homes and eventually having a small mobile home park.  Is it better to have the mobile homes and rent them out, or do seller finance where they eventually pay for the mh but still rent the space... 

I would try another bank. I had a similar problem where i was told i needed 20% down since it was an investment property (most banks require this much down). However, i managed to find a local bank who was able to give me 5% down payment for conventional. I just had to show proof of funds worth up to 6 months of payments in my bank. Never stop looking for those banks that actually work with you and help you find a way to get your loan. They are out there!

sent you a pm. I know 2 great guys that have been good to me on my rehabs!

Is it a double wide? Some banks lend on double wide only...

Conventional loan then private investors on my 2nd.