All Forum Posts by: Skylar Dejesus

I fell in love with real estate investing almost 2 years ago in February. I had always been an entrepreneur and as soon as I read Rich Dad Poor Dad I vowed to learn every aspect of real estate I could.

Since then I've taken major action not all to my prevail but I have been making headway in RE investing. After about 30 books and countless hours building a small team and in the field I currently own two triplexes and have closed a few wholesale deals.

I have come to a bit of halt in my RE investing which is the basis of this post. I am 24 and work part-time for FedEx and trade stocks for a hedge fund. Unfortunately, I have only been trading profitably for almost a year now and can't prove my trading income (profitable for 2 years)and show about 28k/year W2 income from working part-time at FedEx. I also am stuck as I can't use my passive income from my properties (18k/year) because I haven't had them for 2 years either.

I am very passionate about RE investing and would like to continue moving forward.

1. What have investors that were in my position at some point in their career done to move forward? Any suggestions? I recently enrolled to get my RE license to capture more of my leads through my wholesale campaigns. In my area a lot of the clients who respond to WE BUY HOUSES CASH ads or marketing do not have a property that can be discounted to wholesale so I figured with my license I could list their properties at least and capitalize on those leads.

2. I am in search of JV partners. I live in NE TN where real estate prices are some of the lowest in the country. I see various investors from out west always asking about out of state investing due to the west's high RE prices. Through out my few years of investing I have built a small team of investors and real estate professionals who bounce deals off each over time making me pretty intertwined with our market. The only problem is 90% of the deals that come my way I am not able to capitalize like i'd like. Our market is great for the SFH investing triad and also for multi families. Quick example I was just offed a 12 unit brick complex built in 1974 for 500k owner financed with 100k down at 5% for a 5 year balloon. I ran the numbers in regards to the taxes, property management, insurance, vacancies, and repair fund and the property was making 34k/year before a profit maximization plan as 8 of tenants have lived there for more than 6 years.

3. If there are any investors out of state or in my area interested in being a JV partner I would love to hear from you and get to know you better. I feel like my position in my market as well as the great prices in our area I could be of some value to some out west or out of state investors.

Thanks for your comments ahead of time please feel free to speak your mind in regards to my situation!

I fell in love with real estate investing almost 2 years ago in February. I had always been an entrepreneur and as soon as I read Rich Dad Poor Dad I vowed to learn every aspect of real estate I could.

Since then I've taken major action not all to my prevail but I have been making headway in RE investing. After about 30 books and countless hours building a small team and in the field I currently own two triplexes and have closed a few wholesale deals.

I have come to a bit of halt in my RE investing which is the basis of this post. I am 24 and work part-time for FedEx and trade stocks for a hedge fund. Unfortunately, I have only been trading profitably for almost a year now and can't prove my trading income (profitable for 2 years)and show about 28k/year W2 income from working part-time at FedEx. I also am stuck as I can't use my passive income from my properties (18k/year) because I haven't had them for 2 years either.

I am very passionate about RE investing and would like to continue moving forward.

1. What have investors that were in my position at some point in their career done to move forward? Any suggestions? I recently enrolled to get my RE license to capture more of my leads through my wholesale campaigns. In my area a lot of the clients who respond to WE BUY HOUSES CASH ads or marketing do not have a property that can be discounted to wholesale so I figured with my license I could list their properties at least and capitalize on those leads.

2. I am in search of JV partners. I live in NE TN where real estate prices are some of the lowest in the country. I see various investors from out west always asking about out of state investing due to the west's high RE prices. Through out my few years of investing I have built a small team of investors and real estate professionals who bounce deals off each over time making me pretty intertwined with our market. The only problem is 90% of the deals that come my way I am not able to capitalize like i'd like. Our market is great for the SFH investing triad and also for multi families. Quick example I was just offed a 12 unit brick complex built in 1974 for 500k owner financed with 100k down at 5% for a 5 year balloon. I ran the numbers in regards to the taxes, property management, insurance, vacancies, and repair fund and the property was making 34k/year before a profit maximization plan as 8 of tenants have lived there for more than 6 years.

3. If there are any investors out of state or in my area interested in being a JV partner I would love to hear from you and get to know you better. I feel like my position in my market as well as the great prices in our area I could be of some value to some out west or out of state investors.

Thanks for your comments ahead of time please feel free to speak your mind in regards to my situation!

I fell in love with real estate investing almost 2 years ago in February. I had always been an entrepreneur and as soon as I read Rich Dad Poor Dad I vowed to learn every aspect of real estate I could.

Since then I've taken major action not all to my prevail but I have been making headway in RE investing. After about 30 books and countless hours building a small team and in the field I currently own two triplexes and have closed a few wholesale deals. 

I have come to a bit of halt in my RE investing which is the basis of this post. I am 24 and work part-time for FedEx and trade stocks for a hedge fund. Unfortunately, I have only been trading profitably for almost a year now and can't prove my trading income  (profitable for 2 years)and show about 28k/year W2 income from working part-time at FedEx.  I also am stuck as I can't use my passive income from my properties (18k/year) because I haven't had them for 2 years either. 

I am very passionate about RE investing and would like to continue moving forward. 

1. What have investors that were in my position at some point in their career done to move forward?  Any suggestions? I recently enrolled to get my RE license to capture more of my leads through my wholesale campaigns. In my area a lot of the clients who respond to WE BUY HOUSES CASH ads or marketing do not have a property that can be discounted to wholesale so I figured with my license I could list their properties at least and capitalize on those leads.

2. I am in search of JV partners. I live in NE TN where real estate prices are some of the lowest in the country. I see various investors from out west always asking about out of state investing due to the west's high RE prices. Through out my few years of investing I have built a small team of investors and real estate professionals who bounce deals off each over time making me pretty intertwined with our market. The only problem is 90% of the deals that come my way I am not able to capitalize like i'd like. Our market is great for the SFH investing triad and also for multi families. Quick example I was just offed a 12 unit brick complex built in 1974 for 500k owner financed with 100k down at 5% for a 5 year balloon. I ran the numbers in regards to the taxes, property management, insurance, vacancies, and repair fund and the property was making 34k/year before a profit maximization plan as 8 of tenants have lived there for more than 6 years.

3. If there are any investors out of state or in my area interested in being a JV partner I would love to hear from you and get to know you better. I feel like my position in my market as well as the great prices in our area I could be of some value to some out west or out of state investors.

Thanks for your comments ahead of time please feel free to speak your mind in regards to my situation!

Heck we could even do it in gatlinburg since both of you guys are located their! What end of the investing spectrum are you guys in? Wholesaling, flipping, or buy hold? 

If your planning on keeping this as a rental personally I would have a little more room to go up on your final bid, but if you are looking to wholesale or flip or have rethought your exit strategy like stated above I wouldn't  offer more than 25k maximum. 

If you could get if for 25k and put 50k into it and keep it as a rental it would be a nice cash flowing asset for you. IMO I think you should keep it as a duplex for vacancy reasons also it will cash flow  more than a single family. 

Best regards keep us updated!

@Jay Hinrichs

 I'd say the rent is a little below market rent, but there are some small cosmetic repairs that could increase rent to $600-700/month. SF comps in the area around same sq footage are renting $600-800. The payment to the owner would be 13k amortized over 10 years with a 4% interest rate. Insurance will be 647.36 and taxes are 548.32. I had been considering another duplex to make this property #2 for me but I was running the numbers and the house is making exactly half of the duplex for the half the down payment. Although I would like to stay in MF this SF looks like it could increase my cashflow and add another property to my portfolio. I would like to reach at least 10 in the next years I defiantly feel its do able. 

Thank you guys for your responses they are very insightful. I think I am going to get the property I have devised several different exit strategies it currently has a renter paying 500/month I think the plan is to rent the property to her as long as she wants it for then when she decides to move I will then decide if I want to repair and flip and continue renting for an increased rent.

I have a property I am considering buying I believe I am going to keep it as a rental due to low operating cash but can still possibly flip. 

I am looking at a 700 sq ft SFH 2/1 built in 1933. The owners and I have came to a price of 20k through owner financing with 7k down.

I am wandering if I am over paying for this property. I have checked with my real estate broker and comps in the area are selling between 40-55k. 

What I am questioning is if I am paying for the property? On the tax records the property was sold for 22.5K in '04 and in '05 is was sold for 13k. 

Its going to defiantly need some repairs also.

BP experienced investors do you think I am paying too much for the property? My plan was to get the house inspected and use that as a negotiating tool to satisfy a lower price because the family received the house through and death and just want to cash out quickly. Thanks in advance for your responses.

@Aaron C. how were you financing these first 11 propeties? I see above you state you acquired your first then in 2 years you had 11. What was your strategy in regards to financing. I just acquired my first property and have a similar plan and were you investing in mulitfamily properties or single family properties?

I totally agree with your post. One thing I can say as I have been deep in investing for the past year is sometimes to get funding you have to have a job to show income. I have read 30+ real estate investment books over the past year and have applied all of the scenarios and sometimes it as not easy as you think. I have been trying for a year now to get financing on a 4 unit MF property and after several tries I finally made it work. It as not as simple as you read you would think great credit, 20% down, minimal college debt, work at Fedex that it would be easy to break into real estate with the capital I have but I was quickly shown otherwise. Of course that is in regards to the buy/hold strategy. That reason right there is the sole purpose I have yet to quit my job because with no way to show your earnings for the past two years your SOL (**** out of luck) in regards to financing. So the only reason I would encourage people not to immediately quit their job is because for the two years until you can show decent returns in your real estate investing one has to be able to prove some income to get financing.