Duplex # 24 that we listed for lease earlier this month
Closed on the land 3/7/23 with cash
(we’ve never financed land as there’s just too much outside of my control with the permitting process)
3 beds 2 baths each side on a 50’x100’ lot
Pretty much same floorplan we’ve done the past few years with an updated front elevation
@DonovanBuilds Hey Donovan I was wondering if all your properties/lots that you buy have city utilities already ? I’m assuming they do. Sewer especially. Where I live is more rural so that is as big a factor as any and makes it tough to do what you do on most lots near me
Very long re-introduction for the new followers!
- grew up to working class parents who each made no more than $25/hr (still some of the most incredibly hard working people though)
- my two brothers (I’m the middle) and I all shared a room until we went to college
- went to Univ of Tulsa for petroleum engineering (hated that we lived paycheck to paycheck growing up so googled the highest paying major and did that)
- graduated 2019, accepted FT role in Houston at large o&g company (w/ $30k in student loans)
- within a few months realize no way I can do that for 40 years (commuting, traffic, too tired when you get home to do much else)
- search YouTube for “something” else (looked at dropshipping, tutoring, Uber, real estate)
- no friends or family that own businesses or RE so began consuming large amounts of Biggerpockets content and set my sights on house hacking
- April 2020 (23 at the time) close on a new construction duplex with 0% down loan (didn’t have any money)
- Covid has hit, very tough to get it rented but got it done (rented it by the room instead)
- Immediately realize there is not enough duplexes in Houston for the amount of the demand (took me 6 months of looking to close on one)
- Put together a sh*tty presentation and began pitching investors in FB groups to invest w/ me
- 40+ people tell me some version of “no” (rightfully so)
- a 66 yr old doctor in NJ agrees to get on board (give him 85% of upside, no fees, give visibility into bank account)
- close on first piece of land August 2020
- get two more investors from FB groups
- (no idea what Im doing just winging everything)
- only thing I felt confident in was the 25% margins (w/o leverage)
- get up to 12 land parcels with 3 investors by early 2021
- first duplexes take about 50% longer than I estimated (why the he*l do I need a driveway permit before I can order my electric meters??)
- mid construction on my first few is when I get more active on ReTwit
- share what I’m working on and get a few more investors from here plus going to @REconveneLA
- this is all on the side of my engineering job
- leave engineering job to join an amazing start up (Jan 2022) in the resi lending space @build_Upright (currently raising $20MM debt fund w/ $14MM raised)
- through 2022 and 2023 continue to rinse and repeat building mostly the same floorplans
- currently finishing up duplexes 24 and 25 soon with 19 more in permitting + 3 townhomes under construction
- closing on a small $140k revenue cleaning biz this month with @651Michael (follow him to keep up with that)
I turned 27 in September my goal is to continue learning as much as I can over the next few years where building relationships > money at this point
I’m hoping this pays off over the next 27 years as I sit here probably with less liquid cash then you reading this 🙂
Pioneer Faculty Athletic Rep. Dr. John Tynan presents Marietta’s OAC Clyde Lamb Award winners Dillon Young (men’s basketball) and Amisha Herd (women’s basketball) at the OAC Banquet tonight. Amisha is currently on a study abroad trip in Australia. #PioNation#BringForthAPioneer
@ridge_young2 As long as I had the chance to win. If winning wasn't a choice I'd rather tie, but if I could possibly win, I'd rather lose trying to do so