Aspiring Real Estate Investor seeking help!!!

[KeDavion Taylor]

Hello Forum, 

I need your help. 

My name is KeDavion. I’m currently 24 years young and will turn a year older in December. I graduated college with a bachelor’s degree back in 2016, and I’m lucky to still be able to live with a parent. This has allowed me the opportunity to save a lot of money. I currently make a little over $30K a year, and because I understand that time waits for no man, I am looking to go back to school for personal reasons while adding another job on so that I can save more money while I have the opportunity to do so. If all goes well, this new job will allow me to add about $400.00 for sure (a month) and a potential $800.00 (a month) if my schedule works out. With that information, I have saved near $5,500 already, and in the next 12 months, I look to have saved $15K or more.

Here's where I need your advice: I bought some land (.17 or 7,405 sq. ft.) in 2016. The lot is needing a few repairs such as cutting the grass, cutting two big tree limbs, and a good shaping. I plan to do this by June. There is a vacant lot next to mine, which the owner is asking $2K for it. If I can buy that lot this year, I will have about .34 acres or 14,810.4 sq. ft. of land at my disposal. Real estate, in all of its forms, has always intrigued me as a child, so I’m really trying to make sure that I save financially, keep my credit score over 740, and make sure that all of my documentation is in order.

On this lot, I would love to invest money into building My first investment property. I would like to have a multi family home (triplex or quad plex) on that lot! There are banks in my area which offer construction or builders loans. I'd like to go that route because I don't see me having enough money to do it on my own. Although my father is a brick mason and has great experience with industrial equipment to dig my footing and lay my concrete, I want to make sure that even if he doesn't have time to do it for me that I have the means to do it on my own. He also knows a plumber and electrician who will give him an extraordinary price to do the work. So with the construction or builders loan, I would like to build the multi family home and live on the property, so that I can go by using the FHA loan to only put 3.5% on for the down payment. I'm honestly not sure how much it would cost to build such a property up, but I estimated it to about $70K or $100K. Please enlighten me if you believe this would be about right. I have already spoken to my credit union who will possibly approve me for a loan, if the institution who provides me an interim loan for construction does not keep the loan. I know some do and some do not. Also, I haven't thought about how I would purchase my in-home necessities such as tubs, toilets, countertops, flooring, and so on. If you could help me with this purchase and how I should handle this, I would be ever grateful!!

Please help me! I am in need of expert advice because it’s difficult having a big idea in the face of every adversity or people who can’t see the vision. Going to real estate school or taking up coursework has also crossed my mind, too. I have already read many books, so I have an idea of the risk I face, but I don’t want that to crowd my ambitions. Any advice you provide will be helpful in my quest. If you need any more information, I am more than willing to provide it. Thank you so much, in advance

Best,
An aspiring real estate investor