My Name is Juan Medina and Here is My Introduction

My Name is Juan Medina and Here is My Introduction

Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes

My introduction to BiggerPockets has been long overdue. Originally, it was postponed due to my ignorance on the subject of real estate investing. Later, it was again postponed due to fear of appearing foolish for having such ambitious goals with no experience to show. But after months of taking a back seat, listening to the BiggerPockets podcast religiously, reading countless books, and digesting every piece of information the blog posts had to offer, here is my formal introduction.

My name is Juan Medina. I am currently a Civil Engineer working in New York City. I am part of a team which is responsible for the construction management and design of several multi-million dollar bridge construction projects. With my previous employer, I gained significant experience estimating cost and managing building rehabilitation construction projects.

I am also founder and president of a startup company by the name of SolarLeaves Energy, LLC, a solar energy company, which I plan to make the top solar installer in New York within the next five years, and one of the top installers in the country in ten years.

Like many of you, I do not enjoy working a nine-to-five job. A couple of years back, I decided to change that, and that is how I came across BiggerPockets.

Before and after digesting so much of your information and the many resources referenced, I was able to formulate the following plan:

  • 1.Improve Personal Finance: My goal was to decrease my expenditure to 70% of my income, and invest the rest. I am currently living on 75% of my income and well on my way to reach my goal of 70% within the next couple of months.
  • 2.Improve Credit Score: By monitoring my credit and strategically charging some of my existing expenses to credit cards, which I paid in full at the end of the month, I was able to increase my credit score from high-500鈥檚 to mid-700鈥檚 in almost three years.
  • 3.Buy a Duplex: I chose a duplex as my first investment because as many of you already know, it would reduce my living expenses significantly. However, finding a duplex within my budget was very difficult in Long Island, so I changed my strategy to a single-family house with a potential mother-daughter layout. I am proud to say I have recently signed the contract for such a property.
  • 4.Long-Term Investment Plan: Along with my partner, we plan to buy 25-units a year of properties 5-units or more every year. We plan to achieve this through private financing.
  • Currently we are in the process of market research to identify some of the best available markets.
  • Next, we will reach out to real estate agents and property managers in that area to get a better understanding of the market.
  • If all is well, we will write a brief business plan, which we will present to investors.
  • Afterwards, we will commence the property search.

My ultimate goal is financial freedom, and I believe I will accomplish this within the next five years.

Thank you for taking the time to read this, I look forward to continue learning from your experiences, and contribute experiences of my own. Any information you would like to share, please do not hesitate to do so.

Sincerely,

Juan Medina

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Wholesaler 路 Fairfield, CA 路 Member since 2017 路 472 posts 路 145 votes
8y

@Juan Medina

Congratulations on joining BP. I have been on these forums for 13 days now and my mind has been blown. As much as you may want to read books; make sure you read and post on these forums at least once every 2 days. My simplistic, idealistic view has been burst multiple times in addition to my planned path being shifted. You are an engineer and probably have a good income so you have less worry about getting hurt financially due to a bad investment but for me my focus has gone from out of state(my area is pricey) to investing at home using a technique that utilizes house hacking with an FHA 203 loan so I don't have to put much of my own money down. Your path is probably much different than mine due to income difference but make sure you keep in touch with these forums and ask a question before you go and spend money on something.

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  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor 路 Cebu City, Cebu 路 Member since 2013 路 7k+ posts 路 881 votes
    8y

    Hello @Juan Medina, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
  • Investor 路 Valencia, CA 路 Member since 2017 路 171 posts 路 130 votes
    8y

    Hi @Juan Medina I am a newbie too! I am also in solar and refer to New York so we should chat about that.

    Welcome aboard.

    Cheers,

    Andy

  • Lender 路 Hackensack, NJ 路 Member since 2016 路 1k+ posts 路 372 votes
    8y

    Wish you well my friend. If you ever want to discuss loan scenarios shoot me a message 

  • Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes
    8y
    Dave, thank you for the warm welcome! Andrew, it will be my pleasure. I鈥檒l email you now. Tarik, I would love to. How can I get in contact with you?
  • Rental Property Investor 路 Rochester, NY 路 Member since 2016 路 303 posts 路 154 votes
    8y
    Welcome Juan Medina to BP. Looks like you are a process driven person and follow through on your plans. I love it! Keep it's going.... you are on your way to high passive income which will offset your JOB sooner then later. Much success!
  • Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes
    8y

    Thank you for the kind words Aqil! I look forward to seeing all the great things we will all accomplish. 

  • Investor 路 Asheville, NC 路 Member since 2017 路 506 posts 路 404 votes
    8y

    Howdy and welcome!  I'm new, too.  :-)  I love that you're into solar. 

    It looks like you have things pretty well planned out.  Good for you!  Good luck!

  • Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes
    8y

    Thank you Jody! 馃榿 Welcome as well. 

  • Wholesaler 路 Fairfield, CA 路 Member since 2017 路 472 posts 路 145 votes
    8y

    @Juan Medina

    Congratulations on joining BP. I have been on these forums for 13 days now and my mind has been blown. As much as you may want to read books; make sure you read and post on these forums at least once every 2 days. My simplistic, idealistic view has been burst multiple times in addition to my planned path being shifted. You are an engineer and probably have a good income so you have less worry about getting hurt financially due to a bad investment but for me my focus has gone from out of state(my area is pricey) to investing at home using a technique that utilizes house hacking with an FHA 203 loan so I don't have to put much of my own money down. Your path is probably much different than mine due to income difference but make sure you keep in touch with these forums and ask a question before you go and spend money on something.

  • Custodian 路 Lander, WY 路 Member since 2017 路 59 posts 路 29 votes
    8y

    Great intro @Juan Medina, nice to meet you. Don't forget to place a link to 

    SolarLeaves Energy, LLC in your signature. I have looked at some properties here in Wy. that have a great chance to run on solar. will look at @Andrew Smith 's site too.

    From your intro, I think I will read any blog you write. Welcome to BP!

  • Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes
    8y

    @Cody Evans Thank you for taking the time welcome me. I look forward to exchanging ideas and sharing my experience as I work towards my goals. Can you expand on the FHA 203 loan?

  • Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes
    8y

    @Frederick Kirk Wendel Thank you for the advice. Please keep them coming. I will post the link as soon as is up and running. I鈥檓 still getting used to all the features of the site lol. I spoke to @Andrew Smith already and I been completely fascinated by what he鈥檚 working on. I am greatful to be surrounded by people who would take the time of their lives to help someone else. I look forward to doing the same in the near future. 

  • Wholesaler 路 Fairfield, CA 路 Member since 2017 路 472 posts 路 145 votes
    8y

    @Juan Medina

    FHA insured loans allow the buyer to get a house with as low as a 3.5% down payment. Translation: You have to risk less of your own money and use other peoples' money. You do have to pay insurance usually equivalent to about $100 a month per $100000 you borrow according to Brandon Turner's(Famous in the BP community and on podcasts/webinars) book on investing with no and low money down. Also in a addition to that you have to pay a percentage of the loan you take(usually 1 or 2%) that I believe are called "points". To get this loan you have to live in the house for at least a year or sell it(like a flip) before then.

    FHA loan versus FHA 203 loan

    Now let's say you wanted to buy a distressed house that needs repairs. You can get a 203 loan which is a subset of the FHA loan; all the same as I described above plus you can get an extra amount for repairs. For this you have to be really careful when estimating the repairs because if you underestimate your repair cost you are going to have to pay out of your own pocket or go without repairs. This is a major issue if you need to move a tenant into the place or sell it as a flip. If you don't get essential or important cosmetic repairs finished then you are going to be losing big money every month on the large mortgage and extra insurance you are paying for that FHA loan.

    If you are interested in learning the loan part and a way to learn how to find good deals check out the bigger pockets book on "Investing in Real Estate with No (and Low) Money DOWN" by Brandon Turner. I am sketchy on some of the other BP books because seems like they are piecing out the information over as many books as possible to make money but I like this book so far. After or before you read that book check out Frank Gallinelli's book "What Every Investors Needs to know About Cashflow and ...." This book is very dense in mathematics and as an engineer you can appreciate the hard numbers without the dressing up to make it "interesting". I got my bachelors in math and my type of mind much appreciated the hardcore detail in the numbers.

    Best of luck with real estate. I am new but this real estate looks far more profitable than anything I've seen so far in my life for the amount of effort needed to be put into it.

  • Real Estate Investor 路 Uniondale, NY 路 Member since 2017 路 13 posts 路 4 votes
    8y

    @Cody Evans Wow thank you for all the info. I am currently doing an FHA loan now for the home I am purchasing, but I was not aware of the FHA 203 loan. I will look at the article now. One question though, can you get another FHA loan after that 2 years are up?

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