Cheers to a great start for a newbie

[David Beltran]

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Hello BP members,

This past year I decided to pull the trigger on my real estate dream. I wanted to share my story to allow others to see the opportunities that are available in my area (South Texas) and to receive any feedback or advice on building multifamily units as this was my first new construction build that I GC myself. Let me also add that me and my father (who is a jack of all trades) did complete some of the work ourselves to include the tile work through out the units, landscaping etc.

This past year I decided to build a duplex in my home town. The duplex is located half a block from the local university that has been growing in numbers year to year. The duplex that I built is 1300sqft making the units 650sqft each.

Land = I already owned it

Cost to Build = $68,000 ( I did receive $5,000 advance rent from first renters before completed bringing my out of pocket cost to $63,000

Rent = $800 each equaling $1,600 monthly

Insurance Fire and Damage only = $42 mo.

Taxes = 1,200 yr.

Annual income = $17,496

I do plan on building 4 or 6 units soon but I am currently trying to figure out how to structure my next deal. I have to say that I am excited for this year and I hope to meet my goal for the year.

Thanks.

[David Beltran]

Thanks Mike,

I did all the leg work on my own and went to the different new build sites and spoke to contractors from each trade and made my decisions on who I hired by not only the estimates that where given to me but also the quality of work they showed me.