All Forum Posts by: Jean Paul Castellanos

@Heidi Thompson PadSplit is an amazing product!! I've been able to contribute to some amazing returns here in the Orlando market. Let me know if you would like to connect.

Looking to venture into my first PadSplit, would like to pick your brain!

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Orlando, Florida

Originally posted by @Jackie Apfel:

Congratulations on your success and thank you for sharing! I recently got my real estate license as well. I'm curious about your door-knocking strategies ... Did you use a realtor-kind of approach or directly as an investor?

Hi Jacki, Thanks!

Congratulations on getting your real estate license, In regards to door-knocking strategies It depends on what I'm searching for, If it's for me, I approach as an Investor but always disclose I'm a real estate agent as we move forward. If it's for listings/Short-sales my approach is as a Realtor since the beginning.

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Originally posted by @Daniel Alzate:

Hi Jean Paul, congratulations on the deal. Do you have pictures of the finished product?

Hello Daniel, Thank you!

I will be uploading some pictures soon brother.

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Originally posted by @Luka Friganovic:

@Jean Paul Castellanos

Good job bro, nice to see we youngs are progressing, keep the good work :)

Thanks Luka, Indeed brother, It's great to see so many of us crushing it, hard work pays off, Let's keep on working!

Best of luck my friend!

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Originally posted by @Andrew Asmus:

Congratulations on the great deal and thanks for sharing.

Thank you Andrew, It's my pleasure!

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Originally posted by @Chris M.:

Would anyone here have some advice on how to best structure payouts on a deal like this?

@Jean Paul Castellanos - congrats my friend on a great find and a great deal. I have sent you a PM

Hey Chris, thank you brother, I will reply to your PM as soon as possible my friend, thanks for reaching out!

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Originally posted by @Sandra K Lance:

Congratulations on your first success! I believe the ability to take the rejection over and over and keep hustling toward your goals will take you very far!!

Thank you Sandra, It's been such a nice journey that has taught me so many things, Indeed, learning to deal with rejection has been key in Real Estate and in every aspect of life!

I wish you the best!

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Originally posted by @Chad Spurgeon:

@Jean Paul Castellanos Congrats! As someone who is also 22, its amazing to hear your story and how the hard work you put in paid off. Thank you for sharing!

Thank you very much Chad, your words are very much appreciated, my friend!

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Originally posted by @Andre Fierro:

Do I need a real estate license to invest in real estate? It just seem like that whole deal you just did could of been done without one? I ask because working full time job and 2 kids to raise my time is so limited

Hi Andre,

No, you do not need a Real Estate License to Invest in Real Estate, however, working with a realtor who is experienced in the area you're planning to Invest in and understands your vision will be key to reach success.

It will save you a lot of time and effort since they will bring you the deals instead of you having to look for them, besides you have nothing to lose since the seller most of the time is the one who pays the realtor you hire, so It's a win-win situation.

Best of luck my friend, don't hesitate to reach out to me, I'd be more than happy to help you out!

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Originally posted by @Nik Moushon:

Originally posted by @Jean Paul Castellanos:

Originally posted by @Nik Moushon:

Originally posted by @Matthew Irish-Jones:

This is a 3 bedroom 1 bathroom house with 10,000 square feet????

Hmm.... you would have thought the architect would have found a way to add another bathroom to this mansion

The land is 10k sq ft. Read the next sentence where he mentioned two 5k lots. The vacant one selling for 120k.

To OP - Nice deal! I'm doing something similar. Bought a house on half an acres, in town, dividing it in two with the short plat about to go in for permit. But instead of selling the lot (thats my backup plan) I'm going to build a duplex on it. Also instead of flipping the house I am living it. I will eventually flip the house but not till after the duplex is built. That will allow me to do work on the duplex myself and be a lot easier on the family life. Did you ever consider building on your vacant lot?

Hey Nik,

Thanks for clearing that out for me!!

That sounds like a great deal, did you buy the property at a great discount?

Indeed our situation is very similar, the original plan was to demolish the house and build an 8 unit building, however, I moved forward with keeping the house to flip it and dividing the property into two lots. Fortunately, The zoning of this property is decent and allows me to build 4 units on the 5000 sqft vacant lot.

If I do not find a better investment for the $120K from the lot, I will definitely build a fourplex and hold it for a decent cash-flow, equity, and appreciation.

I'd like to see how your deal goes, it seems fantastic, I truly wish you all the best buddy!

No deal. This was at market value. Paid 420k for the house on .5 ac. After splitting the lot it should value in around 100k ish. I plan on using that value as collateral for the construction loan plus the cash I have in savings. I also have another house (that I moved from to move into this) as collateral as well. Its currently being rented and cash flows about $400/m. It also has about 50-70k in equity. My small town doesnt have the density that Miami does so I can only get two units on a 10,000 sf lot, hence why I'm doing a duplex. This code is changing in 2020 for more density but I'm not going to wait that long, holding costs would really hurt. So I'm planning on a duplex no mater how that changes the density. but what I am doing is making sure the duplex is pushed to the far side of the property as much as I can. That will allow me to do a boundary line adjustment later to increase the yard of the main house, which in turn increase it value. Well I should say it off sets the decrease in value from splitting the lot. Though by that time, with appreciation and some repairs I'm confident I can at least break even if not a small profit. So at that point I basically get an in-town lot in a great area for free. So only cost I have is the build cost...and taxes of course...damn taxes....

EDIT: Oh I do want to add I get to cut a large chunk of my soft costs off for the build bc my day job is an architect. So I get all those fees for basically free. Just my personal time on nights and weekends. Since I know how to do all the permit filing and running thats sazing there to. That important to factor in for builds because a lot of constructions loans will NOT cover soft costs. Thats an out of pocket expense.

Sounds great brother, the fact you can break even or even make some profit while being able to keep a lot in a good area for free makes the deal attractive, maybe you could bring in a partner to build on the lot if the numbers work for both of you?

The fact that you have the advantage of having that knowledge and knowing how to do the logistics for the permits is a very valuable skill in this business, I'd like to see how everything goes for you brother and really wish you all the best!

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All Forum Posts by: Jean Paul Castellanos

Jean Paul Castellanos has started 3 posts and replied 18 times.

Post: Padsplit insights please

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!

Post: Over $200,000 Profit in one deal at age 22!