Donovan @DonovanBuilds Twitter profile | Pikagi

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Donovan

@DonovanBuilds

21,446

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2,304

Following

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House hacking to $10MM+ duplexes developed (65% of that was debt) | Cleaning biz owner w/ @651Michael

Houston, TX

https://t.co/dBDwBXEmeh

Joined May 2012

Don't wanna be here? Send us removal request.

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@DonovanBuilds

Donovan

9 months

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

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@DonovanBuilds

Donovan

7 months

My little brother plays D1 tennis at a smallish school in Michigan They played Purdue today and he won his match Along with telling us he won - he sent a screenshot from 8/16/22 of the Purdue coach telling him he wasn’t developed enough 😆

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@DonovanBuilds

Donovan

1 year

I have exited 16 (32 units) of these so far in a little over a year with 6 more finishing up in the next 60 days If I could raise all debt for a new build duplex up to 80% of the completed value here’s how I’d structure it - $80k for the land - $10k for plans/permits -$200k

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@DonovanBuilds

Donovan

5 months

Houston is probably the best city in the country to move to - affordable cost of living - many solid corporate jobs for those that go that path - for business folks you don’t need any connections (just show up and get to work!) - #1 for food options by far - world class

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@DonovanBuilds

Donovan

1 year

3 years ago today it all started! Closed on my house hack duplex during the middle of the panoramic (😆) Graduated college about 11 months before this w/ a petroleum engineering degree and came into my first job making more than both of my parents combined (my immigrant,

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@DonovanBuilds

Donovan

3 years

Hit a financial milestone for me personally. This was the first month where my “passive” income exceeded my monthly expenses. Here is a list of each expense for transparency:

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@DonovanBuilds

Donovan

3 years

Put my two weeks notice into my engineering job today Will be taking a sales role in RE full time with the ability still do all my own deals + work remote My job was beginning to really affect me managing my current projects

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@DonovanBuilds

Donovan

3 years

Today is my 25th birthday I’m officially an old man. Basically 30. Here’s me in front of my house hack duplex I closed on last year. One of the best decisions I’ve ever made.

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@DonovanBuilds

Donovan

11 months

Conventional loan on a Duplex - 15% down Triplex - 25% down Fourplex - 25% down Starting next month it’ll be 5% down for all of the above Previously the only loan product that made sense was FHA (3.5% down) but now more flexibility for buyers

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@DonovanBuilds

Donovan

3 months

For college kids interning this summer: Leave nothing to chance May of 2018 I had finished up my junior year of college for my petroleum engineering major This was the most important one as it would determine if I got a full time offer at the end I knew by the time I

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@DonovanBuilds

Donovan

2 years

First construction loan - after the GC signed the subordination agreement he called me and said the price went up 20% After we already had a contract in place His response: you can afford it, I saw the loan amount Immediately fired him and haven’t spoken since

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@DonovanBuilds

Donovan

1 year

New design for our future 3/2 each side built to rent duplexes in Houston Made some adjustments to the floorplan to remove the massive laundry room we had previously 3 of these went into permitting last month I added 4 ft of brick for a little razzle dazzle

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@DonovanBuilds

Donovan

2 years

Sold this duplex today 😁 Corner lot 3/2 each side 2335 sq ft New record $/sq ft for the area and we own about 20 other lots within about a 2 mile radius

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@DonovanBuilds

Donovan

2 years

From a parking lot for trucks next a bunch of houses (yes, you can pretty much do anything in Houston) to a 3/3 each side duplex Closed on the cashout refi today On to the next one!

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@DonovanBuilds

Donovan

2 years

Quick intro about me for those who don’t know .. Came out of school in 2019 with a degree in petroleum engineering and obviously ended up in Houston If you have a immigrant parent it’s all about graduating with honors and that full time gig being secured Or so I thought ..

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@DonovanBuilds

Donovan

17 days

Very excited to be joining @Buildcasa as their Head of Development to help establish and oversee development operations across California. I had the opportunity to meet @benwbear at @reconveneLA last year and talk through their mission to bring 100,000 missing middle units in a

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@DonovanBuilds

Donovan

2 years

Duplex #19 and #20 going up Both will be build to rent

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@DonovanBuilds

Donovan

11 months

Single family or duplex? A new construction starter home here in Houston is about $330k With 5% down, payment = $2975 The duplexes I build start at $380k With 5% down, payment = $3,425 But the other side rents for $1600 $2975 vs $1825 with the same down payment and rate

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@DonovanBuilds

Donovan

3 years

Huge thanks to @BiggerPockets for having me on their Rookie show a few months ago. Episode 123 dropped yesterday. Tried to give out as much information as possible on residential developing and share some of the potential pitfalls I ran into.

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@DonovanBuilds

Donovan

4 months

Sold today for $440k Buyer is going to move in one unit using their VA loan All they brought was $2.5k to closing

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@DonovanBuilds

Donovan

3 years

Deal #1 Purchased vacant lot: 12/7/2020 Refinanced out: 1/7/2022 Could sell and return a net ROI of 91% (pre tax) to the investor but instead decided to refi Investor pretty much gets all their capital back and will net $700/mo after expenses + reserves

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@DonovanBuilds

Donovan

3 years

Last day at the engineering gig - making sure to hand everything over Bosses boss told me to call him if it doesn’t work out and I want to come back So it looks like my downside is pretty limited and I’m hoping the upside takes care of it self

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@DonovanBuilds

Donovan

3 years

First duplex (2/2 each side) I’ve designed + developed in addition to signing on the construction loan We will actually cashout refi this instead of selling Finished last week and just had the leases signed yesterday for the same rent that 3/2’s are renting for

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@DonovanBuilds

Donovan

8 months

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

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@DonovanBuilds

Donovan

1 year

Project #27 going up This will be a build to rent 3 bed / 2 bath here in Houston Also the first project where I charged a 6% developer fee (Now that I kinda know what I’m doing)

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@DonovanBuilds

Donovan

3 years

Seems like people overestimate how much money they need to plateau in their happiness I make a fraction what most make on here but have an emergency fund and can afford to buy small m&m blizzards any day of the week + a good steak every once in a while

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@DonovanBuilds

Donovan

1 year

How I use to design our duplexes last year versus now Same exact floorplan and finishes on the inside 2/2 each side 1800 sqft Both were sold to owner occupants

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@DonovanBuilds

Donovan

3 years

When I talk about building duplexes in Houston, TX potential house hackers always message me asking if I’m building any 3 or 4 unit buildings. The answer is always no. Here’s why:

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@DonovanBuilds

Donovan

1 year

Should you get into developing/building? Here is a very real story of the thought process that I go through: You'll first need to figure out what exactly you want to build. Assume for a second that you notice a lack of duplex inventory in one of the biggest cities in the

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@DonovanBuilds

Donovan

3 years

Gotten a few DMs about how I structure my new construction duplex projects: Here’s a full example of the structure along with the numbers of one of the current deals:

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@DonovanBuilds

Donovan

3 years

Me vs the 20-yr realtor showing a mixed use property I’m interested in 😆

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@DonovanBuilds

Donovan

2 years

This was the second duplex we ever built Seller used to keep his equipment and trucks there All in for about $340k It’s been rented at $4,000/mo since last summer

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@DonovanBuilds

Donovan

1 year

We have one duplex that’s on a rough street Someone broke in and took the stoves about a month ago Tenants supposed to move in yesterday so had new fridge/stove delivered Didn’t move in until today and guess what was stolen again when they arrived #PassiveIncome

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@DonovanBuilds

Donovan

3 years

This one will be a build to rent Plan to cashout majority of investor equity and hold while I manage the property Still a few months to go though

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@DonovanBuilds

Donovan

1 year

Exited these last week. This was one 10,000 sq ft lot that we subdivided and built two duplexes Each sold to a young professional who will owner occupy and rent out the other side and save on their housing payment while building equity! Took this picture a couple months back

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@DonovanBuilds

Donovan

2 years

Our latest new construction duplex for sale in Houston Haven’t listed it yet but let me know if you want more info Will gross about $2500/mo per side on Airbnb $368,999 (S/o to @TyronMcDaniel for hooking me up with the place for the wood paneling!)

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@DonovanBuilds

Donovan

2 years

Had to fill out a track record sheet recently for a bank 10 lots exited in the last 12 months Purchase: $484,088.72 (including closing costs) Construction: $2,123,000 Appraised/Sold Amount: $3,951,499

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@DonovanBuilds

Donovan

3 years

Two story duplex coming along so far! 5 mins from the U of H and 10 mins from the medical center Ordered the dirt for 3 more that should break ground over the next month or two

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@DonovanBuilds

Donovan

2 years

It all started with an email from a 23 yr old kid who was desperate to learn and make money from real estate Here’s how I was able to partner on my new construction deals** **(not endorsing trying to get into RE with no money this is just what happened)

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@DonovanBuilds

Donovan

3 years

Leaving the engineering gig to be in RE full time is already turning out to be an awesome decision Get to talk real estate and structure deals all day while playing tennis in the evenings Tough to beat!

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@DonovanBuilds

Donovan

1 year

Exited this one yesterday for a new record high $/sqft Went under contract before listing on the market by letting a few realtors know this was the last 3 bed 2 bath we’ll have for a while Sending investor the wire after a successful exit: priceless

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@DonovanBuilds

Donovan

5 months

Inked our developer agreement with the city of Saint Paul and We received our building permit A family of 4 who earns <$94,000 will be eligible to buy this Extra special that it’s in my hometown and the largest duplex I will have done (3200 sqft)

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@DonovanBuilds

Donovan

2 years

First deal with an investor met through Twitter just sold yesterday Duplex #8 that we’ve built Oversized (7800 sq ft) infill lot that’s been vacant for 20+ years

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@DonovanBuilds

Donovan

3 years

Just signed an assignment contract for a piece of land for $170k closing in two weeks I currently have $15k in my checking account (And no, I am not expecting any large deposits…)

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@DonovanBuilds

Donovan

2 years

Super excited to have paid back $500k+ to my very first investor this month By early 2021 we had acquired 8 scattered site lots all within a 2 mi radius We sold 3 and refi’d 2 The remaining 3 we have zero capital invested

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@DonovanBuilds

Donovan

1 year

Vacant lot and dumping ground to a duplex that is going to be owner occupied Exciting to provide someone their first house hack 😁

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@DonovanBuilds

Donovan

2 years

Here’s another 2/2 each side duplex that we’re finishing up Plenty of deals like this to invest in on the Fund That Flip website. We took out a 12 month construction loan about 5-6 months ago and already 90%+ complete.

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@DonovanBuilds

Donovan

2 years

Cool thing about developing in Houston is that if I submit a request for a building inspection today before 7pm Tomorrow by end of business it will have been inspected and logged in the system whether we passed or what corrections are necessary How long does it take elsewhere?

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@DonovanBuilds

Donovan

3 years

Rookie mistake I made on my current house hack: Making their lease exactly 12 months They moved in on March 8th 2021 and should’ve ended it end of February or end of March Now it’ll be tough to get someone to move in the middle of the month

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@DonovanBuilds

Donovan

3 months

Friday was my last day at the hard money lender where I’ve been for the past two years They were a fantastic company to work for filled with incredibly smart and driven people The loan products we offered were on 1-4 unit residential for fix and flips + new construction which I

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@DonovanBuilds

Donovan

3 years

People often DM me for advice when I don’t even know what I’m doing myself I just got into real estate under two years ago But here’s how I analyzed my new construction projects (as well as how I do today) 1/

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@DonovanBuilds

Donovan

3 years

Finally got those windows in! Working on cabinets, paint, flooring on the inside Plan to cashout refi this one as well

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@DonovanBuilds

Donovan

8 months

“I came across your profile and noticed we both breath air - so I thought we should connect”

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@DonovanBuilds

Donovan

4 months

We received our building permit on Houston’s first triplex (duplex + ADU) under their new ordinance Here’s how I analyzed it: For context, anything more than 2 units previously was automatically treated as commerical which meant it was cost prohibitive - full civil plans

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@DonovanBuilds

Donovan

1 year

I filtered for multifamily built in the last 10 years and under $380k in Houston (4th largest city) Only one option available (mine)

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@DonovanBuilds

Donovan

2 years

For those who have bought and renovated apartment buildings in rougher areas: What did you do reduce crime/drug issues at the property?

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@DonovanBuilds

Donovan

6 months

Listing this one for sale next week # 10 that I developed with my very first doctor investor (the first one we finished is directly across the street from this one!) 3 bed / 2 bath each side for ~$440k

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@DonovanBuilds

Donovan

2 years

Went under contract on 4 lots today that are all next to each other Investor (that I met @ Reconvene) was fully supportive of my new development fee I am including at this point We have 3 projects currently On those, I make $0 until a profitable exit - 70/30 split

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@DonovanBuilds

Donovan

1 year

This is the SFH I closed on a few weeks ago for only $800 at 5.6% - Seller credit of $13k - Brought $6400 to closing - Get back $5600 from representing myself as a realtor I hired a interior designer with a budget of $7.5k (since as you guys know I’m creatively challenged)

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@DonovanBuilds

Donovan

11 months

The replies to this are *insane* This is a similar sized lot to my duplexes except Sean fit 6x the amount and people are still upset

@seandsweeney

Sean Sweeney

11 months

12-units. Single family lot. No elevator. No parking. Minneapolis. Co-developed with Left Lane. Designed by Christian Dean Architects.

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@DonovanBuilds

Donovan

5 months

@tweet_at_DLH If you can’t fight just say that

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@DonovanBuilds

Donovan

3 years

Guy who just dropped off my car on Turo is 23 and runs a meal prep service. Said he is busy as ever and has 600 meals to prep tomorrow alone all out of his apartment. He asked me to find find him a commercial kitchen to lease ASAP. Love to see it.

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@DonovanBuilds

Donovan

3 years

Framing for duplex # 6 Spent a few hours walking the neighbors through showing them where the bedrooms will be They said they’ll aim their cameras at our site and watch over it for us In return we will provide the labor to put up some hardi siding on their house Win-win

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@DonovanBuilds

Donovan

2 years

I routinely get pre approved for mortgages every couple months just in case anything ever comes up My last one was in February with a rate of 3.25% that lasts until May I’m thinking I should consider getting another place to house hack

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@DonovanBuilds

Donovan

4 months

Walked out of the hotel in NYC Took ten steps to my left and there a was convenience store and breakfast spot Five steps to my right there was a bagel stand This is insane

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@DonovanBuilds

Donovan

10 months

This was a build to rent we completed last year Insurance at time of refi: $2700/yr Renewal this year: $3200/yr I email my new insurance agent asking how can a property <1 year old jump by 20%? Quote that we just binded: $2600/yr Make sure to shop around on those renewals!

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@DonovanBuilds

Donovan

1 year

Another duplex sold to a house hacker here in Houston! This was my first “syndication” in the sense of having multiple investors on one deal (not really a fan ..) Same as my other 2/2 plans but tried removed the island on this one Probably will keep it in there going forward

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@DonovanBuilds

Donovan

1 year

Closed and funded today on another duplex! Rough week but ending it on a positive note This lot had been vacant for 20+ years and went under contract before even listing it

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@DonovanBuilds

Donovan

3 years

Initial loan estimate for my 2nd personal property that’s a duplex 0% down gets me this 4.25% rate 3% down could get me 3.65% No PMI either scenario I see that 3% as better to be liquid as it would be an 8 year payback When I move out it’ll gross $3000/mo

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@DonovanBuilds

Donovan

1 year

I refuse to close on any piece of land that I plan on subdividing until @nahomtesfa reviews the title commitment and survey to confirm Definitely need to know enough to be dangerous, but assuming and being wrong can be awfully expensive (Me with my first replat!)

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@DonovanBuilds

Donovan

7 months

Being a developer is kind of like that Escape Room horror movie: Just when you think you have it figured out, the rules change We typically like to do two separate driveways for each unit with a patch of grass in the middle Unfortunately that’s no longer allowed for any

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@DonovanBuilds

Donovan

2 years

Broke ground on duplex # 8 a little over a month ago Waiting on some more of that $$$ OSB Can’t see from here but the siding is already on the back and sides

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@DonovanBuilds

Donovan

2 years

Posted this on Instagram 8 days ago saying we are accepting offers, but haven’t listed it. Under contract at full asking with an appraisal waiver.

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@DonovanBuilds

Donovan

5 months

As a Houston developer, I have the honor of putting in sidewalks for the city (I also get to donate that piece of my property to the city) However often times these sidewalks lead to no where - just grass/dirt

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@DonovanBuilds

Donovan

3 years

Under contract for my 2nd personal property It’s another duplex, built in 2008, 4/2.5 each side, 3000 sq ft total Off market - met the owner at the graduation party for the son of another investor I know Hopefully nothing too major come from the inspection

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@DonovanBuilds

Donovan

6 months

Rough math on if developing duplexes works where you are If you can sell it at $500k Need to be able to build it for ~$250k (50%) And buy the land for ~$100k or less (20%)

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@DonovanBuilds

Donovan

2 years

Cashout refi on this one funded today Fell out of contract at the 11th hour originally When I built my proforma last year I ran it at a 5.5% rate 😆 (closed at 7.5%) Land: $36.5k Plans/permitting: $8k Construction: $220k Appraisal: $415k Loan amount: $332k DSCR: 1.3

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@DonovanBuilds

Donovan

11 months

My typical deals are within a few mile radius of each other so as the market began to heat up I felt comfortable paying more for land since I had data to support the exit values Always have made sure to buy land in cash so that I could sleep at night

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@DonovanBuilds

Donovan

11 months

There is going to be a huge demand to fill for missing middle (2-20 units) developers as more and more cities realize the way to stabilize rents is to make it relatively easy to build I think this opportunity exists across the country

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@DonovanBuilds

Donovan

2 years

On our last deal the payoff amount was $195k for the construction loan Sales price was $370k I feel pretty good about the leverage there We started construction when rates doubled overnight

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@DonovanBuilds

Donovan

3 years

Just went under contract on this one without even listing it Friend from college found me on Instagram asked if I had any other ones coming up - why yes, yes I do Love to see folks my age getting started with a duplex

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@DonovanBuilds

Donovan

2 years

Here was one of my *many* posts in our local Facebook real estate group trying to find a money partner 😆 The lot offered at $30k is now worth $90k This post was March 28th 2020 and didn’t get my first investor until about July/August of that year

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@DonovanBuilds

Donovan

1 year

@NoRiskNoParty Sir it is $435k for both units

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@DonovanBuilds

Donovan

2 months

Told my baby brother (19) I’d drive him to a tennis tournament at Baylor today It’s 3 hrs from Houston so got a hotel yesterday since his match was at 9am The kid eats like 5x a day and drinks 7 gatorades for fun Second match didn’t finish until 3 and if he would’ve won we

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@DonovanBuilds

Donovan

2 months

I’m voting for whoever is willing to eliminate zoning nationwide

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@DonovanBuilds

Donovan

2 years

Why did we routinely buy land off of Zillow that tons of people overlooked the past two years? Garages. What do garages have to do with anything? Well when building single family homes (in Houston), almost of the comparable homes will have a garage

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@DonovanBuilds

Donovan

1 year

Building permit fee for 3 bed 2 bath duplex I paid for today How does this compare where you live?

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@DonovanBuilds

Donovan

2 years

Congrats to @ZayyTellEm on closing on his first property today!! He’s the one who put our duplex under contract within like 24 hours of my post Not to mention he’s a cold calling machine as a commerical land broker at JLL here in Houston if any of you are looking for that!

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@DonovanBuilds

Donovan

2 years

Some people move quickly! Signed contract above asking with appraisal waiver Looking forward to providing another young professional like myself with their first property/duplex!

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@DonovanBuilds

Donovan

7 months

If you’ve been following me a while, you’ll know I have no idea what I’m doing and try a lot of stuff In 2021, while working on my first few developments I’d thought it’d be a good idea to buy a car to put on Turo for “cashflow” Here’s how it went: Bought a 2015 BMW 5 series

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@DonovanBuilds

Donovan

2 years

Foundation for duplex #22 going in Two houses down from duplex #7 that we cashout refinanced last summer

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@DonovanBuilds

Donovan

1 year

Class C property management on a duplex: #PassiveIncome

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@DonovanBuilds

Donovan

3 years

In addition to renting out the other side of my duplex at $1475/mo it doesn’t quite cover my monthly payment of $1900 So I just rented out a bedroom on my side of the duplex for $800/mo on Furnished Finder Looks promising as it’s usually folks working 12 hour shifts

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@DonovanBuilds

Donovan

3 years

Here’s why I decided to take this opportunity with a start up hard money lender and leave a safe & secure 6 figure engineering role .. For context, graduated in May 2019 with a petroleum engineering major and law minor (3 more years to be a lawyer..? No thanks)

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4

153

@DonovanBuilds

Donovan

3 years

After talking to so many amazing folks at @REconveneLA I realized I need to start trying to refi and hold everything And/or only sell if you’re trading up into something larger otherwise it’s a borderline sin

19

3

144

@DonovanBuilds

Donovan

2 years

After listening to @theFORTpodcast on my drive to and from Dallas it finally hit me that I have been thinking incredibly too small

14

1

146

@DonovanBuilds

Donovan

3 years

Saw a super under priced vacant lot (I would pay 40% over asking) on the MLS last night around 11pm Thought to myself I’ll write up the offer in the morning It’s already under contract

21

6

142

@DonovanBuilds

Donovan

1 month

If your GC has a director of sales Immediately add 25% to the price you thought you were going to pay

11

4

140

@DonovanBuilds

Donovan

2 years

Not exactly sure what’s next but what I’ve learned from ReTwit is I need to think bigger Whether that’s trying to buy an existing apartment building or do ground up (So I’m actively looking to partner and work basically for free on a larger deal)

19

1

135

@DonovanBuilds

Donovan

3 years

9:17 AM This is when I schedule emails to go out that I typed up at various times throughout the night and don’t want to look like a psycho Pretty good same day response rate, even on Fridays

11

2

135