I Replaced My $80K Salary with 2 Real Estate Deals PER Year

Martin Castro Silva, a former private client banker with 12 years of experience at Chase Bank, transitioned into real estate after observing a pattern among his wealthy clients: many were successful real estate investors. Motivated by a desire to spend more time with his two young children, then aged three and one, Martin sought to replicate their success. He began by leveraging a relationship with a client who was actively flipping houses, learning the ropes and gaining insights into the process. This client introduced him to Bigger Pockets, a valuable resource for real estate education. Martin's first real estate deal was a townhome in Lakeworth, purchased in February 2022 for $200,000. He financed it with a 50% cash payment and a 50% interest-only hard money loan. The property required an estimated $25,000-$30,000 in renovations, focusing on two bathrooms and the kitchen. Still working at the bank, Martin underestimated the time commitment, taking seven months to complete the renovations. This extended timeline resulted in $7,000 in holding costs due to the loan interest. Despite these challenges, he listed the property for $320,000 and sold it for $310,000, netting a profit of $37,000. This initial success, even with the learning curve, proved to him that real estate could replace his banking salary, which ranged from $70,000 to $85,000 annually. Encouraged by his first deal, Martin purchased his second property in November of the same year. He used a line of credit from refinancing his own home and secured the deal through the same wholesaler who helped with his first. This second property was a single-family home located two hours north, purchased for $170,000. It required a full renovation, including floors, paint, two bathrooms, and a kitchen, with an initial budget of $40,000, which ultimately increased to $50,000. During the renovation of this second property, Martin made the pivotal decision to leave his banking job, committing full-time to real estate. He initially priced the house too high at $325,000-$335,000, against his agent's advice, believing he could set the market. After sitting on the market for four months, he eventually sold it for $300,000, generating a profit of $35,000. This experience taught him the critical lesson of pricing properties correctly. For his third deal, Martin faced a capital shortage but found a private lender—another client from his banking days—who provided a $150,000 loan using his first single-family home as collateral. This property, located 30 minutes north, was a similar three-bedroom, two-bath layout requiring a full renovation, including a new roof, floors, paint, kitchen, and bathrooms, with a budget of $45,000-$50,000. Applying the lesson learned from his previous sale, he priced this property at $299,000 and secured a contract within six hours, making a similar profit but significantly faster. Martin's approach to finding deals evolved as he became a full-time investor. He actively informed everyone he met that he bought houses, which led to an opportunity with a neighbor of one of his projects. Noticing the distressed state of the neighbor's property, he offered to help if they ever decided to sell. This led to him purchasing the house directly from the neighbor for $150,000, which was $20,000 less than what a wholesaler had quoted him for a similar property. This house was a four-bedroom, two-bath and required a renovation budget of $50,000-$60,000. For this deal, he partnered with his siblings, who had seen his success and invested their profits from selling their own homes. They bought the house cash, funded the renovations, and sold it for $320,000, making a profit of approximately $65,000, which they split evenly. By 2025, Martin had a highly productive year, acquiring 11 properties and flipping seven of them. He primarily focuses on single-family homes, typically 1,200 sq ft, three-bedroom, two-bath, with a purchase price between $150,000 and $220,000, and a resale value below $350,000. This strategy targets the first-time homebuyer market, which he finds safer in an uncertain market, as properties can be rented out to break even if a sale doesn't materialize. He also kept two single-family homes as rental properties. Recognizing the success he was having in Vero Beach and Sebastian, Martin and his family moved from Port St. Lucie to Vero Beach to be closer to his investment properties and take advantage of the more affordable market. He sold his house in early 2024, leveraging high prices, and purchased a new home in Vero Beach. Real estate has provided Martin with significant personal and financial benefits. Beyond achieving financial freedom and the ability to set his own schedule, it has allowed him to help his family. He facilitated his sister-in-law's move to Vero Beach by helping her purchase a neighbor's house directly, avoiding commissions and securing a good deal. This created a personal community for him in his new city. Martin emphasizes that while flipping houses is still a job, it offers the freedom to control his time. He now has a dedicated crew for remodeling, allowing him to stop working weekends and dedicate Saturdays and Sundays entirely to his family. He advises aspiring investors to be persistent, resourceful in finding financing, and to surround themselves with knowledgeable people. He believes a strong "why" and a refusal to be stopped by obstacles are key to success, as there's always a way to piece a deal together safely.