New investor in Albuquerque, New Mexico.

[Sean Gover]

Hello all,

I'm a new investor who stumbled across BP while doing research online.

I'm someone who thought about "flipping" for many years and have recently pulled the trigger.  Bought a home (foreclosure) with a partner in November in Rio Rancho and after 3 weeks construction have it on the market.  It was an all cash purchase.  My partner is a general contractor.  He brought about 40% of the cash to the deal along with the labor and I brought the remaining 60% with some personal labor (mostly yard work.) 

Bank had the house listed at 130k and we settled on a purchase price of 117k along with the bank replacing the septic system at their cost.  We have 25K in rehab costs and are listing at 185K.   After reading through the site I see this is probably a smaller margin than more investors go for.  My partner and I kind of instinctively knew this but both of up agreed that it's a learning experience and if we make less than usual it is worse the cost.  

Wish us luck on a quick sale.

I also own a 3 bedroom townhouse that I have rented out for the past 10 years.  This has been a passive rental.  I wasn't really looking at as a real money making venture.  Just decided to keep it when my wife and I bought a new house.  Figured we keep renting it as long as it wasn't costing us any money. 

My main interests are in flipping and possibly doing some BRRRR.

Looking forward to getting to know other BP'ers here , especially local ones.

Sean