All Forum Posts by: Brock Wiberg

Jarett,

I'm looking to focus on fix and rent properties (BRRRRs as Brandon calls them). My goals are centered around long term wealth more so than cash flow. I started flipping land with the intent to build passive cash flow to replace my income as soon as possible. But my goals changed when I considered the prospect of no longer practicing engineering. I am just an engineer at heart... what I was born to do. I may retire early but the work I am doing is literally critical to the nation right now and I don't want to walk away from that. So I am going to transition to fewer but larger deals in single or small multi family and see how that goes. I still think of myself as a newbie though because unimproved land is a lot simpler than homes that need rehab work.

You planning to stick around when you graduate? Are you a BS or MS student?

Welcome man. I still have not taken the leap in the ABQ market either. Been flipping land elsewhere but the time has come to get my feet wet here. You a local or did UNM somehow manage to lure you in from out of state? I studied Mech/ Aero Engineering as well.

Welcome Mark, I have been hearing (and noticing) the same thing. SLC is a hot market. I am a Utah native living in ABQ about 2 years now. Still have lots of family near SLC all complaining about how the traffic is getting worse and there is ever increasing construction. But who can complain when a second Cabela's moves into town!?

Thanks for putting this together! I think the investor-friendly loan officer would be a great person to hear from in February.

I still have not found a good portfolio lender either. Let me know if you are able to make any headway. I've checked quite a few local places and many of them aren't even familiar with the term...

Ok, there are lots of discussions on eviction but I can't find anything to cover my question. I have my home on the market FSBO and was approached by an investor asking if I was interested in owner financing to let a buyer in who can't qualify for a conventional loan. In addition to reservations with the due on sale clause I also mentioned that I would be concerned about the painful and expensive process of having to evict someone should they stop making the payments (this would be a wraparound which would leave me even more exposed should they fail to pay). He mentioned that he uses an expedited eviction contract to avoid this problem. He basically said that by having the buyer sign it you are able to take back the home quickly if they ever default and you keep the down payment and everything they've paid to that point which makes you whole for missed payments and any damage. Wanted to see if anyone has heard of this. Seems to me if it were legal then every landlord would be having these signed so that evictions could be less expensive and drawn out. Certainly anyone doing owner financing would. But do please let me know if you have heard of this.

The life of the real estate investor is anything but boring. May I ask what drives the cost of meth remediation? Is it roughly proportional to square footage or the levels of meth that are present or does it vary wildly case by case? I will not be surprised if I come across one now and again. Let's just say there is a reason they filmed Breaking Bad here...

I am totally down for that. I did a lot of looking myself here on BP and while I have met some great folks I was surprised at how few from this area seem to be on here. I have been meaning to track down some REIA meetings but haven't as of yet. If you want to pick a time and place I'll try to make it!

Welcome!

I am hoping a few people will weigh in on this question as I haven't found much in my forum searches on this trade off. I am thinking about selling my primary res and purchasing a distressed property to do a live-in flip over a two year period, rinse, and repeat. Am I going to have to bring cash to the negotiating table in order to find a great deal?

Seems like all the motivated seller marketing strategies I see center around closing fast with cash. Is an FHA 203(k) approach going to eliminate the best prospects right out of the gate or has anyone had success with this option?