All Forum Posts by: Chandler Buckner

Thank you guys so much! I appreciate the quick responses and feedback. Have a Happy Thanksgiving!

Hi BP!! Hope everyone is well, and gearing up for a great Thanksgiving. I just made my first offer on my first property yesterday. It’s a single family home in Albuquerque, NM. My question is, does it matter when I submit my repairs/contingencies list? Does that need to be available with my initial offer? I believe my realtor wanted to do it after we get the home under contract. I talked to my dad this morning and he was saying I should’ve had the list submitted with the initial offer. What is best practice?

Doug McVinua Honestly, for a number of reasons. I'm a relatively recent graduate, and I've been paying rent (aka someone else's mortgage) for the past 7 years. That's A LOT of money that could have been utilized in a lot of different, more productive ways. If done the correct way, by owning my own property and having tenants pay the loan down, I can live somewhere essentially for free and begin to get a leg up on gaining financial freedom. Rent has always been my biggest expense, and if eliminated, I think my ability to raise and save capital for my next investment could grow more quickly. I'm a single guy, no spouse, no kids, no pets. At the moment I don't need an entire house to myself. By house hacking in a multifamily property, I'll have the opportunity to learn a bunch about managing properties, and managing tenants. House hacking seems to be a wise path to take when starting out. What are your thoughts?

Jens Nielsen Andrew Johnson thank you both for such great insight! You guys have provided me with truly beneficial information and advice. It's much appreciated!

@Bob Okenwa Thanks a bunch for the response!

I definitely hear you on that and agree. I've got a family member who has some experience with commercial development here in town and has been pretty successful. Additionally, they are more than willing to help me out a bit. In fact, they're kind of the one planting the new development bug in my ear. A point or two have been made about equity when building from the ground up.  I'm not sure if I understood it fully though. Are there any actual benefits of something that is newly developed? Is it possible to have more equity in your home when building from the ground up? Or does that not make any sense? Any thoughts??

All in all I agree with you, new development just seems like its a whole different animal, especially when starting out. 

I honestly have come to the conclusion that pre-existing is the way to go, but I would like to bring some good cold hard facts to bring to the table when it comes to the discussion I'll have with my family member. 

Hi BP,

Hope everyone is doing well.

I'm pretty green in the real estate world here in Albuquerque, New Mexico, but I'm very excited about real estate, and have recently been hungrily seeking out as much information and different perspectives as I possibly can. I know that I want to house-hack, but I need a set plan first.

My question is this: WHAT ARE THE PROS AND CONS OF DEVELOPING NEW PROPERTY VS BUYING  AN EXISTING PROPERTY WHEN STARTING???

I've talked with a few different colleagues of mine who already own and rent out properties here in town (contractors, builders, mortgage brokers, etc.) and it seems as though they have all given me the same answer-- buy something pre-existing. Hearing this, I feel sold. 

But I would still like to know exactly why buying pre-existing is better than building new.  Any and all insight is greatly appreciated. 

Thanks so much everyone!