All Forum Posts by: Cody Climp

Hi @Benjamin Riehle, inspiring stuff. Your market sounds like it shares some similarities with mine. Wondering how much you are cash flowing now with the refinance loan in place or how your expenses break down now with the rental. Taxes would almost kill that deal (the refinance part) here in TX or at least cut into your cashflow. Awesome stuff and thanks for sharing.

Bought a REO foreclosure that was a little rough around the edges but only required moderate rehab to get it looking nice and rented out. The whole process took about 3 months from closing to rehab to renting out. Something that I know I need to improve on with the next one.

So here are the numbers:

Purchase price - $76,000

20% down - $15,200

Rehab costs - $8,000

ARV - $105,000

Now there are lessons learned and will be looking for a "better" deal on the next rental, but accounting for all expenses (P&I, insurance, maintenance, CapEx, property mgmt) and even with our high property taxes here in TX, it's still cash flowing approximately $150. Not meeting the 2% rule but makes the 1% and cash flowing. Definitely glad I got my feet wet with this first deal and headed in the right direction. Now with this experience, being more aware of key metrics to focus on, and constantly running numbers I hope to have a better deal to show for rental #2.

Currently looking for the next one. I would love to connect with any El Paso investors (or Las Cruces) that are active or wholesalers in the area. Comments, questions, requests are welcome. Thanks

Hello All -

I am looking to break into the El Paso, TX market and buy a SFR or 1-4 unit multifamily investment property. I am hoping that there may be a real estate agent here on BP or that a member may be able to refer someone that understands the REI mindset and has a good feel for the market. Possibly knowledgable in foreclosures or short sales. Appreciate any and all comments.

Thank you