All Forum Posts by: David Torres

try  j&k for cabinets.  Great value for the price and super customizable.  Plus they are local to you.

@James Bruce happy to help answer your questions - I will take them one by one

• I've heard wholesaling is not something the inexperienced should do because it's difficult to spot the good deals from the bad.  Kind of True.  What I think is the most important aspect is integrity.  I don't want to mislead or misrepresent to the seller what I plan on doing with the property and my ability to close.  When I go in, I always have the back up plan of purchasing the property myself so I don't leave the seller hanging.
• What are the rules you have set in place to make sure that you don't overpay for a property? I comp out the property before I go.  I am a Realtor, so I have access to the MLS to get the latest data.
• What kind of marketing do you use to get your results? Mostly direct mail
• What software do you use to do you books and how would you recommend setting it up? I have an accountant that does my books.  In the past I was using Quickbooks, but it was too much of a distraction and not a Revenue Generating Activity (RGA), so I outsourced it.
• What resources do you use to comp properties to decide if you should buy or not? MLS
• How much do you typically make on a wholesale deal? It depends...
• It looks like your typical profit from a fix and flip is about 15k, do you think it's worth it or is it easier to just wholesale? Since I have been doing more, my average profit is closer to $25K.  It is totally worth it!  It has allowed me to quit my job, buy more rentals, and be a happier guy in general :)
• Finally do you have any other advice that may help me succeed? Get out to the local REIAs!  I found most of my deals and contacts at my local REIAs (even a $45K profit flip!).  There are 2 main REIAs (www.meetup.com/abqreia and www.meetup.com/ACRENM).  Another awesome resource is BP.  I learned most of what I do in my business from this site and the podcast.

 Thanks for reaching out guys!  If you have any questions, feel free to reach out.  I love BP and Real Estate!

@Ryan Russell glad to see another fellow ABQ person on the best Real Estate investing site on the internet!  Make sure to check out the BP Podcast.  Tons of great info and a great way to learn more about real estate.

Another great way to get more involved in the local investing scene, is through local REIAs.  There is one that meets this week on Wednesday at 6 PM.  More info at www.meetup.com/ABQREIA .  Another great local meetup is ACRE.  You can sign up for updates and get more info at www.meetup.com/ACRENM.  As always, feel free to reach out if you need help with anything.

 How much does something like this cost?

I would definitely switch it out.  By the time you factor in longer Dom, higher holding cost, and lower sales price you will end up losing more money.  I can speak from experience in our market.  Good luck!

@Robert Fleets welcome to the exciting world of Real Estate Investing.  It is always good to see another Rio Rancho guy.

There are a lot of great resources here, but my favorite is the Biggerpockets podcast.  The quality of the guests is phenomenal and there is something there for everyone from beginner to experienced.

Also, come out to the local REIAs. One is meeting tonight (www.meetup.com/nmacre) and the other REIA in town is www.meetup.com/abqreia.  Let me know how we can help you.

 I don't usually make the ACRE meeting because I have a Thursday night commitment, but I host the www.ABQREIA.com meetup so I am always there.

On another note, the realtor/mentor/friend that helped me start the journey is still by my side today.  He has helped me learn and grow in so many ways.  He helped me grow my real estate business sustainably so I could leave my 9-5 job.  He even helped my wife land a large client so she could leave her job and start her own law practice.  He has been one of the greatest blessings in my life.

The point is, you never know when you are going to meet the person that will change the course of your life.  Get out there and network every day and with every person you can.

 I have been meaning to update this thread for a while.  These units turned over, we have new tenants in place.  We were able to turn the units with no vacancies (I.E. Someone moved out on the 31st and the new tenant moved in on the 1st)  Rental 1 has rents of $1100 (up from $1035) rental 2 has rents of $1100 (up from $975).  

We have picked up an additional 6 units since we bought these, most have similar numbers.  We have also flipped and wholesaled more than 20 deals since I last updated this thread.  We love Albuquerque and Rio Rancho NM for rentals and flips!

I love this community and attribute a lot of my success to this platform.  If I can serve or help anyone, please don't hesitate to reach out.

@Haasim Grant how could I ever forget you.  You were a great side kick and super helpful on the 19th st project.  It turned out great and we were able to sell it quickly.  A big part of it was due to your help on the front end of the project.

Make sure to check out the local REIAs:

meetup.com/nmacre

meetup.com/abqreia

How can our community help serve you?

@Joseph Delarosa, welcome to the site.  I know a few guys that operate in Roswell.  Look up @Mark K. and @Aaron Hollingshead.  Good luck with your adventure!