All Forum Posts by: David Torres

Great to hear guys!  I set up a meetup for this event, and if it picks up steam there will be a website.

http://www.meetup.com/ABQREIA/

If you have topic requests for speakers, please feel free to let me know. Over the next few months, I plan to have several people speak including:
A loan officer that works with investors.
A title officer
An Attorney
Self Directed 401K
Property Manager
Home Inspector
Appraiser
A Realtor that can walk you through getting your license and list the pros and cons

Just to name a few. Who else would YOU like to hear from.  There is a great network of real estate professionals in NM that I have been fortunate enough to work with.  If there is an expert that you want to hear from that is not in my network, I will try and find the best person in ABQ to speak on the subject.

REIAs can be a great resource for local people to get together and network.  I have made some of my most valuable contacts at REIAs.  

NMREIA is shutting down semi permanently.  This may not be such a bad thing.  The club president spoke at most of the meetings and they let in a few members that were always pushing their "mentoring" program.  They would even come from out of state to get students.  I quit going because of this.

In order to help fill the gap, I am putting together a program for January.  I have secured a true rock star speaker for the event.  Greg is a long time real estate investor that has flipped, owned rentals, land banked, and he is also involved in commercial development.  Greg has agreed to speak on "finding the deal".  I know that he is qualified to speak on this because he is the one that helped me find several of my early flips.

There will be NO selling at this event, period.  If you try and hawk your wares, you will be asked to leave.  

So all my Albuquerque, Santa Fe, Los Lunas, and Rio Rancho people.  Post up if you would like phenomenal, actionable content from an active investor.  The meeting would retain the same date and time as NMREIA (Wednesday January 20)  Doors at 6 PM, Speaker from 6:30-7:30 PM and a round table and haves and wants from 7:30 to 8 PM.  I have a centrally located venue in mind, but I need to gauge how many people will attend before I book it.

This is a very interesting statement....why do you say that SF is interested in doing it?  Why has no one jumped on the opportunity?   Any CDBG funds available to get it up and going?

 @Jeremy Garcia I have a couple of great CPAs that I can recommend to you, they work with several investors in the area.  PM me if your interested.

Sent you a message...

While that is in the "NE Heights", that is in an area that consists mostly of multi units.  The area is experiencing some good things (La Cumbre, Skarsgard Farms, etc.)  And for the price point, you should have decent demand, as those units are close to lots of jobs.

What is your long term goal for this property? What is your ultimate exit strategy?

As far as improvements go, as long as it is functional, safe, and clean you should be good to go.  At that price point, people don't expect new kitchens and bathrooms with stainless appliances. 

We need some more info to help you out.  

What are gross rents now? 

What will gross rents be after? 

 Who pays for utilities?  

What is the current NOi?  

What part of town is it in?

New Mexico is one of those weird redemption rights states. If you go to a courthouse auction, almost no one will be bidding, they are just there to get some more information so they can go after the redemption rights. My first flip I bought from HUD. I also helped another local investor buy a HUD. But the deals are getting harder to come by on the MLS.

Let me check and see.

@Matthew Brito would you be interested in a multi family property?  I have a few leads I could check on if you are interested.